I recently was fortunate have a great conversation with Andy Gagliano, who has years of experience in the mortgage industry, specifically for people in owner financing.
He shared with us some of the best tips and reasons why people do not get approved for a mortgage.
This book just as important as my book How to Buy Owner Financed Homes. At the end of the day you are going to have to bring in financing when buying an owner financed home. To protect yourself and to really ensure this happens in important that you know the rules, guidelines, and gotchas associated with getting financing. Andy Gagliano has been in the mortgage business for over 15 years. He’s seen the good, the bad and the ugly. That’s why I recommend his book.
According to the Associated Press 32% of mortgage applications were declined, in 2009, as lenders kept their underwriting standards tight. The AP also states that the decline rates for blacks and Hispanics were more than twice as high as the rate for white borrowers. Just as many of these applications are turned down for things the borrower does during the processing of the loan as things the borrower has done months before applying.
Most of these mortgage turndowns could have been prevented with some counseling and instruction prior to the applicant beginning the mortgage process. The mortgage process has also become so difficult and frustrating for successful, qualified borrowers that customer satisfaction with the mortgage process is at an all time low!
This conversation can help you identify and avoid the primary sources for mortgage headaches and declines. This book is constantly updated with the most recent guidelines put into plain, easy to understand terms and strategies on how to avoid the most common loan underwriting issues. If you are buying or refinancing a house soon, this book will guide you through the mortgage underwriting process if you or your spouse:
You can save yourself a great deal of embarrassment, shame, heartache, and expense by giving yourself some knowledge of the mortgage underwriting guidelines. Mortgage Mistakes – The Top Reasons Your Lender Can Say “NO!” and How to Avoid Them will help you realize your dream of homeownership or help you to save yourself money by refinancing to a lower interest rate. This book will also save you a great deal of frustration during the mortgage process by giving you a broader understanding of standards all lenders require.