Lynn B. Friedman - Atlanta Homes ODAT Realty

Atlanta Buckhead Midtown - Mortgage Matters 1 - What Can Go Wrong?

Atlanta Buckhead Midtown
- Mortgage Matters - 1
What Can Go Wrong?

 

 

 

In Atlanta Buckhead Midtown or the Westside, what the Buyer wants is the hand of the Mortgage professional outstretched with the right amount of money ready for a purchase.

To achieve that goal, the Buyer must -- and that means MUST -- submit the documents promptly when requested and as requested. 

What can go wrong during document submission?

Incomplete paperwork. Ask George Souto , Mortgage Professional from Connecticut, how document submission errors cause delays in approvals. He has written many posts about this situation - try reading one via this link.

When you ask George, he will cite bank statements submitted either in the wrong formats or missing pages. No, one may not print out a screen shot from the online statement. Yes, if the bank statement has all data on pages one, two and three and page four is marked "Intentionally left blank." that page still MUST be submitted to the Mortgage Lender.

 

Missing document submission deadlines. 

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi comes from a different area yet he too stresses document preparation. Every Mortgage Professional needs the documents submitted when requested. There are specific deadlines for the process. Within a specified number of days, your Mortgage Professional MUST reply to you. If you haven't finished submitting your documents, the process must begin again.

 

Forgotten old debts - large, small or even tiny. 

John Meussner posted about paying off debts when people know which ones they still have hanging around. Sometimes, howeveer, there are debts one has "forgotten" over the years. Remember about ten years ago, your close friend asked you to put his cell phone on your account? You agreed. A year or so later, leaving his phone active, with his promise to pay on time monthly, you switched companies. Unfortunately, he never finished paying that last $36 left on the old bill. Be assured, it will show up during Mortgage Readiness research.

 

 Lack of understanding when comparing mortgage details.

Always ask about other additional charges when comparing Mortgages. That low interest rate within a rapidly obtained Mortgage letter from the Internet may not actually be beneficial for any one looking to buy a home.

Is the seeming low interest rate based on a large payment up-front called "points"? Rob Spinosa, Mortgage Professional from California, explains how paying points may allow a Buyer to lower a monthly payment. How did those Mortgage Points effect the amount of Loan Payment one pays every month?  Rob Spinosa also explains Closing Costs in a clear and through manner. 

Mortgage Matters for purchases include focus on documentation. Be assured, however, even if one is paying cash, requirements still exist. But that's another post... 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Need a REALTOR(R)?
 
Let me Google multi-color logo Atlanta Real Estate ODAT that for you.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Lynn B Friedman reviews             facebook      twitter      google plus      linkedin       

                                                                                                                                   Click & Search 

             

 

Comment balloon 4 commentsLynn B. Friedman • September 22 2019 06:27AM
Atlanta Buckhead Midtown - Mortgage Matters 1 - What Can Go Wrong?
share
Atlanta Buckhead Midtown - Mortgage Matters - 1 What Can Go Wrong? In Atlanta Buckhead Midtown or the Westside, what the Buyer wants is the hand of the Mortgage professional outstretched with the right amount of money ready for a purchase. To… more
Designations or Alphabet Soup? CRS Means Education Nearby Our Names
share
Designations or Alphabet Soup? CRS Means Education Nearby Our Names Designations or alphabet Soup? What do you think of when you see LOTS of initials after the names of Agents? Some are commonly known such as MA or MBA - Master's Degrees. For… more
Atlanta Buckhead Midtown - Mortgage Matters - PMI vs MIP
share
Atlanta Buckhead Midtown - Mortgage Matters - PMI vs MIP PMI vs MIP - what is the difference? Basically, both are Mortgage Insurance. Private Mortgage Insurance is abbbreviated as PMI. Lenders require it to limit their risk when the loan… more
Atlanta Dunwoody Miracle Event - Sell - Lease Purchase -Double Closing
share
Atlanta Dunwoody Miracle Event - Sell - Lease Purchase - Double Closing Great News! Home updated and on the Market - Buyer calls and asks if we can show him. OF COURSE!!!!!!! Now the fun part - He has a two-story traditional home nearby with a… more
Atlanta Buckhead Midtown-Homestead Exemption-Don't Leave Money on…
share
Atlanta Buckhead Midtown- Homestead Exemption- Don't Leave Money on Table Atlanta, Buckhead, Midtown and other Metro Atlanta communities offer Homestead Exemptions for Owners of Primary residences lowering the amount of Property Tax to pay. What… more
Atlanta Buckhead Midtown - Mortgage Important Part of Due Diligence 1
share
Atlanta Buckhead Midtown - Mortgage Important Part of Due Diligence In Atlanta, in Buckhead, Midtown or anywhere else in the Metro Atlanta area, Mortgage Readiness is an important part of Due Diligence. Pay attention to the period of time… more
Atlanta Buckhead Midtown - Inspections Important Part of Due…
share
Atlanta Buckhead Midtown - Inspections Important Part of Due Diligence In Atlanta, whether in Buckhead or Midtown or anywhere else in Metro Atlanta, Inspections are an important part of the pre-purchase Due Diligence. How does one choose an… more
Atlanta Buckhead Midtown - Agent Commission Alternative Models
share
Atlanta Buckhead Midtown - Agent Commission Alternative Models Atlanta Buckhead Midtown - Brokerages Offer Different Agent Commission Models for Associates. In May 2019, the National Association of REALTORS (NAR) published a paper with… more
Atlanta Buckhead Midtown - Adverse Possession - How does it work?
share
Atlanta Buckhead Midtown - Adverse Possession - How does it work? Simple: You built a garage on what you thought was your own property 20 years ago. Unknown to you, you included a piece of the neighbors land all those years. You want to clear up the… more
Atlanta Buckhead Midtown Fix Or Not? Fogged Windows In Condo For Sale
share
Atlanta Buckhead Midtown Fix Or Not? Fogged Windows In Condo For Sale In Atlanta, whether Buckhead or Midtown, should a Seller fix Fogged Windows before putting home on Market? The short answer is YES! Replace the windows before putting the home… more