For the last two years, we have been split evenly between refinance and purchase mortgages. I am seeing the purchase mortgage business being alive and well.
It is always so surprising the amount of bank and credit union referrals for purchases, compared to refinance transactions.
It is also hard to believe the quality of loans they are not doing for one reason or another. Great for me, but I don’t understand many of these "turn downs" or "we can’t help you."
Myra and Tom are a perfect example, they had been preapproved by a large bank, but they ended up getting denied. The loan officer felt badly and referred them to me, as she felt the loan should have been approved.
Great credit scores, good income, sufficient down payment, so what’s the problem? Tom went from self-employed to W2 income in the same line of work, but for only 19 months. The previous lender indicated they required 24 months.
This was an easy loan for us to do, but not the case for some institutions. Have you seen these kinds of issues?
By: Steve Cook