Got Denied By The Builder’s Mortgage Company? Watch This Video

Hi everyone This is your Tampa Bay Realtor Lance Mohr

In this video I want to talk to people who have been denied by a mortgage company of a builder so you go in you put on it you put an offer on home you go to the builders mortgage company whoever it is ABC XYZ and you get denied what do you do that's what we're going to talk about in this video okay so everybody pretty much knows in the lending industry it's common knowledge that the mortgage companies with these builders these big national builders they're just complacent a lot of them barely even know what they're doing I hate to say that they do a lot of owns but the problem is is this they're a banker they use their own set their own money their own set of guidelines and if you're around circle and they have a square hole you're not going to be able to fit in there and unfortunately they'll just tell you you're denying because they want they generally want people that are like the cream of the crop and have the real high credit scores the real you know the real low debt to income ratios the employed borrowers and when you get anything outside that they a lot of times they'll just deny you it's sort of known it doesn't happen all the time so what you need to do if you do did get denied the first thing you need to do is you need to ask why why was I denied what was it was it that income ratio was it the credit score what was the reason and then what you want to do is you want to try to find a really good mortgage broker not a bank or a broker again a bank a lot of credit unions bankers they only use their money so if they can't qualify you with their money you're dead they just tell you sorry Charlie we can't do it but if you go to a broker broker will generally have five to eight lenders or banks that they use consistently so when I was in lending if someone was on FHA I had one lender for this if they were a jumbo deal I had another one if they have bad credit scores that another one if they are high debt-to-income ratios I had another one so they're going to be the person you want to talk to the other thing is unlike the loan officer who's at the mortgage company with the lender they only get paid if they say yes so what I would do is I would ask around ask any friends you know ask um real estate agents you know try to find a really good broker a local broker please don't go online and call you know Joe's you know mortgage shack in Des Moines Iowa or someplace like that because out of sight out of mind because you need to make sure you're qualified and be upfront with them tell him say hey I went into X Y Z builder their lender said I couldn't buy and this was the reason why what do you see and it could have been they just maybe don't do that type of loan that will meet your criteria or maybe though I'm an officer didn't know what they're doing but you need to really make sure you get someone who's good you get someone who's honest you get someone who knows what they're doing because you're gonna be on the hook if your own doesn't close you know the hunters gonna say hey sorry I mean the Builder is gonna say hey sorry we're gonna have to keep your earnest money so a lot of times if you can't qualify with the builder's mortgage company you could qualify and get approved they're an outside mortgage company they'll give you that incentive money most all lenders most all builders will do that so you need to be careful though because you need to make sure you're really approved in other words if you come up say four weeks prior to closing and then all of a sudden you're not approved you're gonna probably most likely lose all your earnest money or any money you have in it so definitely make sure you work with a good reputable knowledgeable mortgage broker called the Better Business Bureau on them try to find out you know if you go on Yelp or get recommendations or maybe a friend use them or if you have a real estate agent you know the real estate agent should use should know as someone who is a broker as well depending who they work with but I hope this information provides value to you I know for a lot of you it will and if you have any questions let me know give me a call I know a lot of you probably know people who are looking at buying the home if you do pass these videos on to them house my youtube channel onto them because I'm doing this for you I'm doing this to help people and I hope you have a great day if you again any questions let me know if you like these videos give me a thumbs up take care and I wish you the best of luck you

Source: Youtube

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