{"id":65,"date":"2015-09-08T14:45:59","date_gmt":"2015-09-08T14:45:59","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=65"},"modified":"2015-09-08T15:04:36","modified_gmt":"2015-09-08T15:04:36","slug":"the-importance-of-client-asset-disclosure-upfront-during-a-mortgage-application","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/the-importance-of-client-asset-disclosure-upfront-during-a-mortgage-application\/","title":{"rendered":"The Importance of Client Asset Disclosure upfront during a mortgage application"},"content":{"rendered":"
<\/div>

\"Firma\"<\/a>The ability of your client to get financing on a mortgage loan quickly can often make the difference between a great bargain for your client or rather keys to a money pit. What your client tells your mortgage broker upfront can make that big of a difference.<\/p>\n

The greatest challenge to working with clients, regarding mortgage applications, is that they often don\u2019t provide enough information when applying for a loan.<\/p>\n

Sometimes clients are not fully upfront with all they own. Either they forget, or they don\u2019t admit everything up-front for one reasons or another, and later you discover at the last minute that they own another property and that a line of credit is already secured against that property. In reality, that is like a mortgage, so they need to disclose that to the lender.<\/p>\n

Not disclosing those things upfront will only extend the amount of time it will take to get a mortgage. Learning of additional properties late in game could force you to re-write your clients\u2019 application. You probably will have to fix things and re-work the application, so that everything still fits, when everything is fully disclosed.<\/p>\n

In extreme cases, it can be especially problematic for buyers who already have more than four properties in their portfolio already, when finding a lender for that fifth mortgage can be that much more difficult.<\/p>\n

The bigger investment clients who have more than 4 properties already will find it hard to fit with a bank because most of the banks, and even also some monolines, have a 4-door policy.<\/p>\n

In summary, it is best to explain to your clients that it is very important to disclose all holdings upfront. Not doing so can really throw the whole deal for a loop, or worse, break the deal after all the dust settles.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ability of your client to get financing on a mortgage loan quickly can often make the difference between a great bargain for your client or rather keys to a money pit. What your client tells your mortgage broker upfront can make that big of a difference. The greatest challenge to working with clients, regarding […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-65","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nThe Importance of Client Asset Disclosure upfront during a mortgage application - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"The Importance of Client Asset Disclosure upfront during a mortgage application - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/the-importance-of-client-asset-disclosure-upfront-during-a-mortgage-application\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Importance of Client Asset Disclosure upfront during a mortgage application - 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