Before I tell you about the Guaranteed Mortgage Quote, I want you to experience the terror, stress and confusion that most borrowers face when applying for a home mortgage or mortgage re-fi loan.
Warning! This is NOT going to be pretty.
Responding to advertising, recommendations from friends, Realtors, attorneys, and just plain random selection, the hopeful borrower begins shopping for a mortgage.
Barraged with facts and figures involving rates, costs and available program options, the buyer soon feels buried in too much information that all starts to sound the same.
Which mortgage to choose?
Eventually, through analysis or surrender, the buyer selects a mortgage originator, and the process grows more intense from there.
The Underwriter is the lender’s last line of defense. The Underwriter’s job is to dot the “I’s” and cross “T’s”, to make sure the loan package meets every requirement set out by the lender. And if it doesn’t, the Underwriter has the authority to change the interest rate, require a larger down payment, or even cancel the loan entirely.
If the deal does go bad at this point, it’s usually because the mortgage loan originator missed something critical in the application process. Something they probably wouldn’t have missed if they were among the nation’s top elite loan originators who offer a real guarantee to close their loans under the initially quoted terms.
At this point, the originator goes back to the borrower to deliver the bad news. If it’s a complete turndown, the borrower’s plans for a new life come crashing down around them. But even a higher interest rate, or a larger down payment requirement, can squeeze the borrower beyond their ability to pay.
And what about all the money spent to get this far? The application fees, the appraisal fees, maybe even the earnest money to secure their new home? What do they do now? Where will they live? How will they live?
Sadly, there’s no recourse with the originator. They’ll simply drag out the magnifying glass and point out that the “Loan is subject to underwriter review.”
The real estate agent is left with an angry seller and a lost commission. The closing attorney or escrow company is left with a bill for their title work, lost time, and a stack of papers. Basically everybody is all dressed up with nowhere to go.
And what if it turns out that the borrower qualifies for a different mortgage than they were initially promised, or decides to switch to a new mortgage originator? The paper chase starts again and even more money flows from the buyer’s account.
What a horror show. It’s a nightmare that millions of people looking to buy a new home or refinance their existing mortgage face every year. But it doesn’t have to be that way. Here’s where The Guaranteed Mortgage Quote saves the day.
If the deal falls apart and the borrower did their part by maintaining and verifying the validity of information they provided to the lender, the buyer has two options available to them.
And when borrowers trust their loan to mortgage companies of that caliber, it’s rare to have any mistakes.
Don’t let the mortgage application process turn your dreams into a nightmare starring the Underwriter “monster.