A mortgage is potentially the largest purchase of your life and should be taken very seriously. It’s no different than wanting an experienced doctor for your healthcare or an experienced attorney for your legal affairs; you should work with an experienced professional when obtaining a mortgage.
There’s a lot to know and that’s why working with a professional could help you identify potential issues early in the mortgage process, such as:
Income Approval Analysis:
Mortgages are ultimately approved by an underwriter. However, your Loan Originator is your first line of defense and should know from experience whether your income will qualify you for the mortgage you are seeking. This isn’t as easy as you may think. Mortgage income calculations can be extremely detailed, including incorporated guidelines and parameters specific to mortgages you would never know about. Unique calculations are used in the mortgage industry, especially for self-employed workers or if you own other real estate.
Again, there are very specific mortgage guidelines that you may not be aware of when it comes to your assets. It’s not as simple as showing up with the money at closing. Certain types of assets may not be allowed, like cash for example. All funds must be seasoned and verified, and all large deposits need to be accounted for.
Your property must be completely habitable and pass an appraisal. If it is a co-op or a condominium, not only do you have to be approved, but the building must be approved as well. There could be legal, budget, or investor concentration issues.
Some properties have title or identity issues and may not be a legal one or multi-family home matching their Certificate of Occupancy or perhaps they have no C of O. Maybe some work was done without a permit – these items must be buttoned up before a loan comes to fruition.
For more information contact Barry Koven (NMLS #404510) a top producer in his market and can be contacted at www.barrykoven.com, email firstname.lastname@example.org or 917-597-1330.