Thursday, February 25, 2016

Originally posted by The Federal Savings Bank

Sean Pisapia and Coldwell Banker AB have no affiliation with Federal Saving Bank and the information contained in this article is deemed reliable but guaranteed.  Readers are to do their own due diligence.

Sean Pisapia

Need To Make A Real Estate Deal Happen?

Go With The Captain!



Federal Push May Increase Availability
of Veteran Home Loans and Housing

House representatives are pushing to remove the cap on loan guarantees offered by the Department of Veteran Affairs as part of a recent federal push to increase veteran homeownership and decrease veteran homelessness.

As reported by The Military Times, the U.S. House of Representatives passed legislation to update the U.S. Department of Veteran Affairs' Home Loan Guaranty Program. While

VA home loans are provided by private lenders, through this program, the federal government guarantees a portion of the loan. This allows lenders to offer more favorable rates and often enables veteran home buyers to secure a mortgage without a down payment. In addition to purchasing a home, veterans may use these loans to build, repair, retain or adapt a house for personal occupancy.

"In 2015, VA mortgage lending spiked to the highest levels seen since 1994."

Currently, the VA is able to guarantee a loan of up to $417,000, though the proposed legislation would lift this cap. Industry experts, including Sherri Meadows, vice president of the National Association of Realtors, testified before the House that the current cap is limiting veterans in certain real estate markets.

"Veterans should be able to purchase a home wherever they choose to live," Meadows told lawmakers.

At this point it is unknown when the Senate will consider the legislation. However, even with the current cap, the program is helping more veterans secure housing than it has in 21 years. According to The Mortgage Reports, during the 2015 fiscal year, VA mortgage lending spiked to the highest levels  seen since 1994. More than 631,000 home loans were guaranteed by the VA last year, a 19 percent increase from fiscal year 2014. Use of the VA's home refinancing program also doubled last year.

Increasing affordable housing for veterans

In addition to a push to update the loan guarantee program, the federal government is bolstering its efforts to end veteran homelessness. In June 2014, the Obama administration officially issued a challenge to state and municipal governments to increase both temporary shelter and affordable permanent housing to veterans.

In fact, as The Pew Charitable Trust reported, federal efforts to reduce veteran homelessness have been increasing for several years , with funding for programs that serve this population tripling from fiscal year 2009 to fiscal year 2014. The effort has already begun to see results: since 2011, the number of homeless veterans living on the streets or in shelters has fallen by 27 percent nationally. Some states, including Colorado, Louisiana, New York and Texas have seen veteran homeless reduced by half. Recently, Connecticut became the second state  after Virginia to end veteran homelessness according to federal standards - meaning the state has identified all homeless veterans living in its jurisdiction, can provide immediate shelter when needed and is capable of swiftly moving veterans into permanent housing.

The Federal Savings Bank is owned and operated by veterans with a mission to help serve veterans. Securing a VA home loan with The Federal Savings Bank means you’ll be well taken care of by our team of VA specialists. Learn more about your options at www.thefederalsavingsbank.com


I specialize in helping clients purchase and refinance homes in all 50 states.
I can finance your primary residence, vacation home, and investment property.
Please call or email me today if I can help you or anyone you know!

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Friday, March 13, 2015

NAR Generational Survey: Millennials Lead All Buyers, Most Likely to Use Real Estate Agent

