Do Borrowers Fail to Do Research When Looking for a Mortgage?

I don’t have exact numbers on this, but I would say over 25% of my clients that are referred to me is because of a bad experience while looking for a mortgage. Here is a perfect example:

I have done a couple of mortgages for these clients that are moving to Florida. They are selling their home to someone that has just been turned down for a mortgage. The purchase price is $200,000, putting $20,000. The issue is that the buyer has a tax lien. A "no can do" on face value.

I spoke to the buyer and set up an appointment to do the application. It turns out that the buyer had an agreement with IRS to pay off the obligation and has been making payments for 3 years, with 2 years remaining and copies of all payments for the 3 years. 

This is a really easy loan for us to do, but for whatever reason the previous lender couldn’t do the mortgage.

The sellers are close to their move to Florida, the sale will take place by the end of the year.

Study: Borrowers Fail to Do Legwork when Researching Loans

By: Tory Barringer

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