Worst Clients Ever Get a Mortgage

By
Real Estate Agent with Long & Foster REALTORS (703) 470-4545 0225085927

man and two women at laptopMy husband and I are in the process of buying a new house, which necessitated going through the mortgage process.

The last time we obtained a mortgage it was for a second home in another state and that was BEFORE the mortgage market took a tumble and things got, shall we say, a little uglier.

So, I warned my husband, be prepared - because THIS time it isn't going to be so easy.

I've heard the horror stories, read the articles, heard people talk about just how bad it is out there.  How hard it is to get a mortgage, how difficult it is to go through the process without feeling violated.  How the banks are looking for any reason not to lend.

PLUS, we are both self-employed, have a Subchapter S corporation for another small business we own and well, we just knew this all spelled t-r-o-u-b-l-e.  

So, when the day finally came we actually found a house we could agree on (for more details about a one year home search, read the post regarding my worst clients ever), we knew what we had to do.

Apply for a mortgage.

We spent a few hours scanning and assembling every document we could think of:  tax returns, bank account statements, investment statements, mortgage statements for other properties, copy of the earnest money deposit check - you name it, it was scanned.  We were as ready as we could be. 

We completed the application and dutifully waited for the document requests to come in.  We made sure we put a few hours aside so we could turn the documents around as soon as they were requested. 

Then we waited.  Waited for some obscure request.  Some ridiculous demand for some piece of paperwork we had not seen for years.

But it didn't happen.  In fact, in what seemed like an absurdly short amount of time, we received an email from our loan officer, which said, "You're clear to close."

Huh?  Really?  But don't you need anything else?  Anything at all?  We have it!  We're ready for you.  We have more information, really!

It seemed almost surreal - it was a completely painless process.

I admit part of it was because we were so well prepared - and isn't that the advice we give all of our clients?  Don't make it hard on yourself - see your lender EARLY, get your documents together and make sure they are complete, address any credit issues BEFORE they have a chance to derail your mortgage and be responsive to your loan officer and his or her processor. After all, you are asking the lender for hundreds of thousands of dollars - and they sorta want to know you're good for it. 

I have to give major credit to our loan officer, Sam Atapour of Prosperity Mortgage (disclaimer:  yes, this is a joint venture between my brokerage, Long & Foster and Wells Fargo).  He was always cheerful, confident and upbeat.  In fact, even with my most challenging buyers, he keeps a positive "can do" attitude which does wonders to calm a nervous client.   He also has an incredibly efficient assistant and awesome processor, whom he credits with being the key to his success. (Did I mention he is also humble?)

So, my fears were completely alleviated and I have new found confidence in the system...it doesn't have to be a horror story, as long as you have a great mortgage team on your side and you do YOUR part, as well.

 

 

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Ambassador
794,802
Debb Janes
The Carl Group, LLC - Camas, WA
REALTOR®, EcoBroker Camas, Washington

Nice follow up to your "Worse Clients Ever" blog, which I enjoyed. And this one brings home (pun intended) a strong message - a good loan officer and doing your part for the necessary paperwork can make the mortgage process go a lot smoother. You're almost ready for the Worse Clients Ever to move!

Jul 22, 2011 09:33 AM #1
Rainmaker
192,092
Atlanta's Home Inspector, David Lelak IHI Home Inspections
IHI Home Inspections 404-788-2581 - Canton, GA
Experience the IHI Difference

Knowing what is needed and how to use it, makes things a lot easier. Glad you were able to be the"most satisfied clients ever" :)

Jul 22, 2011 10:13 AM #2
Rainmaker
495,586
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

You make a great case for the benefits of a great loan officer and great documentation making it smoother sailing.

Jul 22, 2011 10:43 AM #3
Ambassador
2,002,975
Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

I'm telling you, it's the same thing with Short Sales.  Having all your ducks in a row and submitting all the required paperwork can make it completely painless.

Jul 22, 2011 12:15 PM #4
Rainmaker
592,173
Susan Haughton
Long & Foster REALTORS (703) 470-4545 - Alexandria, VA
Your Client-centric Alexandria VA REALTOR

Debb:  The MOVE is the horrendous part for me!  The more I throw out, the more that appears to take its place.  I am still purging all the stuff we haven't looked at in the past several years!

David & Bonnie:  Absolutely !

Leah:  It is a great anecdotal story to tell future clients, for sure.

Chris Ann:  It is absolutely the same - yet no matter how much we kvetch, they don't always think we are serious, do they?  LOL

Jul 22, 2011 12:24 PM #5
Rainmaker
251,585
John M. Scott
BRE # 01442690, Scott Keys Properties - San Francisco, CA
Broker / Owner San Francisco Bay Area

Congrats Susan. This just shows how well you know your job, and the requirements to make it happen!

Jul 22, 2011 12:57 PM #6
Rainmaker
1,100,088
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
PasadenaCA Real Estate Representation 818.516.4393

Susan --- worst clients ever?   Hmm, you and your husband seem like dream clients to me --- prepared and anticipating that more documentation will be required.  Congratulations.

Jul 22, 2011 01:22 PM #7
Rainmaker
499,167
Elyse Berman, PA, ABR, GRI, Realtor
Realty Associates Florida Properties, Boca Raton, FL - Boca Raton, FL
Boca Raton, Delray & Highland Beach- 561-716-7824

Susan,  Happy to hear the process went easy for you.  Congratulations on your new home!  Wishing you many happy and healthy years there.

I had to laugh because I always tell my husband he's my worst client ever!

Jul 23, 2011 10:39 PM #8
Rainmaker
592,173
Susan Haughton
Long & Foster REALTORS (703) 470-4545 - Alexandria, VA
Your Client-centric Alexandria VA REALTOR

John:  Thanks!  It does help!

Michael:  Thanks for the compliment.

Elyse: Thanks so much - and yes, my husband was the difficult one, too!  LOL

 

Jul 23, 2011 11:00 PM #9
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Rainmaker
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Susan Haughton

Your Client-centric Alexandria VA REALTOR
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