This article is from NAR and and can be read here
MEDIA CONTACT: ADAM DESANCTIS / 202-383-1178 / EMAIL
WASHINGTON (March 11, 2015) – Despite the economic and financial challenges young adults have braved since the recession, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers.
The survey additionally found that an overwhelming majority of buyers search for homes online and then purchase their home through a real estate agent, with millennials using agents the most.
For the second consecutive year, NAR’s study found that the largest group of recent buyers was the millennial generation, those 34 and younger, who composed 32 percent of all buyers (31 percent in 2013). Generation X, ages 35-49, was closely behind with a 27 percent share. Millennial buyers represented more than double the amount of younger boomer (ages 50-59) and older boomer (60-68) buyers (at 31 percent). The Silent Generation (ages 69-89) made up 10 percent of buyers in the past year.
Lawrence Yun, NAR chief economist, says the survey highlights the untapped demand for homeownership that exists among young adults. “Over 80 percent of millennial and Gen X buyers consider their home purchase a good financial investment, and the desire to own a home of their own was the top reason given by millennials for their purchase,” he said. “Fixed monthly payments and the long-term financial stability homeownership can provide are attractive to young adults despite them witnessing the housing downturn and subsequent slow recovery in the early years of their adulthood.”  
With millennials entering the peak buying period and expected to soon surpass boomers in total population, Yun believes the share of millennial purchases would be higher if not for the numerous obstacles that have slowed their journey to homeownership. “Many millennials have endured underemployment and subpar wage growth, and rising rents and repaying student debt have made it very difficult to save for a downpayment. For some, even forming households of their own has been a challenge.”
According to the survey, 13 percent of all home purchases were by a multi-generational household, consisting of adult siblings, adult children, parents and/or grandparents.
The biggest reasons for a multi-generational purchase were cost savings (24 percent) and adult children moving back into the house (23 percent). Younger boomers represented the largest share of multi-generational buyers at 21 percent, with 37 percent of those saying the primary reason for their purchase was due to adult children moving back into their house.
“Even though the share of first-time buyers has fallen to its lowest level since 19871, young adults in general are more mobile than older households,” adds Yun. “The return of first-time buyers to normal levels will eventually take place in upcoming years as those living with their parents are likely to form households of their own first as renters and then eventually as homeowners.”
Characteristics of Buyers
The median age of millennial homebuyers was 29, their median income was $76,900 ($73,600 in 2013) and they typically bought a 1,720-square foot home costing $189,900 ($180,000 a year ago)The typical Gen X buyer was 41 years old, had a median income of $104,600 ($98,200 a year ago) and purchased a 1,890-square foot home costing $250,000 (same as last year).
Seventy-nine percent of all buyers considered their home purchase a good financial investment, with millennials (84 percent) and Gen X (82 percent) having the highest share, followed by younger and older boomers (both 77 percent), and the Silent Generation (72 percent).
Generation X buyers (68 percent) were the most likely to be married, younger boomers had the highest share of single female buyers (23 percent), and millennial buyers were more likely (compared to other generations) to be an unmarried couple (14 percent).
When asked about the primary reason for purchasing a home, a desire to own a home of their own was highest among millennials at 39 percent. Younger boomers were the most likely to buy because of a job-related relocation or move, and a change in a family situation – likely the birth of a child – was the highest (13 percent) among Gen X buyers. Older boomers (at 15 percent) were the most likely to buy because of retirement.
Searching for and Buying a Home
Regardless of their age, buyers used a wide variety of resources in searching for a home, with the Internet (88 percent) and real estate agents (87 percent) leading the way. Millennials were the most likely to use a real estate agent, mobile or tablet applications, and mobile or tablet search engines during their search; Gen X buyers were the most likely to use an open house.  
Although the Internet was the top source of where millennials found the home they purchased (51 percent), they also used an agent to purchase their home at a higher share (90 percent) than all other generations.
NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says the survey results highlight the fact that while the Internet is widely used during the home search process, the local market knowledge and expertise a Realtor® provides is both valued and highly sought by buyers of all ages.
