This client is looking for a loan to purchase a home that has been forclosed. They would like to be approved for $120000 mortgage and live in the  Oakland, CA area.

This client appears to really have his financial affairs in order. He works in the financial planning area and indicates that he is trying to follow his own advice. This is a really great model for many potential clients. Pay all of your bills on time, never miss a payment, minimize the number of credit cards and pay them in full each month.

Having some debt and demonstrating that you are responsible and can pay them on time is an excellent approach to creating and maintaining a high credit rating. This is exactly what this client has been doing and it will serve him well. He will be eligible for mortgage loans at the lowest interest rates and may even have several mortgage companies offering very competitive terms in an effort to obtain his business.

One thing he mentions in his application is that he is saving for retirement and he is saving for emergencies. Everyone should be doing this sort of thing, however he failed to mention how much money he has available for a down payment on this home or the value of the home he wants to purchase. In today’s mortgage climate, lenders are looking for significant down payments from their clients to ensure that they have an investment in the property.

He also did not mention the value of the home, so it is impossible to determine what the debt to income ratio will be. Once he provides this information, the lending committee at one of the lenders can review his full application and make a decision. At the present time this application is on hold until this additional information has been provided.

When clients fill in their applications, we urge them to provide all of the information that will be needed to allow for a fast turn around in terms of processing the application and approving or denying the loan.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Home/Mortgage Loan Amount :: $120,000

Home Loan Application and Processing Speed (when do you need the funds):: would like approval quickly, but will not need the money for several months

Do you currently have a mortgage? :: no

Bank Name and Branch ::Alliance bank, Torrey Pines

What City/Town, State and County do you live in? :: Oakland , California

Zip :: 94612

What is your employment field? :: Financial Industry

Employment Position :: Investment Adviser

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: Excellent

How did you find us? :: searching for loans on the internet

How are you paid? (direct deposit/paper check):: Direct deposit

Gross Amount Per Paycheck ::$2,884

Do you agree to have this information published online, without your PRIVATE information of course? :: yes, but nothing personal

Extra information here please (some detail):: Hello, I am looking for a loan to purchase a foreclosed home for $120,000 in Oakland , California. This is a great opportunity for us to purchase our first home and we are looking forward to getting through this process of purchasing a home that has been foreclosed. At this point we need to make sure that we can be approved ahead of time for a mortgage that will allow us to buy this home. The actual transaction will probably not take place for quite a few months. Apparently these things have to go through many decision panels before the date can be finalized and so we have to patient. However we must demonstrate that we are putting forward a serious offer with no conditions. Gaining financial approval for the mortgage is one of these conditions.

Note to Lender :: My wife and I have excellent credit. We have a couple of credit cards which we pay off in full every month and we have never missed a payment for our rent or our car loan. The car loan is the only other debt that we have. I work as investment adviser in the financial industry and we are both trying to follow our own advice. We manage our debt, we avoid having too many credit cards, we are saving for emergencies and we are saving for our retirement.

We want to make the leap into owning real estate and hopefully build up some equity now instead of just paying rent all of the time. The rent we pay does not help us in any way in terms of building equity and if the housing industry ever takes off again in California, we might actually make some money eventually. This is a really great opportunity for us to buy a home at a very reduced price and get into the housing market.

My job is secure and so is my wifes who also works in the investment area. We have built up a great client base in the Oakland area and we anticipate that we will be here for many years.  Can you review this application and advise us as to whether we will be approved for this mortgage so we can purchase this foreclosed home.