Friday, March 5, 2010

Oh I’m SURE I Can Get a Mortgage!

I often lack words to describe to my clients exactly how mind-bogglingly fast the world of mortgage lending is changing lately. Home buyers not only need good credit, a steady income, and piles of documentation to back all that up.. . . . .   you need to be aware that loan guidelines change near-daily.


Yep. Nearly daily loan investors make changes to their rules about what they’ll lend on, what they won’t, who qualifies for a mortgage and who doesn’t, and how to properly fill out 9 inches of forms in triplicate to get the loan money.


I subscribe to a daily email that discusses changes in lending standards throughout the industry. It’s usually 2 pages long. Two pages of changes in loan guidelines per day!





Don’t assume you’re going to have zero trouble getting approved for a mortgage. If you have excellent credit you’ll probably get approved, but you’ll have to produce more paperwork than you can imagine.

Get approved. Then start shopping. Trust me. You don’t want to spend weeks looking online at this:


Nice EF, SFH in Phx, sold 325k in Feb 2010


only to be told you’re approved for a mortgage to buy this:


Shabby EF, SFH in phx sold Feb 2010 for 15k


Want to get pre-approved? Our favorite lenders, in no particular order:





  • Kevin Reiser, AmeriFirst Loans, 480-289-7635


  • Andrew Schmidt, WJ Bradley Mortgage, (602) 999-1912


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