“Nothing can replace the real insights and guidance Realtors® deliver to help consumers navigate the complex buying and selling process,” adds Polychron.
Although most purchases by all generations were in a suburban area, the share of millennials buying in an urban or central city area increased to 21 percent in the past year (19 percent a year ago), compared with only 12 percent of older boomers (unchanged from a year ago). Older boomers and the Silent Generation were more likely to buy in a rural area (18 percent each). Buyers’ median distance from their previous residence was 12 miles, with older boomers moving the furthest at a median distance of 30 miles.
The majority of all buyers (79 percent) purchased a detached single-family home. Gen X buyers represented the largest share of single-family homebuyers (85 percent), and the Silent Generation was the most likely to purchase a townhouse or row house (10 percent). A combined 7 percent of millennial buyers bought an apartment, condo or duplex in a building with two or more units.
Among the biggest factors influencing neighborhood choice, millennials were most influenced by the quality of the neighborhood (75 percent) and convenience to jobs (74 percent). Convenience to schools was most desired by Gen X buyers and proximity to health facilities by the Silent Generation.
Millennials plan to stay in their home for 10 years, while the baby boom generation as a whole plans to stay for a median of 18 years.
Financing the Purchase
NAR’s study found that 88 percent of all buyers in the past year financed their purchase. Millennials (97 percent) and Gen X (96 percent) were more likely to finance than older boomers (72 percent) and the Silent Generation (61 percent). The median downpayment ranged from 7 percent for millennial buyers to 20 percent for older boomers.
Younger buyers who financed their home purchase most often relied on savings for their downpayment, whereas older buyers were more likely to use proceeds from the sale of a primary residence. Younger buyers also were more likely to receive a gift from a relative or friend, typically their parents, cited by 25 percent of millennials and 15 percent of Gen X.
Twelve percent of all recent buyers had delayed their home purchase due to outstanding debt. Among the 22 percent of millennials who took longer to save for a downpayment, 54 percent cited student loan debt as the biggest obstacle – down slightly from 56 percent a year ago.
Younger buyers were more likely to finance their purchase with a low downpayment Federal Housing Administration-backed mortgage, whereas older buyers were more likely to obtain a mortgage through the Veterans Affairs loan program. 
Characteristics of Sellers
Gen X homeowners represented the largest share of sellers in the past year (27 percent), followed by older boomers (23 percent) and younger boomers (20 percent). The older the seller, the longer he or she was in the home. Millennials had been in their previous home for a median of five years, while older boomers and the Silent Generation stayed for 13 years.
Younger sellers were more likely to need a larger home or move for job relocation. In comparison, older buyers wanted to be closer to family or friends, said their home was too large, or were moving due to retirement.
The survey additionally found that Gen X sellers were the most likely to have wanted to sell earlier but were stalled because their home had been worth less than their mortgage (23 percent compared to 16 percent for all sellers).
Sellers moved a median distance of 20 miles, with boomers and the Silent Generation moving further distances and downsizing to a smaller-sized home.
A combined 60 percent of responding sellers found a real estate agent through a referral by a friend, relative or neighbor, or used their agent from a previous transaction. Eighty-three percent are likely to use the agent again or recommend to others.
While all sellers wanted help in marketing their home to potential buyers, younger sellers were more likely to want their agent to help with pricing the home competitively or selling within a specific timeframe.
NAR mailed a 127-question survey in July 2014 using a random sample weighted to be representative of sales on a geographic basis. A total of 6,572 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 9.4 percent. The recent homebuyers had to have purchased a home between July of 2013 and June of 2014. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent.
All information is characteristic of the 12-month period ending in June 2014 with the exception of income data, which are for 2013.
The 2015 NAR Home Buyer and Seller Generational Trends study is posted at: http://www.realtor.org/reports/home-buyer-and-seller-generational-trends.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
1NAR’s 2014 Profile of Home Buyers and Sellers found the share of sales to first-time buyers dropped 5 percentage points from 2013 to 33 percent, representing the lowest share since 1987 (30 percent).
#CanyonLakeCustomHomes #TheCaptainOfRealEstate #CanyonLake #Menifee #Murrieta #Temecula #LakeElsinore

