In this blog, Palm State Mortgage brings you the Secret of a Great Loan: Your absolute cooperation in assembling your file. Although we make this request, we know this is easier said than done. Perhaps you will feel, in the words of Forbes contributor, Mark Greene, like you have been compelled to “scan, photocopy, fax, and deliver every aspect of your financial life.”

It might seem that the loan industry requires an exorbitant amount of papers. In truth, the guidelines are the same for every borrower. We are required to be meticulous in examining and double checking every fiscal feature in your history. In simple terms, our attention to documenting details protects everyone involved in the loan process.

“The reason the mortgage approval process is now so rigorous is simple. Avoiding defaults and loan buybacks has become the primary goal of mortgage lenders.” We need perfect documentation to  insure that your loan will never be subject to re-purchase.

The question is, “How can we do this?” The answer is, “Only with your help!” In the words of writer Mark Greene,”Your borrowing profile must meet the underwriting guidelines for the loan you are requesting,” in hard copy. Borrowers often become tense about the mounting paper work.

The secret of a great loan experience is in your “mindset.”  At Palm State Mortgage we are blessed and impressed by many clients who stay cool, persistant and methodical as they gather exact information. We hope you will read more about the process by clicking  here.  Mark Greene’s article clarifies the reasons behind all of our requested information for your loan file.

In our healing economy, higher standards for attaining a loan have reduced defaults and resulted in fewer foreclosures, which is good for the economy, and good for you as a property owner.

DID YOU KNOW? This week we bring you a new feature of this blog. We call it “Did You Know?” At least once a month we will produce a this minilist of factoids as a part of the blog. It will be plain talk, basic facts and definitions about mortgages and your financial life. Did You Know? We are down payment experts!

1. At Palm State Mortgage we can actually do FHA loans with as little as 3.5% down.
2. Conventional loans can be done with as little as 5% down.
3. VA loans do not require any down payment.

We hope you will notice we now have social sharing buttons in place!  We also hope you will “share” our blog information on Facebook. Help us spread mortgage news to all our friends and new aquaintances on the social networks.

REMEMBERING A TRADITION: It will not be long until Memorial Day. Palm State Mortgage believes there could be no better time to remember the sacrifices that have been made by our military. We invite you to find out more about this holiday at this source. We also encourage you to celebrate the day by discovering the many ways the USO sends our soldiers support. Palm State Mortgage takes this moment to pay tribute to the U.S. men and women who have died in the service of their country. Our flag will be at half-mast.