John Shapiro of Private Mortgage Advisors (Wells Fargo) shares the following “tips” for working effectively in the lending environment that we are in today. Inasmuch as Wells Fargo experienced more than 10 Guideline Changes in the past couple weeks (and this environment will be similar with other lenders), pre-approval letters that are more than 2 weeks old probably need to be questioned!

If you are a buyer and have been pre-approved several months ago and you just now found a property, the pre-approval probably needs to be up-dated. Plan for a 24-hour turn-around when you need a pro-approval letter (so lenders can make the proper credit checks).  

With regard to financing contingencies, local mortgage lenders suggest a minimum of 10 days (for the appraisal and the sign offs that are now required for the approval). 

Call John Shapiro, Private Mortgage Advisors, at 408-431-0513, if you need financing assistance or more information about the “new lending ways”.  Call Rick Bonetti, Alain Pinel Realtors at 408-857-8800 if your are ready to buy or sell a home in Silicon Valley.