Lend Money

You may have heard of friends who, in approaching a bank for them to Lend Money, were turned off by a standoffish mortgage officer who put before them the complicated rigmarole of paperwork which made the process exasperating. This may have even happened to you.

Banks and Financial Services companies need to Lend Money.Whether you want a Fixed Rate or Variable Rate Mortgage, they have to Lend Money.

The key to getting a mortgage is to understand that the banks must, under reasonable guidelines, Lend Money. If they don't lend it to you, they don't make the profits they're required to do in order to pay back their depositors or those from whom they have borrowed the money they re-lent to you.

Time is usually of the essence in getting a mortgage loan. Shopping with your local real estate agent or on your own, you may have found the house you want. You may have even agreed with the seller on price and have signed a purchase agreement.

You may have agreed to take over the property in so many days if you meet certain conditions, such as your ability to obtain financing from a local lending institution that will Lend Money. Typically, even though you may not be taking over the property for another month, you are given a limited amount of time, usually five to ten days, in which to secure from a mortgage lender a commitment that you will obtain mortgage funds when the deed is passed from seller to buyer.

In fact, in this "deposit-taken" stage of a pending sale real estate brokers often don't take the property off the market. Even if you have arranged to purchase a house at full price and have signed a purchase agreement with the seller, the property is held by the brokers in a state of limbo. It means there is a potential sale to you but that it might fall through should there be any problems with the finance company or the banks ability to Lend Money to you. Generally there is not, but often brokers will show your intended property, explaining to a second buyer that another, you, have the right of first refusal because your sale is conditional upon financing.

This need not be a worrisome problem. In most cases financing is usually approved for the first buyer and the sale goes through. However, it is critical to ensure on your behalf that there are no slip ups in you getting a mortgage commitment. The question then becomes "what is the quickest way for us to arrange financing?" The answer is simply this: All mortgage lenders have a short list of principles that must be satisfied before the bank will Lend Money.