Monday, February 12, 2018

A Home Purchase Dream Comes True

Posted by: Erik Mansfield, Mortgage Banker


Here’s a real-life example to of why having an experienced mortgage banker can be the difference of you getting into your dream home vs. continuing to rent.   

It all started with a “Looking for a mortgage lender…” post on social media. I reached out via private message immediately. Meanwhile, countless people replied on the post with “Contact my guy @...”, or “Please contact me @...”.  Within a couple hours, the borrower responded and mentioned was that of all the Mortgage Bankers that were referred or replied, I was the only person that personally reached out to him. That stuck with him and was the main reason he contacted me and only me.

As we began speaking, he told me four months prior he was denied during the process of buying a home and was told he couldn’t do anything until at least 2018. I asked what mortgage company issued the denial, and without naming names, let’s just say they’re a pretty big lender in the Chicago market. I could sense his frustration and I started asking questions specific to him. After asking the questions, I had enough info to know there was a chance, so I told him to send me his income documentation. Within two hours of receiving the documents, I was able to analyze his income and provide concrete qualification numbers.  I reached back out to him with loan scenarios and how they would dictate whether we would require one or two years of income to be used for underwriting. At this point I advised him to submit an application. I sent the link and he immediately applied. I could tell from our conversations he actually was getting confident about the potential of qualifying.  

Once I pulled his credit, I saw the issue. With his present and proposed obligations, his ratios were well over the maximum allowed. I realized why the first lender denied him, but that didn’t stop me. I looked at his taxes and his credit, and I saw expenses the business paid and asked if he could document a 12-month history. His answer was an immediate “yes,” and I knew right then that he was never asked this question. He provided me with the sufficient documentation to support the removal of the debts, and he had a pre-approval letter within 24 hours of our first conversation. One question, that’s all it took. It’s a question that most won’t know to ask, but it’s a question that can make or break a deal.  

That’s why my 15 years of experience is so valuable, I know the questions to ask. This is just one example of how I set the expectations from my initial conversation with my borrower, I was responsive to him during the process, and I promptly advised him of the specific requirements that would need to be satisfied. Want to know the best part? That borrower is closing on his home this month!

Spring is almost here and more homes for sale will start to hit the market.Reach out to me here or at 773-266-3593 so we can start your process.That way, when you find your dream home, you will be approved and ready to submit the offer.


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