I-215 / NEWPORT ROAD INTERCHANGE PROJECT

Of course with construction there are traffic delays, but the hope is that in the long run this will clear up the traffic problems at the I-215 and Newport Road. Don't forge to Share with your friends to let them know.

There will be a project overview presentation from 5:00 to 8:00 p.m. Wednesday, March 25, 2015 at the Kay Ceniceros Senior Center 29995 Evans Road Menifee, CA 92586
This project will reconstruct the existing diamond interchange into a partial cloverleaf interchange configuration, with northbound and southbound loop on-ramps. The existing bridge would be widened to accommodate six through lanes of traffic, deceleration lanes approaching the loop on-ramps, outside shoulders that will be used as bike lanes and a sidewalk on the north side of the bridge. On the mainline freeway, acceleration lanes would be added to the direct on-ramps and a deceleration lane would be added to the northbound off-ramp. The northbound freeway bridge over Salt Creek would be widened to accommodate the northbound on-ramp acceleration lane. To learn more click the link.
http://rcprojects.org/newportroadinterchange/

Friday, August 15, 2014

10 Things to Do Before You List Your House

10 Things to Do Before You List Your House


Original Article by Elliott, Sara.  "10 Things to Do Before You List Your House"  28 March 2011.

Start the Countdown

Thinking about moving? One quick tour of your happy home might curdle that dream before it gets out of the planning stages. If your d├ęcor style is early desperation and you can't remember the original color of the carpeting, it's time to roll up your sleeves and blackmail someone into getting your home ready to sell.
If you absolutely can't coerce an acquaintance into putting on the honorary stained overalls or, our personal favorite, theJackson Pollock jeans, here are some vital (as in unavoidable) ways you can help improve the look of your home. Do it sooner rather than later, before a stranger enters the premises, screams like a little girl, and runs full bore in the opposite direction. Trust us, we've been there.

10 - Find Your Papers

Before you exhaust yourself trying to get the fingerprints off the walls, locate all the important papers you'll need to entice a potential buyer. The operating manuals for your appliances and HVAC system, notes about the paint colors you used on your walls and any applicable warranties are important to have on hand. They'll show the listing agent that you have things under control, even if you don't.
While you're at it, pull out your old utility bills. You're probably still in denial about having to pay for the water coming out of the tap -- and going down the drain -- but work through the pain. Those seasonal totals may help make your home look more appealing than the house one county over from you.

9 - Get Estimates

These aren't estimates of how long it's going to take you to explode when you find the six-month-old grilled cheese sandwich glued to the underside of the entertainment center. This type of estimate is about what it'll cost to replace the stuff in your home that's on its last legs -- like the furnace, roof or water heater. You may not be prepared to overhaul worn-out items now, but knowing how much it will cost could give you an edge in negotiations. You know, they say they want a cool $10,000 off the asking price when you know an update will only cost half that.

8 - Straighten the Mail Box

If your house is the one with the tilted mailbox that looks like a diseased tooth, you're probably cringing right now. Straighten it up! Haven't you ever heard of curb appeal? You want potential buyers to drive by and think someone else's home (and not yours) is the eye sore. If you're planning on listing your home, you have to lure people inside. To do that, you've got to eliminate the telltale signs that the property isn't owned by a Stepford family.

7 - Declutter

This is the time when you go through your belongings and discover that there isn't anything worth keeping. It's a sad but liberating moment. If most of your stuff is granny castoffs from the 1970s, decluttering your home will be easy. Just get the number for the junkyard and give them a call. If there are some things (probably borrowed) that are actually worth the cost of a moving van, pull them out of the general chaos and get rid of the rest. Ideally, your rooms should look open and kind of empty (marketers call that spacious). If they look more like a crammed to bursting rent-a-space unit, you've got your work cut out for you.

 

TLC TIP

A good rule of thumb is to get rid of (or hide) 30 percent of your stuff in preparation for showing your home. That means stashing away extra chairs, storage boxes, plants, magazines, CDs, clothes, exercise equipment, small appliances and books.

6 - De-Personalize

Remember when you're hubby measured how tall the kids were by carving notches into the dining room molding? Bad move. The chicken-themed kitchen was probably a mistake too. Have you ever looked in a friend's handbag? Didn't it just scream, "Invader! Get out! Get out!"  Well, you don't want your house to do that. You want your house to be so benign and neutral that anyone could imagine living there -- without you.

5 - Clean

Accept it. You're never going to be able to list you house successfully without cleaning it first. Even the maids will probably take a pass on the heavy-duty cleanup unless you make some inroads before you pass the baton.
If it's been a decade since you washed the blinds, expect the process to be painful. Actually, dirt, dust and grime may not be the worst part of tidying up. The worst part is getting at stuff to clean it. Sure, it's easy to recognize that you should pull the stove out and clean behind it every couple of months, or pull out the fridge to vacuum the condenser coils, but bench pressing your own weight may not be one of your many talents. Simple solution: Bake a pie. The smell is bound to attract an only-slightly-unwilling laborer with upper body strength. Some ice cream for after is a nice touch, too.

 

TLC TIP

Lose the gross factor by beating mold and mildew in your bathrooms and kitchen. The green and gray stuff is disgusting and can really make your home look filthy. If you have discolored caulk, replace it. Dispose of mildewed shower curtains, too.

4 - Detail the Landscaping

You know when your sweetie spends all weekend detailing thecar? Well, he should do that with the landscaping before you try to sell your home. Removing dead branches from trees, pulling weeds, painting fences and fixing driveway cracks will keep your home from giving the impression that it's gone native. Don't risk your home looking like it belongs in one of those futuristic horror movies where the ozone layer has fizzled out over the 'burbs and the only people left alive are eating dog food right out of the can.

