Home Buying in Calabasas>Question Details

curious buyer, Home Buyer in Calabasas, CA

What are the chances of my loan being approved or declined?

Asked by curious buyer, Calabasas, CA Thu Oct 2, 2008

union bank of cal
1st time homebuyer
690 fico middle score
450k adjusted net/yearly
1st 1,520,000
2nd 190,000
20% down
full doc
completed file with double of everything asked for.

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Dear Curious:

In today's uncertain financial times, it would probably make sense to "double app". Find another lender or a very strong broker in your area and have them run your application simultaneously with Union Bank. This way, if one falls through, you have a backup plan.

Not being a lender or mortgage broker, I do not have the software to run your numbers. However, based on the information provided, my experience working with buyers and assuming you do not have a lot of other debt, you look like a strong buyer. Your lender should have been able to tell you within 24-48 hours if you are approved and under what conditions. If they are taking longer than that, then they are having a problem approving you. Many of my buyers go to Countrywide for pre-approval and often get it the same day. Of course, our local office has the underwriters right there in the same building. If you are interested in a referral to the Countrywide Rep that provides such good service, please feel free to contact me directly.

Best of luck in buying your home and finding a good loan. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
1 vote Thank Flag Link Fri Oct 3, 2008
Every Realtor has favorite loan broker they work with, because they want to know for sure the deal will get done.
I suggest you contact Randy Wagner. He's my go-to guy for complete efficiency AND honest answers. Plus in my experience working with high end buyers and sellers in Calabasas and Hidden Hills, he knows the ins and outs of super jumbo mortgages. Tell him I sent you
Here's his web page link:

0 votes Thank Flag Link Fri Jan 6, 2012
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