Will Your Mortgage
Application Be Approved?
Imagine this...
You've found the house of your dreams, and with the help of your Realtor you've negotiated the most incredible price and terms in your contract. You and your spouse are so excited when you get the home inspection report back and everything is perfect! Then to make matters even better your mortgage loan officer locks you in at an interest rate that will make your mortgage payment less than what you are paying for rent! You wonder how this deal can get any better. All of the stars seem to be lining up perfectly when your Realtor calls you to tell you that the sellers can actually move out early giving you possession of the house in time to get the painters into the house before your lease on your apartment expires. You are certain that this transaction is meant to be! You've told all of your friends, family, and co workers about your new house. You take your children by the house and they pick out their bedrooms. You meet the neighbors, who have children the exact same age as yours. The neighbors tell you about all of the block parties the neighborhood has, and how everyone in the neighborhood looks out for each others children while they are playing in the nearby neighborhood park. The housing gods are smiling down upon you, until a few days before closing when your phone rings...
You say, "Hello?" and your loan officer says "Mr. Jones, we have an issue on your mortgage application that we need to discuss." As it turns out the underwriters have an issue with the work uniforms that you deducted from your income on your tax returns. The deduction for the uniforms will have to be deducted from your average gross monthly income, and your income is less than what you both initially thought it was. You don't qualify for your mortgage anymore because the percentage of your monthly debt obligations to your gross monthly income is too high and exceeds the allowed guidelines. Your dreams of owning a home have been destroyed. What are you going to do now? The movers are scheduled. The boxes are packed. The utilities are being transferred on Monday. Not only are you devastated, but your children are crushed. Your friends, family and co workers are inquiring about the status of your new home purchase, and you are so embarrassed to have to tell them that your loan application was declined. How could this have happened? How can deducting some measly work uniforms from your income keep you from buying a house? What do we do now??
According to the Associated Press 32% of mortgage applications were declined, in 2009, as lenders kept their underwriting standards tight. The AP also states that the decline rates for blacks and Hispanics were more than twice as high as the rate for white borrowers. Just as many of these applications are turned down for things the borrower does during the processing of the loan as things the borrower has done months before applying. Most of these mortgage turndowns could have been prevented with some counseling and instruction prior to the applicant beginning the mortgage process. The mortgage process has also become so difficult and frustrating for successful, qualified borrowers that customer satisfaction with the mortgage process is at an all time low!
Mortgage Mistakes - The Top Reasons Your Lender Can Say "NO!" and How to Avoid Them can help you identify and avoid the primary sources for mortgage headaches and declines. This book is constantly updated with the most recent guidelines put into plain, easy to understand terms and strategies on how to avoid the most common loan underwriting issues. If you are buying or refinancing a house soon, this book will guide you through the mortgage underwriting process if you or your spouse:
are getting a gift for your down payment or closing costs.
are changing jobs or have changed jobs within the past 2 years.
have a job that pays you commission, bonus, or overtime income.
have any credit card debt.
are divorced or getting divorced.
are retired or are retiring.
have recently gotten promoted.
are self employed.
have a part time job.
receive Social Security Retirement or Disability income.
have an expense account with your job.
are currently saving money for a down payment and/or closing costs.
You can save yourself a great deal of embarrassment, shame, heartache, and expense by giving yourself some knowledge of the mortgage underwriting guidelines. Mortgage Mistakes - The Top Reasons Your Lender Can Say "NO!" and How to Avoid Them will help you realize your dream of homeownership or help you to save yourself money by refinancing to a lower interest rate. This book will also save you a great deal of frustration during the mortgage process by giving you a broader understanding of standards all lenders require.
Buy Mortgage Mistakes by Andy Gagliano Today for Only $25.00. Click the Button Below to Have Your Copy Emailed To You Within Minutes!
Have questions about this book? [Ask me now!](mailto:info@bigmortgagemistakes.com)
This eBook should be used to evaluate your likelihood of qualifying for a mortgage in the United States only. Other countries have different banking laws and underwriting guidelines that the author is unfamiliar with; and, therefore, he has not considered those guidelines and laws in this book.
Your copy of Mortgage Mistakes will be delivered to the email address you enter on the next page within 60 minutes as a .pdf attachment. Please do not forget to check your junk or spam folder for your email. If you do not have Adobe Reader installed on your computer, please click [here](http://get.adobe.com/reader/otherversions/) to install it now.
What Our Readers Are Saying:
Dear Mr. Gagliano,
I just wanted you to know that your book really helped me when I bought my house. I didn't know if I was going to be able to use all of my income to qualify for a loan since I am paid overtime and bonus. Reading your book helped put my mind at ease. I closed and moved into my house in July, and the knowledge I gained from reading your book certainly helped make the process easier. I can't thank you enough.
Sincerely,
Chris C.
Macon, GA
Dear Andy,
I just finished reading your book for the second time because I am about to put a contract on a house. This will be my first time to buy, and I was completely ignorant about getting a mortgage until I read your book. My loan officer is surprised at how much I know about mortgage underwriting. He said that I've made his job easier.
Thank you so much for sharing this information with me. I really enjoyed the way you put the mortgage process into plain terms and your straight to the point style of writing. I will definitely buy your book again before I buy my next house.
Anne R.
Aurora, CO
Please note:
The mortgage industry's underwriting guidelines are a constantly changing set of rules designed to determine the creditworthiness of a borrower before loaning that borrower money. Due to the ever changing nature of those guidelines, you should be certain that you are purchasing the most up to date and current version of Mortgage Mistakes. Each version of Mortgage Mistakes has a published date on page 1 of the book, and you should cross reference that publish date at the bottom of the website - www.bigmortgagemistakes.com - to verify that you are reading the most recent version of the book. This is done for the protection of the borrower and the author. Also, note that mortgage underwriting is affected to some degree by a human being; and, therefore, the process of underwriting is subject to that individual's interpretation of the underwriting guidelines. For example, one underwriter's interpretation of a "large deposit" is different than a second underwriter's interpretation of the exact same term. Due to this fact, while every attempt is made to keep this book up to date with the most current guidelines in the industry, the author cannot guarantee the information in the book to be 100% accurate all of the time.
About the Author: A native of Birmingham, Alabama, Andy Gagliano earned his B.A. in Real Estate from the University of Alabama School of Commerce and Business Administration. In March 1995, having achieved tremendous success in the mortgage industry, he founded Gagliano Mortgage, Inc. Andy has helped hundreds of clients purchase their dream homes. With his extensive knowledge of underwriting guidelines and his problem-solving abilities, he is known within the Birmingham real estate community as the go-to guy for tricky or difficult mortgage scenarios.
[Click here for more information about the author](http://www.andygagliano.com/)
Buy Mortgage Mistakes by Andy Gagliano Today for Only $25.00. Click the Button Below to Have Your Copy Emailed To You Within Minutes!
Have questions about this book? [Ask me now!](mailto:info@bigmortgagemistakes.com)
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Current edition was published on 9/26/10
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