3 - Hide the Pets

Animals shouldn't live in houses. Well, that seems to be the mantra of the real estate industry. If you own one of those slobbering, hairy pests -- that loves you unconditionally, protects you vigilantly, amuses you with its absurdities and never judges you for your failings -- hide it. That way, you won't have to explain how you managed to get all the hair out of the air conditioning ducts (because you didn't) or managed to suck the pet dander out of the carpeting (never happened).

 

DID YOU KNOW?

Cosmetic issues, like holes in drywall and chipped or peeling paint are easy to fix and can make a big difference when you're trying to make a quick sale.

2 - Plan to Get Rid of the Kids for a While

Well, actually, this is a good one to indulge in from time to time even if you aren't selling your home. When you're thinking of placing a listing, underplaying the presence of juvenile humans on the premises is a good idea. Kids are destructive. If you don't know that by now, you must not have kids and you can move to the next entry. But if you smell what we're cooking, there are some things you can do.

Once you prep your home by repairing the kid damage a prospective buyer can see, keep him from wondering about all the things he can't see by stowing the kids at grandma's house for a few days -- or until she demands that you come and get them.

1 - Take a Deep Breath -- and Some Pictures

Yes, with some work and a little luck, you may be able to get out of that dump and into the home of your dreams, or at least into a house where all the toilets work. Take some pictures before you do a major cleanup, though. Life's passages can be so contrary. Just when your kids are getting ready to move out for good, you'll think back on the old house, with its clutter, tiny windows and flimsy doors, and wish you'd kept a few pictures to remind you of what those unpredictable, implausible, frustrating and totally extraordinary early years were all about.

 

TLC TIP

Ensure the success of your house listing by finding a real estate agent who really gets you. If you end up with a Martha Stewart clone when you'd feel more comfortable with Sarah Silverman, you won't enjoy the process.



Elliott, Sara.  "10 Things to Do Before You List Your House"  28 March 2011.  HowStuffWorks.com. <http://home.howstuffworks.com/real-estate/selling-home/10-things-to-do-before-you-list-your-house.htm>  13 August 2014.

