Communication Is Key
There are many steps between finding your dream home and finally stepping through the front door. One such requirement is getting a home appraisal. Recently, a client’s home loan halted at this step due to many factors. Mainly, their original appraiser got injured and was admitted to the hospital. However, he neglected to tell anyone about his situation until after the appraisals’ due date. It was then reassigned to another person. To make up for lost time, the underwriter asked for all the other documents while she waited for the receipt of the appraisal. While that was processing, she reviewed everything and prepped to clear the loan for closing once the final paperwork arrived. Thankfully, with the help of another team member, the loan was closed the day after the appraisal came through. Without teamwork, focus, and communication, this loan would’ve been at risk of the sellers pulling out of the deal.
Getting Back on the Right Track
Our recent borrowers had to change lenders twice in 48 hours due to poor communication. As first-time homebuyers, the married couple was looking for a VA loan, and they weren’t sure what to expect. Their Realtor reached out to our Loan Advisor on a Saturday to see if he could help. The borrowers had no clue what stage their loan application was in with their original lender, and the lender wasn’t responding to their phone calls. To their surprise, our Loan Advisor took their application that day. After providing all the proper documentation, he let the borrowers know they could reach him at any time with their questions. Once they switched to work with us, the borrowers felt secure and at ease during the pre-approval process and were shocked that it took only a few hours. With our Loan Advisor’s entire team they worked tirelessly to send their file through underwriting. They were also given an option to close on their home earlier than they expected. Happily, the borrowers moved into their new home after a not so pleasant start. We were able to turn it around and they promised to work with us again in the future!
Understanding and Acceptance
After going through lender after lender, our borrower was at her wit's end. No one seemed to really understand her self-employment income and were unwilling to help secure her a home loan. Her Realtor referred her to our Loan Advisor to see if he could pre-qualify her. He was able to take her application over the phone, and from there, he explained what the next steps would be as he felt she could obtain loan approval. Our Loan Advisor evaluated the borrower’s complicated self-employment documents and worked to ensure she had the strongest buying power possible. The client felt like our Loan Advisor was very responsive and easy to reach throughout the whole process. When the house went under contract, she was thrilled to close in just 21 days. With our Loan Advisor’s willingness to understand and work with her unique financial situation, our borrower finally felt at ease during her homebuying process.
Making It Work
In Puerto Rico, the biggest challenge in homebuying is financing a loan since closings can often take 90 days. In 2020, when our client’s loan wasn’t closing on time, they felt forced to pay all-cash. The couple had recently decided to move from California to Puerto Rico with their three children. However, with their original lender, they faced paying all-cash to get their dream home, or they’d lose their earnest money deposit and have to start over. While they opted for the former, they went through an LLC, so the home wasn’t entirely theirs yet. Per a friend’s suggestion, our clients connected with one of our Loan Advisors, who stepped in to help them pay off the corporate partner, leaving the house solely in their name. Under a deadline to pay back the partner, our Loan Advisor quickly got to work. He and his team qualified them with the right loan product, jumped over local real estate law hurdles, and our United States-based underwriting team closed in 52 days. Now our Loan Advisor considers these borrowers a great success story but also a lasting friendship.
You’ve Got a Friend In Me
When looking to refinance their new home in South Carolina to take advantage of a lower rate, our clients turned to their realtor, who referred them to our Loan Advisor. The couple, an FBI agent and a registered nurse, had recently moved from California the previous year. After just two days of discussing their potential refinancing, one of the couple’s mother was looking to move out of her rental and buy a home after her husband’s passing. Since inventory was low, the couple found it difficult to find a home that checked everyone’s boxes, so they settled on purchasing a home in a nearby neighborhood for her. Due to their refinancing, our Loan Advisor was able to use much of the same paperwork for their second home loan. Even with the surprise investment property, the team finished both closings without delays. Now they are great friends with their Loan Advisor and even go golfing together.
A Helping Hand
As a single, self-employed woman living on a farm in a remote area of California, our borrower was starting to feel hopeless about refinancing her home and locking in a low rate after a previous lender couldn’t figure out her finances. When our Loan Advisor reached out to see if he could assist her, the borrower was skeptical initially but ended up applying after he convinced her he could help. But due to her self-employment, she didn’t have the traditional documents to prove her income. So, our Loan Advisor got to work combining her tax returns, profit and loss statements, bank deposits, and invoices to help her refinance. The borrower was extremely grateful our Loan Advisor took the time to compile the additional information and help her save more money in the long run.
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