Dollars and Sense: Mortgage advice

In Dollars and Sense an expert talks about how to move that process along.

Because of those low interest rates, more and more people are interested in buying a new home – or refinancing their current loans.  But some things have changed over the past few years.

"As we all know, the lending environment has gotten a lot stricter," said Jason Martinson, Central Pacific Bank. "And so what I would suggest is for clients to bring in their updated pay stubs, their bank statements, their tax returns and any other updated financial documents all at one time when they’re applying for a loan with their loan officer."

Simply put, if you forget one important document and have to go home to get it – that is going to increase dramatically the time it takes for you to get that loan approval.

"Another thing to keep in mind would be that with the high volume that we’re seeing, and slightly slower turn times than what we’re used to," added Martinson. "It makes sense to always keep your updated pay stubs and bank statements as you receive them and give them to your loan officer."

It may sound like you’re talking to a therapist but the fact is, you need to tell the loan officer all you know about your finances.

"I would try to share as much about your financial situation as possible and that will help them to predict or even prevent some of the speed bumps that happen along the way," said Martinson.

It may not seem that obvious – suppose a family member presented you with a gift of money for the down payment.

"You want to consult with your loan officer because number one, you want to make sure that it’s eligible for that loan program and then number two, you want to make sure that you’re documenting the transfer of the gift funds from your family member to yourself so that it makes for much easier approval," added Martinson. Dollars and Sense: Mortgage advice

It’s expensive to buy a home in Hawaii when you compare it to the rest of the nation.
Still Hawaii‘s real estate market continues to thrive because of low interest rate loans.
With that in mind lenders suggest potential buyers move quickly.

In Dollars and Sense an expert talks about how to move that process along.

Because of those low interest rates, more and more people are interested in buying a new home – or refinancing their current loans.  But some things have changed over the past few years.

"As we all know, the lending environment has gotten a lot stricter," said Jason Martinson, Central Pacific Bank. "And so what I would suggest is for clients to bring in their updated pay stubs, their bank statements, their tax returns and any other updated financial documents all at one time when they’re applying for a loan with their loan officer."

Simply put, if you forget one important document and have to go home to get it – that is going to increase dramatically the time it takes for you to get that loan approval.

"Another thing to keep in mind would be that with the high volume that we’re seeing, and slightly slower turn times than what we’re used to," added Martinson. "It makes sense to always keep your updated pay stubs and bank statements as you receive them and give them to your loan officer."

It may sound like you’re talking to a therapist but the fact is, you need to tell the loan officer all you know about your finances.

"I would try to share as much about your financial situation as possible and that will help them to predict or even prevent some of the speed bumps that happen along the way," said Martinson.

It may not seem that obvious – suppose a family member presented you with a gift of money for the down payment.

"You want to consult with your loan officer because number one, you want to make sure that it’s eligible for that loan program and then number two, you want to make sure that you’re documenting the transfer of the gift funds from your family member to yourself so that it makes for much easier approval," added Martinson.