Have you tried to get a mortgage recently in Greeley Colorado to buy a home?  Things have changed in the last year and not for the better.   This is going to be kind of a rant against the mortgage industry and they way they treat clients.   

A couple things I've noticed is that if you get a preapproval from a lender it really means nothing.  You aren't approved.  You most likely won't have your loan approved until maybe 2 days before the home is supposed to be closing.   I guess it's not really the lenders fault as really no matter who you go to end up selling your loan to Fannie Mae or Freddie Mac.   Thanks to those organizations with their crazy guidelines that change every day it makes getting your loan even harder. 

These are some of the things I've noticed especially over the last month.  If you have a home closing set for a month after you first right your contract the lender will want 31 days.  If you have it set for 60 days the lender will want 61 days.  Everything is sooooo last minute anymore. 

Here's another thing.  If you've had any kind of money deposit in your account over the last 4-5 months besides what comes from your job they will want to verify where it came from who gave it to you and so on.  I recently had a client that maybe two months ago had went to a concert and had paid for about 9 friends tickets up front.  Those friends paid them back and it was about a $1000.  So then the lender had to verify all that.  So crazy. 

I also advise if you are renting a home and want to buy a house DO NOT tell your landlord you are going to move out a couple days after your closing on buying your new home.  Why?  Because chances are you will need another week or so thanks to the lenders dragging their feet. 

As of right now I do not recommend Wells Fargo Home Mortgage.  Even a year ago they were good, but recently they have become very difficult.  Waiting until the last minute to request documents that could have been requested 2 weeks earlier.  Some buyers of mine lost the chance on a great deal of a property thanks to these people at Wells Fargo home mortgage.  Thanks to an underwritter taking a day off and not ordering an appraisal on time in addition to many other silly things my buyers couldn't close on time and a backup offer was able to close a day later and my buyers lost the house.  Thanks alot Wells Fargo Home Mortgage. 

What I've been telling my buyers for the last year is finding the house you want is fairly easy.  Making an offer is fairly easy.  Doing an inspection is fairly easy.  Getting the mortgage done and on time.  Is a nightmare.   There's not much as a real estate agent I can do to help the mortgage move along faster then to be constantly calling the loan officer and trying to motivate them to motivate whoever they have to get the job done. 

Sometimes I think maybe the mortgage lenderrs know something about the economy that we don't so they are making it soooo hard to get a mortgage.  Maybe they are holding out for higher interest rates or something. 

I won't even go into what a self employed person would have to do to get a mortgage.

That's all I have for you for now.

If you have questions about Greeley Real Estate call me at 970-302-1233 or email me using the form below.  Also visit my website at www.greeley-weldcountyhomesforsale.com

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