Getting a Loan with Less Frustration

The Perfect Loan File

See the original article by Mark Greene on Forbes.com here.
The media has it all wrong – securing mortgage approval and satisfying credit underwriting guidelines are not the difficulties plaguing mortgage consumers. It’s in meeting the rigorous documentation requirements that most people fall flat. The good news is, the fix is simple. Just scan, photocopy, fax, and deliver every aspect of your financial life. Then, shortly before closing, check everything again.  
Mortgage consumers who enter the mortgage approval process ready to battle their chosen mortgage lender will come out with a nightmare story to tell. As the process, requirements, and guidelines are the same for everybody, your mindset is the game-changer. Accepting the redundant documentation necessary for lender approval will make everyone’s life easier.
When I was a kid, my father occasionally issued directives that I naturally thought were superfluous, and when asked why I needed to do whatever it was he wanted me to do, his answer was often: “Because I said so.” This never seemed to address my query but always left me without a retort, and I would usually comply. This is exactly what consumers should do during the mortgage approval process. When your lender requests what seems to be over-documentation and you wonder why you need it, accept the simple edict – “because I said so.” You will find the mortgage approval process much less frustrating.
So, what’s the perfect loan? Well, it’s one that (a) pays back the lender and (b) pays back the lender on time. Underwriting the perfect loan is not the goal that mortgage lenders aspire to today.
The real goal is the perfect loan file.
Mortgage lenders have suffered staggering losses and gone out of business because of the dreaded loan repurchase. As mortgage delinquencies increased, FannieMae and FreddieMac began to audit mortgage loans they had purchased and discovered substandard and fraudulent underwriting practices that violated representations and warranties made, stating these were high quality loans. Fannie and Freddie began forcing the originating lenders of these “bad” loans to buy them back. So a small correspondent mortgage lender is forced to buy back a single mortgage loan in the amount of $250,000. This becomes a $250,000 loss to a small mortgage business for a single loan, because it will never be repaid.
It doesn’t take many of these bad loan buybacks to close the doors on many small mortgage operations. The lending houses suffered billions of dollars of losses repurchasing loans from Fannie and Freddie, and began to do the same thing for loans they had purchased from smaller originators.
The small and medium sized mortgage originators that survived created underwriting guidelines and procedures to eliminate the threat of future loan repurchase losses. The answer? The perfect loan file.
It’s no longer necessary to have excellent credit, a big down payment and stable employment with income sufficient to support your debt service to guarantee your loan approval. However, you must have a borrower profile that meets the credit underwriting guidelines for the loan you are requesting. And, more importantly, you have to be able to hard-copy-guideline-document your profile.
Every nook and cranny of your financial life has to be corroborated, double- and triple-checked, and reviewed again before closing. This way, if the originating lender has created a loan file that is exactly consistent with published underwriting guidelines and has documented while adhering to those guidelines, the chances are that your loan will not be subject to repurchase.
Borrowers also need to prepare for processing and underwriting. Processors and underwriters are the people trained and charged with gathering (processors), all of your required-for-approval financial documents, and then approving (underwriters), your loan. You can assume these people are well trained and very experienced, as they are tasked with assembling and approving a high-quality-these-people-will-pay-us-back loan file. But just how do they go about that?
The process begins with the filter – the loan originator (a.k.a loan officer, mortgage consultant, mortgage adviser, etc.) – tasked to match the qualifications of a particular mortgage deal to the appropriate underwriting guidelines. It is the filter’s job to determine if a loan scenario is approvable and to gather the documentation to support that determination. It is here, at the beginning of the approval process, where the deal is made or broken. The rest of the approval process is just papering the file.
The filter determines whether the information provided by the borrower can be validated and documented. This is simple, since most mortgages are approved by automated underwriting engines such as Desktop Underwriter, and the automated approval generates a list of the documents needed to paper the loan file. An underwriter can, at this stage, request additional supporting documentation evidence at their discretion, as not all circumstances neatly fit into the prescribed underwriting box. If the filter creates a loan file with accurate information, then secures the documentation resulting from the automated underwriting findings, the loan will close uneventfully.
So, let’s begin with the pre-approval call. Mortgage pre-approval is typically accomplished with a telephone interview. A prospective borrower calls a mortgage rep (filter), and the questions begin. There will be lots of questions as this critical phase of the process is akin to the discovery period in a trial – you’ll need to disclose everything. Expect to answer queries on what you do for a living, how long you’ve been employed in your current field, and what your salary is. If there is a co-borrower, they will have to answer the same questions.
Every dollar in checking, savings, investments and retirement accounts, also known as assets to close, as well as gifts from relatives and non-profit grants, has to be accounted for. Essentially everything appearing on a borrower’s asset-radar-screen has to be documented and explained.
If you were previously a homeowner and sold your home in a short sale, or if you own a home now and plan to keep it as an investment or rental property, there are new and specific underwriting guidelines created just for you. In these cases, full disclosure of your credit and homeownership past can potentially eliminate unforeseen mortgage approval woes. For instance, FannieMae has a new underwriting guideline called “Buy-and-Bail,” for current homeowners’ planning on keeping their existing home as an investment/rental property. Properties not meeting the 30% equity test for “Buy-and-Bail” result in additional asset requirements to purchase a new home. Buyers with a short sale history may have to wait two to three years before they are eligible for mortgage financing again. Full vetting of your previous mortgage life will save you the dreaded we-have-a-problem call from your mortgage lender.
It all comes down to your proof. If the lender asks for a specific document, give them exactly what they are asking for, not what “should be OK,” – because it won’t be.  This is where the approval process tends to go off the rails, when the lender asks for specific documentation and the borrower supplies something else. Here, too, is where both sides get frustrated. So if the lender asks for a bank statement and there are 5 pages for that bank statement, send them all 5 pages, and not just the summary. If you send them the summary page and they ask again, don’t complain that the lender keeps asking for the same thing when you never sent it in the first place. This may sound elementary, but the vast majority of mortgage approval process woes stem from scenarios just like this.
The reason the mortgage approval process is now so rigorous is simple. Avoiding defaults and loan buybacks has become the primary goal of mortgage lenders.   Higher standards are reducing loan defaults,  which should mean fewer foreclosures in the future. Government data shows that  less than 2% of loans originated in 2009, that were resold to Freddie Mac and Fannie Mae went into default after 18 months, down from more than 22% default rates for 2007 loans.
So when your lender requests specific documents from you, give it to them just “because they said so.”
You can thank my dad for that.
For more information on Real Estate in Southwest Riverside County, CA including Canyon Lake, Menifee, Murrieta, Lake Elsinore, Wildomar, and Temecula.  Visit our Website or Like Us on Facebook.