In the case of interest rates, the Fed’s end of year announcement that they would be pulling back some of the stimulus package that has helped keep rates where they currently sit is a certain catalyst for change. A mortgage rate buzz kill if you will…
What I don’t understand is when a prospective client makes a decision to go with a bank because they are being lured with a rate that will ultimately represent more trouble than the insignificant savings it is worth.
Getting a mortgage is a process, but there are things you can control. And that means pulling together legible copies of all the correct documents needed to submit a loan application so you can save yourself time, money, and stress.
We need to be prepared with whatever the underwriter is going to want whenever it is requested. Period. And this goes beyond the qualification process. I’m talking about anything that could be viewed as a potential obstacle – from counter deposits to your bank account to job changes; I am afraid that the underwriter pretty much considers you guilty until proven innocent.
Please bear in mind, while that cash greased the skids of the initial transaction, getting that money back out will entail all the minutiae of any mortgage loan. Buying a home with cash does not prove you are solvent and are an excellent risk to a lender! If you are planning on doing a delayed mortgage deal and have the expectation that it is just a deposit and withdrawal equation, it is not. You are still subject to provision of all documentation and processes.