The Government “Shutdown” and Your Loan

By: Mark Wisterman

Are you more than a little confused about how the current government slowdown will affect your loan processing for the purchase of your home? Well join the crowd!!

Thankfully, I work with a number of quality lenders that serve the Lake Oroville real estate market and the surrounding Butte County markets who are very good about communicating with me when off the wall issues like this occur.

One of these lenders, Tim McCabe of Academy Mortgage, just e-mailed this flyer to me which discusses the impact of the current slowdown on the loan processing by the various government agencies which currently control the mortgage market.

Click here to see the flyer or click on the graphic.

Gov Shutdown


Check back to this site, or see myFacebook business page  for any updates to the situation.
 

 

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Are We Sitting On Another Powder Keg?

By: Mark Wisterman

I have tried to do my best to refrain from watching too much TV news in the morning over the past few months.

For a news junkie like me, as my wife will attest, it has been very difficult to do this. After all, if I don’t watch all the depressing, ridiculous, and almost always inaccurate news reporting of the day, how am I supposed feed my own depression and anxiety. (I am ALMOST kidding). Continue reading

LISTEN UP!!!!

In speaking with a number of lenders that serve the Oroville real estate market, there seems to be an increase in the number of prospective borrowers who aren’t listening to the instructions their loan officers are giving them during the loan process which is jeopardizing the purchase of their homes.

Today’s public service message is short and sweet to homebuyer’s everywhere:

LISTEN UP!!!

 

When your loan officer tells you not to buy anything using your credit card during the loan process…..Listen up!

When your loan officer tell you to be sure you have a paper trail for ANY funds you receive during the loan process….Listen up!

When your loan officer tells you that any gift funds that someone is willing to give you must not go directly into your bank accounts…Listen up!

When your loan officer tells you not to deposit those “stashed under the mattress” funds into your accounts….Listen up!

As a borrower you must understand that the loan qualification does not end when your lender pre-qualifies you for a loan.  Any changes to your financial position before your home purchase is COMPLETE will affect your ability to procure your loan. In most cases the effect is that you disqualify yourself for your loan.

Your lender will be monitoring your financial situation throughout the loan process and WILL be aware of changes to it. Be sure that you not only hear what your loan professional is telling you, but also be sure to LISTEN UP!!

If you do, you will find that the loan process is much simpler and less stressful.

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