You have a strong financial situation. Let’s say you’ve got strong income and or revenue within your business, excellent credit, cash in the bank, maybe even a few other homes with mortgages and you’re well off. You’re of the mindset “I’ve provided the documents one time to the bank. I am putting down so much cash they should just give me a loan”. Unfortunately, you can’t just supply the documents and say take it or leave it. You need to provide the documents and if that’s not an option for you, you can always potentially buy the house in cash.

You feel you know your situation better than anyone else. While it’s true, you probably have a good understanding of your overall financial picture. How your overall financial picture relates to getting a residential mortgage loan is an entirely different puzzle  altogether. As an example, let’s say you’ve been around the block with mortgage companies before in the past and you don’t want your credit ran or provide documentation, but you want to determine whether you qualify. You’re an expert and you’ve already self-proclaimed your debt-to-income ratio, and your chances of getting approved. If this is the case you probably don’t get a mortgage lender, right? This also means the reality of it is that you do need a mortgage lender because how your situation relates to getting a mortgage can be an intricate and often times complicated picture, because income and credit, for example can offset each other on different mortgage loan programs. Put your ego aside. Apply for the mortgage loan.

You’re super protective of your credit. Mortgage company asks to run your credit you say no because you need to work on your credit. Here’s the thing, you probably got yourself into this maze or debacle with your credit on your. You probably don’t have the expertise most likely to get yourself out of the hole you dug yourself into in the first place. Once again, put down your ego and let the mortgage company help you if they have a long-term forward-thinking plan in place for your financial success.

You only want to provide some of the documentation. The lender must look at all three elements the cash you have in the bank, the cash you have access to, your credit, credit history, and your income. They need all these elements. It’s like baking cookies if you do use too much sugar, the cookies come out not tasting particularly good if you use too much flour or too little flour, same thing occurs. The following also holds true as it relates to getting a residential mortgage loan to purchase a refinance a home you can’t just provide income only hope that is going to work and then not provide any assets or assets statements.  Allow the lender to identify where you are and hopefully if it’s a good lender, give you an action plan of things to work on for the future in the event you need to influence you’re purchasing power in a positive way.