15 Mistakes Clients and Brokers Make

I am going to be sharing with you over the next three nights 15 mistakes that most borrowers make when trying to GET their Loan Closed! as discussed in my book of the same name

1.  Order Appraisals on their own.
Don’t Order them let the lender order them after not before preliminary loan approval.

2 Don’t Prequalify 1031’s extensively before legally identifying the properties.
Let a Bank or Broker extensively prequalify your selection of property before legally identifying the property

3 Under estimating closing costs and required down payment.
Expecting at least a 25% increase in closing costs due to taxes, insurance etc being collected to start the new loan term

4 Relying on Rate Sheets and Preliminary Spreads and LTV’s to determine down payments.
Get current not projected cash flow models and all operating expenses before calculating down payments or expected Loan to Value; there is a direct correlation between the two.

5 Underestimating the time for approval and then closing.
Enter into Purchase contracts with much longer financing removal contingency time, at the least would be 45 days.

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