It is no secret that the self-employed borrower is treated differently in today’s mortgage lending environment. But then, Inwood National Bank’s Mortgage Group is a different type of lender.
We recently closed on a loan after the original lender failed to meet the contract closing date. In fact, a week after the original closing date, one of the “Big 3” banks provided the borrower with a list of 23 additional conditions to be satisfied prior to approving the loan. Fortunately, his agent told him about Inwood National Bank’s mortgage group that specializes in self-employed borrowers and jumbo mortgages.
This borrower had worked in the same industry for 28 years, but like most business owners, had experienced large swings in income. Inwood was able to take a look at his income over multiple years, and not focus on just what happened during the recession.
The reality is we care more about the future, than the past. This does not mean we do every loan. We still have to document income, but we try to look at the big picture.
And here’s something you haven’t heard in a long time: Inwood National Bank’s mortgage group also prides itself in being able to meet short closing dates. During the month of July, for example, we closed several purchase loans in less than 15 days. (One of these loans was the example above.) Obviously to close this quickly, it takes a joint effort between the borrower, seller, and other parties involved. As a commercial bank, Inwood caters to self-employed borrowers and welcomes them with open arms AND popcorn.
As you may know if you are a regular reader of this blog, our market is hot. Our builders are busier than ever, and it is not uncommon for many homes to have back-up offers. What happens when the contract falls through because the buyer cannot obtain financing? The contract is null and the second buyer swoops in.
Inwood National Bank Mortgage pros also know how to make the close as simple as possible. We send closing instructions days in advance of a closing instead of hours before. This gives the buyer the ability to actually review their final settlement charges and be prepared, prior to showing up at the closing table.
In this active market, the ability to submit an offer without the contingency of selling an existing home has become increasingly important. Inwood offers buyers this with bridge loan financing. The ability to close quickly can mean the difference between a contract being accepted or not. Mortgage companies typically have to borrow money for every loan they fund, and that frankly hampers their abilities. As a commercial bank, Inwood has the flexibility to make loans that traditional mortgage companies cannot do.
We just like to lend money to good borrowers. At Inwood National Bank mortgage group, that is our job.
If you are looking for a high touch, personal and proficient streamlined mortgage process with trustworthy, experienced staff, contact Inwood National Bank’s mortgage group at 214-351-8730.
Who knows, you might walk out with a mortgage loan on your dream home?
(This, by the way, is a CandysDirt sponsored post.)