4 Major Mistakes That Can Delay a Loan Approval:

1)      Excluding details about your financial profile

We need to know everything at the onset since seemingly innocuous actions can become a significant delay; in addition we need to know about all of the borrower’s real estate, assets and income.

2)      Not providing every single piece of information:

These days’ borrowers are required to provide a lot of documents.  We are very good at know what the underwriters need, one of the biggest causes of at Close of Escrow (COE) delay is a borrower who challenges us on every request and takes their time in getting us the requested information.  We can’t do our job without the document just as a mechanic can’t repair your car without tools.

3)      Not sharing offer details with the lender

We need to know everything about the purchase contract or any pending potential changes.  Last minute addendums can kill a loan approval.

4)      Being unrealistic about rates.

You can’t lock a rate before you’re in contract because the rate lock runs with a borrower and a property.  Internet rates: many internet rates publish may look low, but when you read the fine print they are often with points or other caveats.  For the most part we all draw from the same well and usually a significant difference in advertised rate means there’s a catch—remember if it’s too good to be true…

David Colarchik

Branch Manager NMLS #300510

775.832.6522

David.Colarchik@SupremeLending.com

264 Village Boulevard, Suite 2B

Incline Village, NV 89451

TahoeLending.com

Text ‘Dave’ to 313131 to

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Disclaimer:

The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Supreme Lending, and do not necessarily represent the views and opinions of Supreme Lending. In no way do I commit Supreme Lending to any position on any matter or issue without the express prior written consent of Supreme Lending’s Human Resources Department.

Branch Manager: David Colarchik

Main: 775-833-7100 | Direct: 775-832-6522 | Fax: 775-833-7108

264 Village Blvd Suite 2B, Incline Village, NV 89451

David.Colarchik@supremelending.com