Sonoma County Mortgages

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now
  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • Scott Sheldon
    • Scott Sheldon
      Senior Loan Officer
      NMLS ID# 287389
      Direct: 707 217-4000
      Scott.Sheldon@nafinc.com
      Specializing in Residential Home Loans for Primary Residences, Second Homes, Investment Properties, Single Family Homes, Condos, PUDs, 1-4 Units.

Get Your Latest Rate Quote Now!

How the mortgage process could get ugly if you have a difficult picture

August 11, 2019 by Scott Sheldon

Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Email this to someone
email
Print this page
Print
6 common mortgage loan scenarios you cannot circumnavigate

Residential Mortgages in America today are designed for families to fit a box. If your financial profile in anyway is outside of that box, you might experience what otherwise might be a very difficult and challenging process, so it’s important to know how the process works. Here’s what you ought to consider …

Here’s how most mortgage companies run their mortgage loan process. Step one to do an application for credit and let the lender pre-qualify you for whatever your desired purchase price is supportive of the cash, credit and income. Then the file gets moved into underwriting and the loan will come out of underwriting approved with conditions. Meaning provide these conditions and you’ll receive a commitment to lend. Lender requests conditions from you. The perfect scenario is conditions are reviewed signed off and you order docs, sign and fund and close. That’s not common. Here’s where things bottleneck…

When the documents you provide create more conditions. If you have multiple rental properties for example or multiple streams of income or several different types of bank accounts where your down payment monies or multiple businesses, this is where things can become tricky. Its more the most part not possible for lenders to have a zero conditions loans. Remember the job of the underwriter is to mitigate risk. They find, create and sign off conditions. They are the only one standing between you and keys to our house and they control whether you get your loan or not or after lots of hoop jumping.

  • Keep your accounts separate
  • Keep your business separate
  • Keep all schedule of real estate separate and detail
  • Be prepared to at times send in the same docs more than once

A way around the inevitable hoop jumping you might otherwise experience is getting your lender to pre-underwrite your loan especially if its complex, heavy, ultra- detail or technical. A good lender at the beginning should be able to articulate the level of difficulty your financial scenario may represent to an underwriter. Note a lender who has working good relationship with underwriting is a sold bet. Avoid the lender that has no direct contact with underwriting.

 

Looking to get a mortgage? Get a no cost quote now.

Related Mortgage Advice from Scott Sheldon

  • 5 Frequent Credit Mistakes Mortgage Shoppers Should Pay Attention To

    While credit standard have somewhat loosened up in home lending, make no mistake, getting a…

  • how to make your mortgage fit the box
    Make your credit fit the mortgage box

    If you have some credit challenges preventing you from getting mortgage with competitive rates and…

  • Mortgage Application: Pulling Credit Report

    Taking out of home loan? This might surprise you, pulling credit associated with the mortgage…

  • today's mortgage loan process
    3 things you will not like about today's mortgage process

    These things about today's mortgage loan process will drive you crazy. Know what lenders will…

Filed Under: Credit Score Info, Credit Score Questions and Answers, Economic News, First Time Home Buyers Tagged With: mortgage comparison shopping, refinancing my mortgage, Santa Rosa mortgages, Sonoma County Mortgage Rates, sonoma county refinancing

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

SCM on Facebook

SonomaCountyMortgages.com

Location & Contact

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
1450 Neotomas Ave Suite 115
Santa Rosa, CA 95405
1-707-217-4000
Email Us!

Copyright 2019 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing | Privacy | Terms of Use | Electronic Consent Agreement

Connect With Scott In Your Inbox

Looking for a home? Real estate insider? Get connected with Senior Loan Officer Scott Sheldon. Scott stays updated on the latest in the mortgage industry, so you can stay updated with him!