Nancy asked her existing lender to consolidate all her bills into one new loan with a low fixed interest rate. After nearly 5 weeks of application limbo, the major bank finally said no because she didn’t have the required two-year history of self-employment. The bank didn’t care that Nancy’s new business was thriving or that she had plenty of home equity. We showed Nancy why the length of her self-employment history didn’t matter. Now she has exactly the loan she wanted with no fuss.

Does it really matter where you get your home loan? In Nancy’s case it made all the difference. The answer to her problem was fairly simple, but it could not be solved by a retail bank. Despite Nancy’s success, the bank’s rigid formula for approving loans was unresponsive to her career advancement. She needed guidance and professional representation to find and approach a wholesale lender with the flexibility to recognize and value Nancy’s career change. That’s what we did for her and she got better terms in the process.

Nancy’s story demonstrates two good reasons why asking a retail bank for your home loan is not your best choice. The first breakdown occurred because the lower-level clerks assigned to take Nancy’s request failed to ask the right questions about recent changes in her career path. The clerks were trained to take applications in a way that suited what the bank had to offer, rather than taking more time to understand Nancy’s life and helping her to create a solution based on the full range of mortgage possibilities.

The second breakdown occurred because given Nancy’s set of facts, there was no solution for her at the retail bank. They just don’t do loans in the way that Nancy required. So not only did the order takers fail to diagnose the issue, they also had nothing to offer her once it become clear that she didn’t fit the bank’s guidelines. Nancy lost several weeks time, put up with unnecessary frustration and then had to start the application process all over again.

The facts of this story are not unusual – especially here in California. Many people make career changes as opportunity arises. They tend not to remain in the same salaried position like they used to. But retail bank lending rules often don’t accommodate the needs of our dynamic society. Thankfully, there’s an alternative set of innovative wholesale lenders that can, but they don’t have storefronts. Only by working with an independent mortgage broker like us can you get direct access to the full range of mortgage solutions with one application.

Let us help you to overcome the income documentation requirements of traditional bank loans! This approach can make all the difference for anyone who is:

• between jobs
• newly self-employed
• recently divorced and getting or keeping real estate by settlement, but without a history of stable income
• expecting to inherit property without a history of stable income
• or, if you have any other reason why documenting income presents a problem

Nancy’s story illustrates the power and convenience of one particular loan product. You may have different needs and desires. To see the complete range of refinance solutions, please refer to the Refinance section under Services.


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