Home > Uncategorized > Mortgage Mistakes to Avoid! My inside scoop…. Get your LSR!

Mortgage Mistakes to Avoid! My inside scoop…. Get your LSR!


First, you need to get pre-approved.  In Arizona specifically we have a requirement that an LSR (Loan Status Report) be included as part of the fully executed contract.  This LSR can only be acquired if you are pre-APPROVED.  This is not pre-QUALIFIED.  This should mean that your loan officer has, at a minimum, underwritten your loan through the automated underwriting engine to ensure you are approved.  Many loan officers are providing LSR’s for borrowers without underwriting their loan.  With the changes in lending guidelines and requirements, this is a risky place to be AND negates the responsibility of the LSR. 

Getting pre-approved will require your credit report, income and assets as well as employment reviewed by your loan officer.   Now your loan officer sees your entire picture (with your potential new home hypothecials) to ensure the max amount you qualify for and that you met ALL of the lender requirements BEFORE you hit the streets with your realtor. 

Realtors…. ensure your buyer has their LSR before you take them shopping.  There is nothing worse than finding what I really LOVE and finding out I can’t get it!   In a wierd way that makes me think about my chances with Brad Pitt right now but I digress…

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Oh by the way, I am never too busy for your mortgage referral!

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