Brandon Nelson

The Path

I refer a lot of my clients to the Bank of the Pacific for their home loan. Their numbers, service, success rate (actually getting final funding approval so we can close!) and depth of expertise is — in a word — AWESOME!

I recently had a client who started with another lender. The experience basically went like this:

Lender, for a MONTH: “It’ll be fine! Everything looks good! It’ll be fine!!! Here’s documentation saying so…”
Buyer, seller, me: “OK.”
Lender, a month and one day in: “Oooohhh, sorry. We can’t help you after all!”

With a lot of lenders, this isn’t that un-common of a story these days. But in hindsight it could’ve been prevented. The “Sorry” answers could’ve been determined on day 1 or 2, it turns out.

And when we moved the file to the Bank of the Pacific, they saw that almost instantly — inside the first day. These buyers are not quite qualified to buy. But being the professionals they are, the Bank of the Pacific team within hours had reviewed 100% of the buyers’ financial documentation and created a path to follow to be able to buy in the shortest amount of time. It looks a lot like this:

1. Have your 2009 tax returns prepared and ready to file in January 2010
2. Ask your accountant about the option of depreciation as something to focus on in your expense column of the return.
3. Look at the option of paying off the truck and not including this as an expense on your 2009 tax return.
4. Continue to work with your legal advisor on paying off the small collection accounts
5. Work to get your debt to income in the 44-48% range
6. Try to not have any additional credit reports pulled since this can reduce your credit score. Typically, after 60 days, your credit score will recover from any negative reduction due to credit inquiries but it is best to avoid them in general
7. Please call me at any time over the next several months if you have questions or wish to brainstorm. That is what we are here for!

With this list the buyers CAN and WILL travel the path from where they are to where they want to be: In their own home. On one hand, it’s a simple bullet-pointed list. On the other hand, it’s a formula to the realization of a dream. And as the Bank of the Pacific understands… that’s an incredibly beautiful thing!

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This entry was posted on Saturday, November 21st, 2009 at 9:10 am and is filed under Buyer Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Alex wrote on November 25th, 2009 at 4:45 pm

   NOT the path;
   Found a good interest rate for a refi via an advertisement on a well-known real estate site, called around and checked more on-line sites and the advertiser’s rates and fees still were very competitive, so I commenced the paperchase. They claimed that most of their loans closed in 12 days. I got a verbal confirmation of a lock and the broker ordered the appraisal. After the appraisal came in, I was asked to lock again(?)
   The broker stated that it was policy there not to lock until the appraisals were in. Since I had already paid for the appraisal, I was over the barrel for $500 and had to eat the 1/4% higher interest rate that was currently offerred. On top of this, I was subjected to a long-winded hassle for documentation that ran almost two months to underwriting.
   In contrast, The house we’re in now closed in 9 days via Bank Of The Pacific.
   Had this process been in pursuit of a hot property, my penny-wise and pound-simple ways would have cost me the sale.
   Lesson learned.

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