Money Money Money!

Today I am going to try and help out the lenders. With everything that has happened in the home and banking industry things have changed. We can speak for the home market and we would like help out the lenders. We have limited knowledge of the process of getting a client financed. But we can give you the perspective from our side.

First provide your lender with everything they ask for. Just as important get it to them as fast as possible. Our experience has been that if the lender is asking for it the underwriter is asking them, or at some point will ask for it. Over the past few years the market has changed and continually changes. It seems that each loan is different. So be ready!

The next item is something we like to tell our clients, mostly because it can make the process go smoothly. Here it is – DON’T BUY ANYTHING while you are in escrow. Of course you can buy the necessities. But no furniture for your new home, a new car anything that could change your financial status. Lenders expect your finances to look the same at the beginning and the end of your transaction. If there is a large item you need to purchase check with your lender to see the best way to do it.

Also don’t get a large sum of money. Sounds strange but again lenders want to see stability. Here is a good example; personally I had several cars when I began the purchase of my current home. I decided that I should sell a couple because the new house did not have as much room for cars and I wanted a little extra cash after close for new everything for the new home. Well I sold the cars and a large sum of money showed up in my account, my lender at the time freaked out!

Here is another important tip, disclose. In the real estate world we are taught from an early age disclose disclose disclose. We are required to disclose anything and everything, and if you are in doubt - disclose! This is a great practice for you and your lender. If there is anything with your finances disclose to your lender. The lender is going to find out anyway so it’s best just to put it all out on the table to start. Remember that your lender wants you to have a loan as much as you want that loan. They will work with you and try and resolve any issues as long as they know what those issues are up front.

These tips are strictly from our perspective, but they do seem to help the process go smoothly. Of course check with your individual lender to see what they want from you. Arizona 360 Realty works with lenders and if you don’t have one that you are working with we can recommend one. So check out our website www.sellaz360.com .