It has come to past that quite a few of our most favorable client(s); have yet to realize what it really takes, too:
1. Buy; 2. Refinance; and/or, complete a – 3. 1031 Exchange into a Investment Property; 4. Investment Properties Purchase(Foreclosure/REO’s):
For all intents and purpose, I will use a scenario – Foreclosure REO’s ; and, ficticious name – Mr/Mrs. Jones… If this is by coincidence your last name it was not designed for you. That does not mean the situation and/or information does not apply…
In our current market, Mr/Mrs Jones believed; that – they had what it took to purchase a few Foreclosure Properties. Quite naurally – their income being above average, Debt to Income (DTI) ratio’s at an assumed 39% , and all the other mortgage(s) on credit had was paid on time. So, making an offer with a meager(No Real State Agent) purchase agreement and substantial financial committment dated at 30 days out from the signed agreement – that they CLOSE. Hey, we are on our way to financial success and the market is looking a bit gloomy for most out there; but, we (Mr/Mrs Jones) have it made. The properties are at 58% LTV and a 62% CLTV… Now we need too – CLOSE, this deal!
Well – in short Mr/Mrs Jones, being twenty-five (25) days into there process; with, the contract laying on the desk collecting dust just gave us a call!
In the process of – 1. Buying; 2. Refinance; 3. 1031 Exchange; 4. Investment Property Purchase(Foreclosure/REO’s); your steps in application process should go as follows:
Contact your Mortgage Broker/Bank regardless of what you believe your finances and/or credit too be and figure out what dollar amounts you can presumably get pre-approved for… Pre-Qualified, because it will take the items below and several day to establish the appraisal and the receive a final approval from a lender with the correct program and guideline(s) to match the situation.
You will be asked for the basic copies of: Driver License, Soc Sec Card, 3 Pay Stubs( and/or Financial), 3 – 12 current Bank Statements; Current Home Owners/Rental Insurance Binder; Current Mortgage Payment Stub and/or HUD-1; 24/36 month of Taxes. There may be other things; such as: Child Support Doc (Minimum 3 years), Alimony Order Doc (Minimum 3 years); Pension Statement (Minimum 3 years); 401K and/or IRA(consider – Reserves) to help prove you are financially able to acquire and manage the payment(s) and/or a Utility Bill with your Name and Current address listed…
For your best results – give about 24/48 hours– that we(Calvin/Sunset Mortgage Co) can review several programs available to match the needs of your purchase. Be patient and relax; as we want your business and will communicate in a timely manner. Do call if necessary, it human.. If it is your personal Bank whom you inquire and has your basic information already: They will need to update a few things, but – it will require you to present several of those things stated above also. Your Bank, can and may be able to answer immediately. The problem with that is when in haste any Broker/Bank answers on the spot, chances are; you will – experience several changes throughout the application process. Your expectation should not be any less pop ups will occur… Brokers/Bankers are human as well; but, let’s clear the air of mis-trust and potential deceit. With what I have prepared you with there should be limited flaws in your application process; that you execute your commitments in a timely manner.
Well, Mr/Mrs Jones – ended up losing there deposit and the great investment – and why: 1. question(s) raised by the lender concerning payment history and delay in delivering necessary document(s); 2. The contract Seller would only extend the agreement for 10 days where the things in question and/or to be delivered would not get presented at Title until 25 days out to CLOSE and fund. The Seller, took less of an offer from a different purchaser that was prepared with a Pre-Approval and abilities to gaurantee there CLOSING…
Do you have what it takes to – CLOSE? If not, and would like to contact me – Today: