So You Think SIZE Matters??
Okay … Okay … get your mind outta the gutter!
I’m talking about the SIZE of your mortgage!
Yesterday, I had to explain this important detail to yet another person involved within a mortgage transaction I am working on. This time, a seller.
Mistakenly, they thought because the amount of dollars being borrowed was a smaller amount, it meant mortgage processing would be simpler, faster. That not as many “hoops” would have to be jumped through.
Bzzzzzzzzzz! Wrong! SIZE … in this case, does NOTmatter.
Whether borrowing for a small amount mortgage or jumbo mortgage amount, the over-riding majority of the mortgage process will remain much the same. Perhaps a few details will change, but overall the same verifications, the same credit requirements, the same credit check, the same legal work, the same title work, the same procedures within mortgage process, the underwriting requirements needs … ALL will bepretty-much remain the same, no matter the SIZE of the loan.
Nope. I’m sorry to say … the same t’s will have to be crossed. The same i’s dotted. Mind boggling and a bit frustrating, I know … but true. None of these procedures or processing actions are tied into the SIZE of your loan!
So get past all those old prejudices and rumors! Prepare yourself. Educate yourself regarding the realities of mortgage processing.
And how do you accomplish that?
Do your wise and thorough preliminary homework. Find and work with a professional mortgage lender that will assist and guide you from your initial fact-finding and mortgage/home buying inquiries and questions … through to successful transaction closing, homeownership, and beyond. It’s crucial to take the time to perform and accomplish this. It can save you big money and lots of aggrevation.
THOSE are the measurements that should be important to you …
Originally Posted at: Originally posted at: http://www.genemundt.com/blog/2011/12/28/So-You-Think-SIZE-Matters.aspx