Overlay guidelines are restrictive, more conservative, and can prevent you from being approved for a mortgage.
If your loan officer runs up against a road block on your loan – whether it’s re-strictive guidelines, or an underwriter that doesn’t like your file, your loan officer had better have another option.
If they just work for a small local bank, or work for one of the big banks (like Wells, or Bank of America) they likely won’t have another option.
If your loan doesn’t fit into their box then you are just out of luck.
Solution:
Make sure you use a mortgage company that has more than one underwriting option. I know with Berkshire we are both a bank and a broker. If our own bank can’t do the loan we have multiple other options on where to best place your loan to get an approval! …and, that’s what you want.
That’s it for today!
Thanks for reading!
Brett
Texas renters are spending more than 30% of their incomes on rent. It can be…
If you are looking for a home in the outer suburbs or in a rural…
If you have credit card debt it’s smart to consider a consolidation loan. If you…
I wanted to let you know we have a 2% to 5% downpayment and closing…
Do you have investment property, and would like to pull cash out of your property?…
Texas renters are spending more than 30% of their incomes on rent. It can be…
