Well, I recently completed my first week in residential mortgage lending business, and it was an eye-opener.
I’ve been in commercial real estate finance forever, so I guess nothing should take me off-guard. But if you need a home loan and you haven’t gotten one in a while, you’re in for a big surprise.
I have a good friend who is in excellent financial shape. He has a lot of cash in the bank and owns two homes free and clear.
So he’s a slam-dunk for a new mortgage, right?
Wrong. Because he’s an entrepreneur, he doesn’t have a steady income. The banks will evaluate based on the two most recent years of income. If last year was bad, that’s the one they’ll look at.
If you’re not perfect, it’s going to be tough.
You can chalk this up to the Dodd-Frank legislation in the wake of the 2008-2009 financial market meltdown. It’s driving a lot of lenders out of the market, making credit more scarce.
That being the case, you need someone on your side who knows which banks will be a little more flexible in their underwriting. The process is going to be difficult, so it makes sense to focus your efforts where they’re most likely to succeed.
The super jumbo mortgage business is all about service. It’s all about making sure the borrower has the best experience possible.
That’s what I want to do for my clients at Spectrum Mortgage. There’s a spectrum of mortgages out there. Every situation is different – and often surprising. I’m the guide that gets my clients to the other side of the treacherous residential mortgage landscape.
I’m here to help you. Contact me at 305-773-6300.
Very often, I’m dealing with my friends who are high-end developers. They have “lumpy” cash flow, and most of that is capital gains. That means they need someone who can craft a financial statement that helps the bank understand the nuances of the situation.
It takes an expert to do that, and Bob Gutlohn, founder and President of Spectrum Mortgage, is that expert. It’s a privilege to be working with him.
I have a ton of anecdotes that illustrate the vagaries of the residential mortgage market and how Spectrum Mortgage can help. Click here to listen to the full segment.
