Friday, October 9, 2009

Loans Are Hard

If you're thinking about buying a home, this might be a useful warning. Not to warn you off buying a home of course, but just because "forewarned is forearmed". It might prepare you for what's likely to happen to slow down the approval of your loan.

If you're currently buying a home and having trouble with your loan approval, this might just be a comfort to you. No, you're not alone.

See loan officer's Justin McHood's blog post on our broker's blog about how hard it is to get a loan approved and funded lately. Excerpt:

There’s a ton of stupid walking around <insert company name>… But I’m not sure if it’s different anywhere else.”

“What are the chances that my deal can fund on Tuesday? No, wait – don’t tell me — I know what you are going to say… 50/50.”

The underwriter is asking for things that make zero sense. It makes me question their general ability to function.”

Justin McHood is a mortgage broker with VanDyk Mortgage Corporation. You can find him at Arizona Mortgage Team, on the Zillow’s Mortgages Unzipped Blog, and at most East Valley Friday Nights gatherings (Twitter @evfn). He’s the one in the blue shirt.