When I first started doing mortgages at the bank I knew maybe 5% of the knowledge I know now. We were never trained to fully invest ourselves in learning everything about such an important matter. The main thing we had to do was get the pre-approval done no matter what the cost. At the bank, you want to get the manager off your back and show that you have sales revenue coming in in the future. What this did was not make it about the client but make it about stats and getting on to the next quarter to increase your year end bonus. When I worked at the bank you never asked for documents, you just went with what the client said for down payment and income verification. What this led to was so many clients having a pre-approval, going out and finding the home of their dreams and then not getting financing due to problems with the employment verification, Victoria police check, credit check and down payment verification. I would often hear many of my co-workers be stressed out because of these situations, I can only imagine how stressed the clients were. I take pride in making sure I do the job correctly the first time. I know I ask “for more documents than the bank” but in the long run, wouldn’t you rather spend the final three weeks before you move into your new house thinking about furniture rather than “will my financing actually go through??”. 95% of my client’s mortgages are finalized over 2 weeks in advance to prevent this from happening.
Some of the potential problems I have seen happen:
– Acting salaries vs salaries when you return to your normal position
– Self-employed income not being backed up with the proper documents
– Trial period not fulfilled yet
– Part time employment not verified correctly
– Down payment coming from sources not acceptable or verifiable
– Human resource departments not getting the employment letter completed in time
If you have any questions, as always, call/text me at 613-294-4475 or send me an email anytime!
