On Q Financial: Don’t Get Stuck with the Hiccups When Buying a Home

Purchasing a home is a major decision and Chris Johns, at On Q Financial can help make the process smooth.
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Submitted by On Q Financial

When faced with the idea of purchasing a home, we have choices. We choose what area of Thurston County suits us and our families best, which real estate broker fits our personality and needs, and who to trust to handle the financing aspect of the transaction.  The emphasis and importance on your mortgage has never been bigger, and working with the right Mortgage Consultant can change your entire experience.

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Chris Johns helps local home buyers navigate the process of purchasing a new home. He enjoys all our area has to offer with his family, seen here.

It is quite common for me to get a phone call or e-mail from a real estate broker working with a buyer that has obtained a pre-approval letter from out of state or an ‘internet’ type lender.  Most of the top real estate brokers that I work with in the Olympia, Lacey and Tumwater areas understand that a pre-approval letter from an out of state lender can very often hurt the client’s ability to get an offer accepted.  Both the online and the out of state loan officers are often less experienced in the industry, unfamiliar with County building codes and local guidelines, and unable to meet with you face to face.  All of these factors go into making their process more cumbersome, complicated, and stressful.

Today, financing is the #1 key and most essential element in executing a home purchase transaction.  My experience shows that listing agents will hesitate to advise their seller clients to accept a buyer’s offer when a pre-approval is provided by an unknown or out of area lending entity.

For the consumer, the perception of doing a pre-approval on-line is that it’s easier and faster.  The true reality is that a very high percentage of all loans done in America are underwritten to Fannie Mae, Freddie Mac and Ginnie Mae guidelines.  Any lender executing these loans will follow the same guidelines with only minor variances on guidelines, and will need to collect the same financial documentation. The major difference, and most crucial piece of a purchase transaction, is the assortment of issues that can and do arise on nearly every transaction.  Experienced mortgage loan officers anticipate these issues.

Common hiccups that occur during a purchase include:
Source of down payment changes
Incorrect tax returns submitted by buyer
The appraisal comes in lower than anticipated
Health and safety items need to be repaired
Borrower no longer qualifies because of a late information addition
IRS verification comes back a mismatch
Large deposits into accounts can’t be sourced

on q financial
Chris Johns enjoys the educational aspect of his role as a mortgage consultant, which includes helping clients understand their options.

Another important factor that should not be overlooked is, a great mortgage consultant will be your lender for life.  When you work with a local lender you will find a financial ally that cares not only about closing on time, but also plans to be there for you long term.  Effective mortgage consultants want to help you manage your home loan into the future just as a financial planner manages your portfolio.  A mortgage is often the biggest debt most people will incur in a lifetime and you should have a single, trusted mortgage advisor available to you now and 10 years from now.

Question:  How do you get your home offer accepted by the seller and assure that your loan will close on time?

Answer:  By acquiring your home loan through an experienced problem solver who can be your local advocate to walk you through the process.  A local mortgage consultant with years of experience is the key to a successful and stress free home buying experience.

The material provided is for information and educational purposes.  These programs are available only to qualified borrowers.  Programs are subject to change without notice. Some restrictions may apply.

On Q Financial, Inc. is an Equal Housing Lender

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