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Current Trends in the Mortgage Industry and How To Choose a Right Mortgage Company

Unfortunately, the main concept of the mortgage process, “to obtain a mortgage is not the same as to buy apples on the farmers market,” is misunderstood and neglected, not just by the public, but many real estate professionals as well.

Because of the complexity of the matter, for many people, the terms — loan approval and closing — remain a mysterious subject. I might exaggerate a bit here, but it is very common in the mortgage industry to play the guess games about loan approvals and closings at the time of loan application. One game by loan applicant — “Can I get it, or not?” or “Can you do it, or not?" and on the other end the guessing game by a loan officer. An experienced one might say “We will try, I can’t guarantee it." A big red flag, often said by a not-so-experienced loan officer is — “Sure, we’ll do it”.

Confusing Phrasing

Despite the government regulations that were enacted because of the 2007 mortgage crisis, many consumers are still left confused by misleading advertisements about loan qualifications and mortgages. Banks and reputable mortgage companies try their best to educate consumers about mortgages and refrain themselves from any misleading advertisements, but you still can find statements such as “Loan Pre‐Qualification is easy as 1‐2‐3”, or “We make loans easy." These statements are illegal, and without notifications that “not everyone can be eligible for financing," or "you have to qualify to obtain your mortgage” potential clients are misguided and end up making poor financial decisions.

The CalSun Difference

At CalSun Mortgage, we know how to make our clients happy instead of keeping them in limbo for a few weeks without any answer. Because of our mission, expertise, and ability to analyze and underwrite loan applications, we have a certain advantage to control our funding sources and prevent unnecessary complications, obstacles, and delays in the course of loan approval and closing.

Many complications occur especially with self‐employed borrowers and first‐time homebuyers. At CalSun Mortgage, we get those borrowers from other mortgage companies and banks who have been turned down or did not get any answer. Because of our expertise, we know how to handle those situations and close transactions. Give us a call to learn more.