Common Borrower Mistakes In Honolulu Real Estate

January 25th, 2010 categories: Mortgages & Financing

Over the years, I’ve been able to ‘coach’ people through the loan process. Some of the issues I discuss usually hover around ‘being mentally prepared’ to make your transaction go smoothly. Here are the three most common mistakes.

1. Underestimating the importance of providing accurate & thorough information to your Loan Officer regarding pay stubs, bank statements, deposits & credit items. Did you know that the bank statements that have ‘the fine print’ are required too? When it says “8 of 8” pages, provide ALL 8 pages.

2. Assuming the transaction will go without a ‘hitch’. Every transaction and every Buyer is unique. When I hear other Loan Officers telling client’s “this will be a slam dunk”, it literally makes my hair stand up! Especially in today’s lending environment, don’t trust a lender who says anything about how easy getting a loan is going to be. Your loan officer needs to anticipate potential issues and work with you to eliminate or manage them to your benefit. Expect issues (every borrower has them) and work with a proactive lender that will guide you through the process

3. Shopping for the lowest interest rate. Most lenders have very similar rates. You will see and hear of insanely low mortgage rates, but in today’s world your rate is going to be determined by your credit history and income. Low rates reflected “on-line” and in the newspaper are the lowest possible rate available for the buyer with extremely good credit and high income. Over my many years in the lending business, I have seen many buyers snagged by a promised low interest rate only to find out that for one reason or another they don’t qualify for the lower rate. Over the last two years, there have been an earth-shaking shifts in the lending process. My advice is that you select a trustworthy and experienced lender, who works with a large national lender. The combination of the experience and corporate strength will lead to you getting the home you want and the smoothest possible borrowing experience.

Feel free to call me, Tim O’Leary, at 808-227-1199 to discuss your specific questions concerning a home purchase or refinance of an existing loan. CLICK HERE TO START THE APPLICATION PROCESS.

Tim O’Leary

This entry was posted on Monday, January 25th, 2010 at 11:30 am and is filed under Mortgages & Financing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.