Have you been hurt by a bad USDA home loan qualification letter?
Have you recently received a bad qualification letter from a lender?
Whether it be a pre-qualification letter, pre-approval letter, or a loan commitment, I am seeing more and more qualification letters from lenders and loan officers that are simply not worth the paper they are written on.
The fact is, that as interest rates slowly increase the number or refinance loans go down and for those lenders and loan officers who focus mainly on refinance transactions, they are now wanting to get into the purchase business to make up for lost volume.
Now, with that being said what happens when you are on the losing end of a bad qualification letter, what do you do next? Can a mortgage mechanic fix the situation?
Also, to find out what “Not to Do” when applying for a loan, CLICK HERE to download the free report.
Have you been hurt by a bad USDA home loan qualification letter?
Well, since a refinance and a purchase are two different transactions, this can be scary to both Realtors and homebuyers alike. What I like to ask was, where were these lenders and loan officers 10 years ago? What have they done to prove themselves over time and show longevity?
From starting the company way back in 2001 I have seen many lenders and their loan officers come and go, and over the years we have proven time and time again our expertise in the purchase market and the ability to solve problems is a proven formula to help our customers obtain homeownership.
When your car needs help, usually a mechanic is the first person to call. Well, that goes the same for a mortgage. Due to the varying program guidelines and complex qualifying challenges, combined with credit and income analysis, having a good mortgage mechanic is more important than ever.
Going back to the car analogy, when you’re vehicle is giving you trouble, you don’t take it just anyone, you rely on reviews, advice from friends and family, and the levels of knowledge and expertise that your mechanic displays.
We would expect no different when you are looking for someone to help you with all of your mortgage needs. Here are some critical characteristics of a “Mortgage Mechanic” that you should look for in your search:
- Holds expert knowledge and real life loan experience from years in the profession
- Maximize the hidden potential of USDA, FHA, VA and Conventional programs
- Be able to analyze tax returns for self employed buyers
Understand the inner workings of credit scoring and how it relates to loan qualifying- Holds top rated reviews on Zillow, Facebook, and the Better Business Bureau
- Should be known for their service levels and office hours after 5:00
If you need help or have a question, my team here at Metroplex meets all of the requirements that a true mortgage mechanic should have!
Whether it be USDA, FHA, Conventional or VA loans- Just call or email us to discus your scenario and let us show you the Metroplex difference!
(800)806-9836 X280
SeanS@MPLX.org
Also, to find out what “Not to Do” when applying for a loan, CLICK HERE to download the free report.
