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mortgage lender

Famous Excuses (or, The Many Guises of CYA)

Lender-Speak, Translated What they said:  “the check’s in the mail.’ Translation:  “I’m late paying the bills.’ What they said:  “The dog ate my homework.’ Translation:  “I didn’t do the assignment.’ What they said:  “I have been holding off on submitting the file until we are within 60 days of closing (for both the rate lock and because the...
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The Difference Between Qualifying For a Mortgage & Not? A Good Lender

Housing Comp’s vs. Lender Comp’s To Realtors, a Comp (“Comparable Sold Property”) is a nearby, recently sold home similar in size, style, and condition to the “subject home” (the home being valued). What’s a “Comp” to a lender? The borrower’s annual income for any given year. Excluding a Harmful Comp Just like the key to...
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Fast Close = Strong Buyer (Usually)

Vetting the Buyer’s Finances Prior to closing, at least, the best evidence that a (non-cash) Buyer can financially perform is a Written Statement from a reputable lender. Typically given by the Buyer to the Seller a couple weeks after the deal has been struck, it says that the lender has:  a) completed vetting the Buyer’s finances,...
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Proliferating Downpayment Assistance Programs

It’s hard enough — as a busy Realtor — keeping up with new listings, pre-list’s, pending sales, showings, inspections, walk-thru’s, closings, listing presentations, networking, etc. for a stable of a dozen or more concurrent clients. The last thing I’m interested in doing is becoming an expert on the various downpayment assistance programs that seem to...
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