Surprise! Your Approval Denied.
Posted April 11, 2008
This article written by Ed Nailor, mortgage specialist offering Charlotte Home Mortgage Loans, and is featured at www.EdNailor.com. Unathorized duplication of this content is prohibited. © April 11, 2008Recent Mortgage Changes Catching Buyers by Surprise
I have been getting a lot of phone calls lately from Charlotte area real estate agents and salespeople. It seems that they have been seeing a lot of mortgage approvals getting denied! What in the world is going on?
One of the most common concerns has to do with big local banks, such as Bank of America and Wachovia. Because these are such big banks in Charlotte, many Realtors and sales people have just sent their clients to them. The problem is that large banks like Bank of America only offer Bank of America mortgage products. So when they make changes to their own mortgage loan products, it becomes a “yes or no” decision, not a “let’s move it to another program” decision.
Case in point… Joe was approved to buy his first home using a Charlotte FHA mortgage loan from one of these big banks. We’ll call them “Big Bank USA.” Joe didn’t have the best credit in the world, but it was enough to get approved to buy a home in Charlotte. When the approval came from Big Bank USA, Joe was excited to be able to buy his first home! But then, half way through the processing of his mortgage loan, something changed. Big Bank USA changed their underwriting criteria and implemented a credit score requirement that was above what Joe had. All of the sudden this approval was turned down.
Since Big Bank USA is only a bank, they had no other FHA mortgage programs to turn to. However, Joe’s loan is now with the Ed Nailor Mortgage Team. With the multiple lenders and programs available to us, we are working to place Joe’s loan with a viable lender and get it closed! If Joe had started his loan process with us, we would have been able to move things around a lot faster and easier.
The moral of the story is that big banks have far less flexibilty. The Ed Nailor Mortgage Team is part of Residential Mortgage Center in Charlotte, NC and operates under a Lender’s license in North Carolina. While we can make mortgage loan decisions using our own money, we still have the ability to broker and close mortgage loans with other wholesale lenders, giving us far greater flexibility and adaptability than your conventional banks. And with great low mortgage rates that rival Charlotte area banks, the Ed Nailor Mortgage Team will quickly become your most trusted source for mortgage loans in the Charlotte area.
Ed Nailor is a mortgage specialist with Residential Mortgage Center.
Residential Mortgage Center is a HUD approved Mortgage Lender offering FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. We proudly serve home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
Related Articles
Posted in Buying a Home, Mortgages, Partners, Refinance
