Common Sense is Not Common to the Mortgage Process

Posted March 11, 2017 in Real Estate Trends

Mike Pattulo, Clark County WA real estate agent

Thank you for visiting with me and Peak Mortgage during the 2017 Meet Your Mortgage Team event! If you have a question and didn’t attend, please email or phone me up. Questions are always interesting in that the answers have changed through the years due to the current regulatory climate. There is no common sense to today’s process.

Many people remember the good old days in the ease of applying for a mortgage or applying for a credit card or even financing a car. Now, the typical process is not so typical.

Today, finding the person that best suits you to begin the mortgage process is a best first step. The person that can best lead you into a mortgage loan is one that understands your history.
There can be many questions that seem personal, but because there are so many programs available for mortgaging a home; it is necessary to ask such questions to get to a yes.

A Harris Poll recently revealed that 31 percent of those who were turned down on a loan last year were surprised. It’s rare that I surprise anyone. That’s because of the preparation. I can tell you how long your process will take based upon what is being presented.

Programs are available for those with credit scores under 600. Down payment assistance is available for those who don’t have even three percent to put down. And, if you aren’t aware, down payments can be gifted by parents and others willing to help.

Some basics to getting a mortgage:

  • Give yourself time to get a mortgage; don’t expect an answer in 24 hours.
  • Take time to talk to your lender before starting the paperwork, because your lender will help prepare you best when he or she understands your situation; every situation is different.
  • If you experienced a challenge such as a bankruptcy, a foreclosure or short sale, be knowledgeable that these challenges require seasoning to get to a mortgage since the financial crisis occurred. These challenges can be cured. It just takes time. Time can be defined just like money by a good lender.

We lend where we live,

Michael Pattullo
MLO# 229675
Mortgage Advisor
Peak Mortgage