• Skip to primary navigation
  • Skip to main content

Sarah Jarvis Team at One South Realty

at One South Realty

  • Search MLS
  • Stats
  • Deals!
  • About Us
    • The Team
    • Testimonial
    • 5 Things I Tell My Clients
  • Calling Policy
  • The Blog
  • Show Search
Hide Search

OOPS…Didn’t See That One Coming

February 8, 2014 By Rick Jarvis

OOPS…Didn’t See That One Coming

Here is a list of common “trips” which can make Pre-Qualifications a little risky:

  • Unreimbursed expenses, most notably (but not limited to) car mileage (“my accountant said it was a good idea”)
  • Self employed with multiple businesses (no matter how “passive” the business is)
  • Losses from secondary businesses (the part-time AmWay rep co-borrower)
  • Recent unsourced or non-employment deposits (the loan brother Bob finally paid back after several years which you are using for down payment)
  • Income structure changes (“my company turned me from a W2 employee to a 1099 employee after 5 years even though I am doing the same job for them”)
  • Gaps in employment (“it was only 60 days”)
  • Joint credit obligations (“I thought my ex-husband was paying that account”)

Oops Graphic_optGood loan officers will ask the right questions and determine which process is best for you, but since in many cases, you have no idea of the skill or experience of the person you may be talking to about Pre-Qualification or Pre-Approval, my desire to arm you with the information to know which one is best for your success. When in doubt…never be afraid to ask your loan officer and go over your situation. Also, always be up front and honest about your circumstances. Gone are the days where lenders will not find out about any financial skeletons. Your loan officer is working to help navigate you thru the right process and the ultimately the right mortgage. Full disclosure is critical to his or her ability to provide that service. Rule number 1 for any great loan officer…always put your borrowers in the best possible position to succeed with their purchase transaction and ultimately in homeownership!


Chris Owens with Southern Trust Mortgage has a full range of second home and investment property loan products.
Here are links to the other articles in this series about Lender Letters:
  • Pre-Qualification or Pre-Approval?
  • Why is the Lender Letter Needed?
  • The Importance of Being Earnest
  • Standing Apart From the Crowd
  • Easy Goes It
  • Are You ‘Lead’ing Me On?
  • OOPS…Didn’t See That One Coming

Related Posts

Filed Under: Blog, Mortgage Lending, Southern Trust

804.201.9683


How Do I Schedule a Showing?

I am Kendall C. Kendall, Client Care Coordinator for the team. I am a licensed Realtor and it is my job to answer questions and schedule showings for the properties shown on our sites. Here's our call policy.
kendall@richmondrelocation.net

804.305.2344


How Do I Determine What I Can Afford?

We offer competitive mortgage solutions with a commitment to exceed your expectations. We’re local industry experts who are also your friends and neighbors. Whether you want to communicate online or in person, we’re just a call or click away.
www.cfmortgagecorp.com
C&F Logo

Equal Housing

The Sarah Jarvis Team agrees to provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, national origin or sexual orientation of any prospective client, customer, or of the residents of any community. Any request from a home seller, landlord, or buyer to act in a discriminatory manner will not be fulfilled.

IDX Disclaimer

All of the information displayed here is deemed to be gathered from reliable sources but no warranties, either express of implied, are made part of this site. Additionally, the IDX Feed for listing information may contain descriptions of properties not represented by One South Realty, its agents or staff and any violations or misrepresentations are the sole responsibility of the listing brokerage of the subject property in violation.

Contact The Sarah Jarvis Team

804.201.9683

One South Square Logo

2314 West Main Street Richmond, VA 23220

sarah@richmondrelocation.net

Our Call Policy

Accessibility
Copyright

Lending

Southern Trust Mortgage Logo

Chris Lester
Senior Loan Administrator
NMLS# 353830
804-307-7033
Email Southern Trust Mortgage

Our Network of Sites: RichmondVaNewHomes.net, RichmondVaCondos.net, RichmondLuxuryNeighborhoods.com,
RichmondFanRealEstate.net, RichmondVaMLSSearch.net
Housekeeping: Sitemap, Listings Sitemap

 

Members of the Sarah Jarvis team are licensed in the Commonwealth of Virginia.

 

Loading Comments...