failure to close

In August 2007, an estimated 33% of loans which were originated by mortgage brokers failed to close, and 57% of their customers were unable to refinance. The major reasons for these canceled transactions were due to home buyers and homeowners having sub prime credit. Sub prime homeowners found they could no longer refinance under their original term since many of the sub prime programs are no longer being offered. Those few homeowners that met loan qualifications, more often then not found that they were still unable to refinance due to a high loan-to-value ratio.

In an effort to find loans for their clients, many brokers are submitting applications to multiple lenders simultaneously in the event that not all of their applications will be approved. Still, even with multiple applications, many homeowners and home buyers just can’t seem to meet underwriting guidelines for one reason or another.

About The Author

Josh Talayka

Aside from my knowledge and experience in the Real Estate Industry, i also bring to the table a background in both Retail Sales and the Information Technology Industry. My Sales experience gives me the ability to handle objections easily and quickly take control in any negotiation. Whether you are looking to buy or sell, I guarantee that with me in your corner you’ll have the upper hand throughout the transaction. My experience in the Information Technology Industry gives me a unique edge in today’s high paced, internet driven world.

SellingNorthernNV

.: Categories :.

.: Recent Comments :.

.: Vote on my Blog :.

failure to close

About The Author

Josh Talayka

Comments

Leave a Reply

.: Recent Posts :.