Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

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Mortgage Tips & Secrets

If you’re reviewing mortgage tips before you buy or refinance, you’re smart. Preparing yourself for the mortgage process will increase your chances of closing a successful transaction. But, if you’re looking for the real secret behind today’s mortgage tips, then listen up. HIRE A GREAT LENDER!

Mortgage Tips that encourage you to hire a great lender don't often specify the characteristics of one. Shopping for a great lender means shopping for more than just rates and fees.

Mortgage Tips that encourage you to hire a great lender don’t often specify the characteristics of one. Shopping for a great lender means shopping for more than just rates and fees.

Believe me, I know shopping for lenders isn’t the most fun.  After all, we’re all selling the same things:  Product, Price and Process.  So, it’s natural to see us all as equals and to shop us based on rates and fees alone.  However, this is a dangerous strategy.  Just ask Tina!

Anxious to purchase a home, Tina applied for a home loan using one of the big bank lenders she believed would offer the best rate and fees.  Her tax returns were complex and her income structure unique but, Tina was confident that her lender knew what she was doing.  Unfortunately, three weeks into a 30-day escrow, Tina’s lender was still unable to produce an underwriting approval.

Scrambling to save the deal, Tina’s agent encouraged her to consult a new lender (me).  However, by the time Tina was able to send her loan package over to me, the sellers had issued a Notice to Perform.  This meant that Tina had a very limited amount of time left to obtain financing or she would fall out of contract.

Mortgage Tips 101: The Pre-Approval

The pre-approval has long since offered an encouraging sentiment to the home buying process.  However, its capacity for assurance of buyers like Tina, with unique income structures and/or complex tax returns, can be limited.  In Tina’s case, she assumed that a pre-approval was as good as a loan approval.  Instead, Tina had been issued a pre-approval letter based on her application and a decision from an automated underwriting system.  Either her documentation was not fully reviewed or the lender had miscalculated her income.  Whatever the case, this mishap cost Tina the home.

That said, it’s more important to find a great lender than you might know.  For any transaction to close, one must entrust the lender who seeks a full understanding of your financial picture upfront.  A lender who can demonstrate this is surely committed to the success of your transaction.

More Mortgage Tips:  The Secret

To achieve greater certainty, request a TBD Underwrite from PrimeLending.  The TBD Underwrite is an “above and beyond” approach for buyers with unique income structures and/or complex tax returns.  The TBD Underwrite, which stands for: address To Be Decided, allows buyers to submit their loan package to an underwriting team for review prior to submitting an offer on a home. In doing this, the buyer and their agents are able to iron out any issues that would ordinarily interrupt a transaction.  What’s more, is that the TBD Underwrite allows buyers and agents to take preemptive action with each real estate transaction.  This way buyers, sellers and agents can count on:

  • Offers supported by actual underwriting approvals which ensure buyer qualification and minimize transactional “hiccups.”
  • Quicker Close Times
  • Deals and Money Saved!
  • Improved Referrals Rates for Agents who are able to control the transaction upfront.
  • Less Headache

Blissful transactions are possible.  Avoid  “hold ups” or “unforeseen” conditions with PrimeLending’s TBD Underwrite.  Contact me today regarding our TBD Underwrite.  Your transaction matters!

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