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Mortgage Professional Kathy Sheehan Makes Consumers Mortgage Savvy with Must Know Advice

( Learn how to get mortgage ready with advice from Kathy Sheehan.
Bloomberg recently reported that former Federal Reserve Chairman Ben Bernake was unsuccessful at obtaining a refinance for his mortgage. Bernake was quoted as saying that maybe lenders had gone a little bit too far on mortgage credit conditions. Mortgage professional Kathy Sheehan says there are solutions, if the consumer is prepared.

“The most common misconception people have is that they need a 20% down payment in order to purchase a home. That is simply untrue,” said Kathy Sheehan. “The reality is the down payment will depend on the financing type. USDA and VA do not require a down payment, FHA required 3.5% and a conventional mortgage will only require 3% down payment as of December 13, 2014 for a primary residence,” she added.

Kathy added that there are three major areas in which consumers and real estate agents can become more prepared on the mortgage process.

• Success is in the details – submit complete contracts with ALL signatures and addendums – missing items lead to more conditions, extra paperwork, follow- up emails and phone calls. Borrowers should follow ALL of the instructions on the paperwork that is requested.

• All documents MUST be reviewed by the underwriter. Once reviewed, additional information or clarification may be required. Again, the newly requested documents must be reviewed by the underwriter and should be submitted as requested.

• Additional regulations in the mortgage industry have lengthened the process by requiring additional reviews prior to closing.

In addition to these tips, Kathy said she also offers a list of “do’s and don’ts” to educate clients. Her top three don’ts for getting a mortgage include:

1. Don’t make any cash deposits into bank account unless the consumer can provide acceptable documentation regarding the source of the money.

2. Don’t open or even apply for new credit once an application has been made for a mortgage loan.

3. Don’t change employers.

“There are still many mortgage options available. There is more paperwork involved than in the past; however, with the right information the consumer can make an educated decision,” said Kathy Sheehan.

For more information regarding mortgage lending, Kathy may be reached at or by phone at 770-634-4021.

Company Name: The Marketing Evangelist Contact Person: Tim Davis Email: Phone: 615-364-9039 Country: United States Website:

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