Profile picture for Eric Vander Werff

Eric Vander Werff

Lender

Loan Officer NMLS #107939 (10 years experience)

Specialties:
Cash Out Refinance,
Purchase Loan,
Refinancing,
Relocation, Relocating

Advice

  • (326 Contributions,
  • 5 Best Answers,
  • 43 Helpful)

Contributions are sorted newest to oldest.

Seeking Lender Help-

Answer

Best advice any of us can give you - reach out to an experienced lender and get pre approved. That is the only way you will know where you stand. Lots of good mortgage lenders here and you can do a lender search right here on Zillow.com. I recommend reading the reviews, it will tell you a lot about the loan officer's experience and customer service.

  (0)
can the selling agent request loan terms without my permission?

Answer

I don't see any wrongdoing - maybe the listing agent just wanted a quick or direct answer. They should have your pre approval letter in the file from when the offer was made but typically credit reports are only good for 60 days so it would not be odd for them to require an updated pre approval if it has been 120 days in process. It might be rude for the listing agent to reach out directly to the bank, but I don't think there is anything illegal or requiring recourse for someone being rude. Lots of folks going to jail if rude becomes illegal.

  (1)
Are Lenders supposed to work on weekends?

Answer

I personally have my cell phone within range all weekend just in case one of my Agents or clients needs me. I wont always be able to take a call (see the below reference to being at the movies or tucking kids in to bed) or maybe it something much more sinister, like a late round of Sunday golf. That being said, I periodically check my phone for calls or emails and can send a quick email back or a text if I cannot speak at 6pm on a Sunday night. Every business person has a different sense of urgency.That being said, I highly doubt that your offer was not accepted because the listing agent couldn't directly speak to your Loan Officer on a Sunday night. Your pre approval letter at or above the offer price is all that the listing agent would need to consider your financing. Any other details are not given to anyone on the sellers side, that's why we issue pre approvals in advance of you making an offer. The only variable that I can think of is that the seller wanted to know how fast your lender could close.If you are going to change lenders, do it based on rates / cost / closing speed / good reviews / experience, not because they missed a phone call on a Sunday night.

  (1)
Why realtors want work with my existing lender

Answer

I haven't had much of an issue working with new real estate agents, personally - even when they have a preferred lender. I do quite a few transactions out of state and I personally overcome this by emailing them my zillow profile so they can read my reviews, I call them spend 10 minutes getting to know them and talking about our mutual client, and then I let them know they will get weekly updates on the loan progress. I rarely have a problem after this process is done. Real Estate Agents just want to feel comfortable with the lender, as the lender can be the make or break of the deal. No agent wants to spend hours and hours emailing listings, showing homes, negotiating the transaction, then to find out later in the process that the borrower never did quite qualify, or that there were issues that should have been addressed prior to contract. This is a people business, not a home and loan business. Have your lender pick up the phone, it works wonders. 

  (0)
Parent Assistance with Loan Approval

Answer

I have seen many more applications where the parents are gifting down payment money, than I have actually applying with their children as a co - borrower on the loan. See if you can qualify with your credit and income first, as this will keep things much simpler for your family, and for your dad. Gift funds for down payment are very simple and typical for first time home buyers. Best of success to you finding a great home.

  (0)
46% DTI with 691 middle score will I be approved for USDA loan?

Answer

Best bet is to see what GUS says and go from there. Ask your loan officer to specifically ask his / her underwriter if income based repayment is an issue, I have seen it be a problem before and want additional documentation or require a 1% of the balance to be applied for the debt to income calculation.

  (0)
46% DTI with 691 middle score will I be approved for USDA loan?

Answer

Best bet is to see what GUS says and go from there. Ask your loan officer to specifically ask his / her underwriter if income based repayment is an issue, I have seen it be a problem before and want additional documentation or require a 1% of the balance to be applied for the debt to income calculation.

  (1)
Selling my house to a family member for less than FMV. Can I do this? And how?

Answer

Yes, you can - if your family member needs lender financing, I would encourage you to have them get a regular pre approval from an experienced lender, and make sure they explain the details - so the Loan officer can let you know if his/her bank or investor(s) will have any issues with the purchase price vs. the estimated appraised value.

  (0)
Selling my house to a family member for less than FMV. Can I do this? And how?

Answer

Yes, you can - if your family member needs lender financing, I would encourage you to have them get a regular pre approval from an experienced lender, and make sure they explain the details - so the Loan officer can let you know if his/her bank or investor(s) will have any issues with the purchase price vs. the estimated appraised value.

  (0)