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Mortgage Fears

October 7, 2021

It is not unusual for home buyers to feel that the lender is being very critical during the loan approval process. The buyer is required to provide all kinds of financial information, and then the lender asks for more. If this is your experience, and the process seems discouraging, remember that none of this is personal! 

Some lenders have more stringent requirements than others, but every lender requires a substantial amount of documentation on a mortgage loan. They must verify employment, credit history, and recent financial transactions involving your liquid assets. If your Visa payment was late, they may ask for a letter explaining why. If you are self-employed, they will ask for tax returns from at least three years and probably a year-to-date profit and loss statement. 

Government regulations require mortgage companies to document everything. And while the loan officer may know that you are a reliable risk, the underwriters must be able to defend the loan to a federal bank examiner or auditor.

For more information, contact Bill Cullin today!

__________________

Bill Cullin

Your Real Estate Source at the Delaware Beaches

Call or Text: (302) 841-7147
Toll Free: (800) GO-BEACH, Ext 27117
Email: Bill.Cullin@LNF.com

Websites:
DelawareBeachRE.com
TheHenlopen.com

Click Here for Zillow.com Client Reviews
 

ACCREDITATIONS & AWARDS:

*2022-3rd Consecutive Year: Overall Top Producing Individual Agent in Delaware at Long & Foster

*2022-3rd Consecutive Year: Member of the Long & Foster’s Gold Team Master Club Level, with sales volume of over $20-35 million

*2023-10th Consecutive Year: Five Star Professional Award-Winning Sales Agent

*2022-16th Consecutive Year: Top Producing Agent at Long & Foster’s Rehoboth Beach Office

*2022-13th Consecutive Year: “Zillow.com 5 Star Professional”, with “Best of Zillow” designation awarded in 2019

*Top Selling Agent at The Henlopen Condominium in Rehoboth Beach, with well over 40 transactions, exceeding the volume of any team or agent in Delaware

*Homesnap Top 5% Award, based on 2021 data from over 1 million Homesnap Pro agents nationwide

Long & Foster Real Estate, Inc.
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
Office: 302-227-2541, Ext 27117

 

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