It’s Monday morning and you are about to start your day. After a pregnancy test, visitation to the Dr. Phil along with having a stressful weekend now you have come to the conclusion Monday a.m. that you are just a little pregnant! Really? No way! But the reality of our daily lives is we try to convince ourselves things that scientifically cannot occur. There is no ambiguity or gray area about being pregnant its either yes or no, not a little!
In the world of mortgage lending there is similar correlation in getting approved for a traditional mortgage in todays heavy regulated market. Outside and not including program variables that each lending institution may put as an overlay or even offer as a business choice the traditional route of pre approval for most all Americans in need of mortgage financing under normal Jumbo, VA, Conventional, and/or FHA Terms are the same under the ability to repay requirements established by the Consumer Financing Protection Bureau. So when a client calls me to explain to me their situation, (some clients situation stories are very interesting) nothing is going to change the fact that income, employment, and your current credit will play a key role in determining either you being Approved or Denied. There is no gray or ambiguity area for such decision. As I explain to some clients trying to buy a home who have the employment and or credit all figured out, but yet no downpayment or funds to close I pull a Jerry McGuire on them asking them to “Show Me The Money”! You either have the downpayment or you don’t you either can get the downpayment or you can’t, which is it? Granted our world has changed when trying to buy a home than years past as todays science for an approval are all the same and no different than a pregnancy test. As long as you find an educated mortgage lender that can provide you easy to use instructions and communicate the facts then your decision should come shortly and hopefully favorable. Just make sure you are not shopping the cheapest approach for the single largest personal transaction you will ever make in your life in the hands of a mortgage practitioner that just read the manual on how to qualify you for a mortgage. That might not be a good outcome and that is when you call me BoKnowsMortgages.com