Buyers often miss out on the home they want when a big bank denies their loan application at the last minute.
Orlando, FL (1888PressRelease) October 15, 2011 - It may be a buyer's market, but many Orlando home buyers are losing out on getting the home they want when a lender denies their mortgage application at the last minute.
"Most home buyers think their all set once they are pre-approved, and that's not the case at all," said Robert Palmer, President of RP Funding. "Big banks are declining more than 25% of applications from people who were pre-approved."
The result is that many potential buyers are left heartbroken and sellers are looking for cash buyers - even if they're offering less money.
Palmer says there are some simple steps that home buyers can take to make sure they get the home they really want.
• Submit a pre-approval from a trusted lender. Other than the amount of an offer on a house, the pre-approval letter is the most important factor a seller has to consider. "When we pre-approve a buyer, they know, realtors know and sellers know we will close this deal and do it quickly," said Palmer. "That's often not the case with big banks. Who wants a 25% chance of their deal falling through?"
• Write a personal letter to the seller. A personal touch can go a long way to stand out from other buyers. Palmer says "Think of home buying like job hunting and explain your qualifications, the strength of your pre-approval and the reputation of your lender."
• Ask for a little closing cost concessions as possible. Many buyers agents ask sellers to pay all the closings costs - which can cost thousands of dollars. "Our message is shop for a mortgage," said Palmer. "You can keep the lender fees down so there's no reason to try and dump them on a seller. Shopping for a mortgage is guaranteed to save you thousands." RP Funding is the only Orlando lender that does not charge any lender fees at all.
• Close as quickly as possible. The more time a buyer needs to close, the less likely a seller will be to take the offer. Sellers don't want to wait 90-120 days to find out if the deal will really go through. "Thirty days should be the target for buyers," said Palmer. "It will reduce some of the stress for the seller. Unfortunately, many of the big banks can't close a deal in such a short time."
RP Funding is known as Orlando's "No Fee" Direct Mortgage Lender. The company underwrites, closes and funds its own loans to offer customers the best rates and highest level of service.
Palmer is the host of Save Thousands! with Robert Palmer every Sunday at 11 am on AM 580 WDBO. Palmer offers advice and in-depth tips on how to save money on mortgages, credit cards, personal loans and more.
To learn more about RP Funding, go to RPFunding.com or call 1-888-373-6326.
About RP Funding: RP Funding is a licensed Florida Mortgage Lender with offices in Maitland, Florida. As a direct lender, RP Funding underwrites, closes and funds its own loans in order to offer customers the best rates and highest level of service. Unlike banks and mortgage brokers, RP Funding offers "wholesale" mortgage rates directly to consumers to save them money. The only fee that RP Funding customers pay is when they choose to buy down to a lower interest rate through a rate discount cost. For more information, please visit http://www.rpfunding.com/.
Contact information
Frank Wolff and Cori Pope
Wellons Communications
407-339-0879
frank ( @ ) wellonscommunications dot com
cori ( @ ) wellonscommunications dot com
Buyers often miss out on the home they want when a big bank denies their loan application at the last minute. 
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