If you have got Denied for a Mortgage loan by the builder's mortgage company this video is for you. You still have hope. Everyone in the lending industry knowns how complacent new home builder's mortgage companies are. The business is given to the loan officers, so how hard do you really think they work for your business?
It's not too surprising when I hear of a home buyer getting denied from a builder's mortgage company. If you got denied a loan by a builder's mortgage company or any lender, check out this video where I will give you some good workarounds for getting approved for a mortgage loan.
Transcription
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 a home you go to builder company whoever it is ABC, XYZ and you get denied. What do you do? That’s what we are going to talk about in this video.
Everybody pretty much knows in the lending industry, its 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 loans but the problem is this, they’re a banker, they use their own set, they’re own money. They’re own set of guidelines and if you’re around circle and they have a square whole you’re not going to be able to fit in there and unfortunately they’ll just tell you denied 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 of 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 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 the 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 for their money you’re dead. They just tell you, sorry Charlie we can’t do it but if you go to a broker, a 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 I had another one. If they are the 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 would I do is I would ask around, ask any friend, you know ask real estate agents you know try to find a really good broker, a local broker. Please don’t go online and call Joe’s 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 them say hey I went into XYZ 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 a 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 going to be on the hook. If your loan doesn’t close, you know the lenders going to say hey sorry I mean the builder is going to say hey sorry we’re going to have to keep your earnest money. So a lot of times if you can’t qualify for 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 the all of a sudden you’re not approved, you’re going to 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 BBB (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 know as someone who is a broker as well depending on who they work with
I hope this information provides value to you. I know for a lot of you it will. If you have any questions let me know. Give me a call. I know a lot of you know people who are looking at buying the home if you do pass these videos on to them. Pass 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. Again if you have questions let me know. If you like these videos give them a thumbs up. Take care and I wish and I wish you the best of luck.
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