Is Fear of Rejection Keeping You from Buying a Home?

Is worrying over the mortgage process keeping you from buying a new home? Is fear of rejection, or worries about how difficult you believe the process is, stopping you from moving forward? It's not as bad as you may think, and we can help you greatly.

Here are a couple of buyer misconceptions according to a survey by OmniTel on behalf of LoanDepot:

Most potential buyers overestimate the difficulty of qualifying for a mortgage. Only 18% say it's easier to get a mortgage today compared to a year ago, and 43% incorrectly say it's harder. The February 2014 Ellie Mae Origination Insight Report found today's average mortgage application approval rate is 55.3% compared to 49% in 2012!

Buyers are also confused about credit scores. 50% don't know what minimum FICO score is required to qualify for most loans; while 18% think they need a minimum FICO score of 680 to 770+ to qualify. Truth is 33% of closed loans in Feb 2014 had an average FICO score of less than 700.

Misconceptions aside, what can really help buyers calm their fears is to work with us on their next or new purchase. We've developed relationships with "trusted lenders". That means that WE trust them, and so can our clients. We've seen what they can do many times-- they're known quantities to us. Remember, we, as Realtors are valued customers of mortgage brokers/lenders. We are REPEAT BUSINESS. A borrower may do business ONCE with a mortgage broker/lender, but we do a lot of business with them-- they've got a proven "track record" with us. They want to make us AND our clients happy every time.

We have several lending resources available for our clients; ones that are tried and tested and have made the cut. Nice people, dedicated professionals who handle our clients with care and sensitivity, keeping us firmly in the loop. It makes all the difference in the world, and will banish your "fear of rejection" for good!