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ByGustan Cho
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This guide covers the mortgage process after the conditional approval leading to a clear-to-close. The mortgage process after the conditional approval depends on how fast the mortgage processor can gather the list of conditions. The borrower’s cooperation is needed to get complete docs that are legible with no missing pages. There are multiple steps in…
ByGustan Cho
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This guide covers how credit repair can affect the mortgage process and cause a mortgage loan denial. There are several things to keep in mind with how credit repair can affect the mortgage process. Many people want to know the fastest way to repair credit and improve credit score to qualify for a mortgage. Homebuyers…
ByGustan Cho
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This guide covers verified funds for home closing before clear-to-close. Failure to provide verified funds for home closing before clear-to-close is one of the most common obstacles during the mortgage process. It is one of the many reasons a clear-to-close is delayed at the eleventh hour. Mortgage underwriters have specific rules on whether they will…
ByAlex Carlucci
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This guide covers qualifying for a mortgage after college education versus work experience mortgage guidelines. We will further cover why real work experience beats book markets. College education versus work experience. As I take this time to break away from my housing and mortgage experiences, let me jump into another topic I feel strongly about….
ByJohn Strange
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This guide covers choosing a loan officer with no mortgage lender overlays. This guide will discuss watching out for these seven red flags when choosing a loan officer. Buying a home could be stressful if you choose an inexperienced loan officer. There should not be stress during the mortgage process. Stress in the mortgage approval…
ByGustan Cho
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This guide covers solutions for when things go wrong during the mortgage process. The mortgage process can be very stressful. This holds especially for borrowers with credit issues or higher debt-to-income ratios. Every mortgage loan application is different from the next. Some mortgage files can be tricky. The most important phase is the pre-approval stage…
ByGustan Cho
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This guide details the steps of the home mortgage process, from pre-approval to closing. Taking the proper steps of the home mortgage process is necessary to avoid stress and to close on time. The most important steps of the home mortgage process are the qualification and pre-approval steps. The number one reason for stress during…
ByGustan Cho
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This guide covers qualifying and getting approved for a mortgage for self-employed versus W-2 borrowers. Qualifying for a mortgage for self-employed versus W-2 borrowers has become much easier this year. This is due to the emergence of bank statement mortgage loans for self-employed borrowers. Non-QM loans are now back. In the following paragraphs, we will…
ByGustan Cho
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This guide covers how the VA mortgage process work for homebuyers. How the VA mortgage process work? VA loans are the best mortgage loan program for owner-occupant homes. The Department of Veterans Affairs (VA) is the federal agency in charge of VA loans. There are no down payment requirements on VA loans. Lenders offer 100%…
ByGustan Cho
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This guide covers the mortgage process timeline from mortgage loan application to closing. There is a mortgage process timeline. The mortgage process timeline is a process. There are steps in the mortgage process. Once you have decided to get a mortgage, whether it is a home purchase or refinancing your current home, there are several stages…
ByGustan Cho
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This guide covers taking the next steps after getting a mortgage denial by underwriter. There should be no mortgage denial if the borrower was properly qualified for a home loan. Borrowers need to be very cautious with their finances and credit during the mortgage loan approval process. Make sure not bounce checks or apply for…
ByGustan Cho
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This guide covers changes in credit report during mortgage process. Credit scores and debt-to-income ratios determine whether borrowers qualify for a home loan and the type of loan program borrowers qualify for. Lenders do not only go by credit scores. Mortgage underwriters will also review the credit report and the credit history. Late payments in…
ByAlex Carlucci
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This guide covers the role of a mortgage loan processor. We will discuss the important role processors undertake during the mortgage process. Mortgage processors are the backbone of a lender. Processors are the quarterbacks and the professionals who make the loan to the closing table. Ami Thakkar of Gustan Cho Associates is one of the…
ByPeter Arcuri
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This blog is about understanding mortgage application process to avoid delays. Despite the countless mortgage lending guidelines, applying for a mortgage application has become much easier than a few years ago. Homebuyers with prior bad credit, prior bankruptcy, foreclosure, deed-in-lieu of foreclosure, and a short sale can now qualify for home loans. Many home buyers…
ByGustan Cho
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This guide covers why do lenders request bank statements during the mortgage process. Many mortgage loan applicants wonder why do lenders request bank statements. One of the dozen items mortgage lenders require before starting the mortgage process is 60 days of bank statements. There is a reason why do lenders request bank statements during the…
ByGustan Cho
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This guide covers final mortgage underwriter approval prior to clear to close. The mortgage process is a true process that takes time. It is important that all documents are legible and complete, with no missing pages. The mortgage process requires teamwork. Borrowers must fully cooperate on documents and paperwork requested by the mortgage processor. A…
ByGustan Cho
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This guide covers qualifying for mortgage with high student loan debts. Every loan program has different guidelines on mortgage with high student loan debts. Government, Conventional, non-QM, bank statements, jumbo mortgages, and alternative financing loans all have their mortgage with high student loan debts lending requirements. John Strange, a senior loan officer and expert in…
ByDale Elenteny
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This guide covers the mortgage timeline on manual underwriting for clear to close and closing. When the COVID-19 coronavirus outbreak hit the country in February 2020, the time it takes to close a mortgage loan changed. Alex Carlucci, a senior loan officer at Gustan Cho Associates, recalls when the COVID-19 political scare hit the United…
ByGustan Cho
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This guide covers the steps to buying your first home during a booming housing market. Buying your first home during a booming housing market can be quite challenging. Many would-be homebuyers often get discouraged from purchasing a new home when competition for homes is at historic highs. Gustan Cho Associates are experts in helping first-time…
ByGustan Cho
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This guide covers mortgage pre-approval issued by underwriters. Over 80% of our borrowers at Gustan Cho Associates are folks who either got a last-minute mortgage loan denial or are stressed during their mortgage process with their current lender. Alex Carlucci, a senior loan officer at Gustan Cho Associates, explains the reasons for a last-minute mortgage…
BySarah Wu
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This guide covers home-buying mistakes by first-time homebuyers. Gustan Cho Associates Mortgage Group offers numerous loan options without LENDER OVERLAYS. The vast array of mortgage options can sometimes be overwhelming for some clients. That is where your loan officer comes into play. Our team has experienced loan officers who will provide the best long-term advice….
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