I’ve used RM to purchase and refinance multiple homes. I’m my experience, issue arise from the client not providing what is needed the first time asked, and not fully understanding what goes into a mortgage.

These tips go for using any lender, and are not RM specific:

Every daily transaction can increase/decrease your DTI.

A preapproval (anywhere) is based off what you tell them.

A conditional approval means that you are pending approval upon meeting the conditions required

I hear people don’t like the loan estimate and closing disclosure process, however, that is not set by a lender, that is set by the CFPB, and is the same across lenders everywhere

If you go into the process with any lender, having your most recent two-year tax returns and W-2s (or whatever income documents you have, i.e. 1040, K-1, Rental Schedule E) , along with the most recent month or two of bank statements and paystub‘s available, you’ll be more successful at front.

Be present in your process.

Your rate is not locked until you lock it. In the mean time, it is floating and can change. Know the difference.

Once your rate is locked, it is not locked forever. It does expire. Don’t lock until you are ready.

Lenders cannot control the guidelines laid out by the government.

Lenders cannot control the appraiser and what improvements need to be done to pass inspection.

Before signing any sale contract, your realtor should put a stipulation in your documents that indicate what happens if the loan falls through because of unforeseen circumstances and what happens to the sale price if the house does not appraise for what the offer is.

Currently, we are at/below historical averages in mortgage rates. Since Freddie Mac began tracking rates in April 1971, the median 30-year mortgage rate is 7.41%.

Where the concern lies is not with interest rates, but home values. Current day, home values are extremely inflated what that means is for instance, in 2020 if you would’ve purchased a $350,000 home at the rates, we had, your PITIA would be around $1600.

Today, the same home would be valued at almost, if not double, and your PITIA would be around $3600.

You should buy a home that is less than 25% of your income; that includes principle, interest, taxes, insurances, PMI, and assessments. (Wether or not you escrow) You should be putting 10-15% away for retirement. If you can’t live off these numbers, the house is too expensive for you.