How do I Maximize my Chances of Loan Approval? -Joe Zaniboni


Hey everyone this is Joe Zaniboni with
CIVIC Financial, and here’s a question I get asked a lot: how do I maximize my
chances of loan approval? So I’d say there’s three main keys to maximizing
your chances for loan approval. The first is knowing your market inside
and out from both a macro and micro level. From a macro level you really want
to understand the local economy, major industries & employers, key
demographics, and key market trends so you have a clear understanding of what’s
going on. And all this information is readily available for you online. At a
micro level, you want to know your neighborhood of the subject property
inside and out. You want to be able to know all of the recent sales in that
neighborhood so that you can accurately determine value using a comparable sales
analysis and don’t rely solely on your realtor to provide you with this
information. Having the skill of running comps and determining value on your own is really going to help you a lot because realtors are great, but sometimes they can be a little bit on the optimistic side. Second tip would be if
there’s rehab involved on the property make sure you have a clear understanding
of all the costs to the best of your ability and that those costs are
realistic. Walk through the property with a licensed general contractor if you can;
having their expertise on your side is really going to help. And then finally,
know all the costs in the deal, right. Talk to your lender get a clear
understanding of their costs make sure you understand closing costs and make
sure you have the cash available for your down-payment, your closing costs, and your interest payments throughout the term of the loan. Ensuring that you have
that cash available is going to help you maximize your chance for loan approval.
So I’d say those are the three main keys and for more information on that, feel
free to give me a call at 760-994-6693. Thanks guys!

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