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Are you doing all that you can to package your deal for success?  Making your deal ‘lender friendly’ is the easiest and quickest way to get an approval.

Need tips?  Here’s what your lender wants to see:

1. Documents up front. Sending most of the needed the documents right after you hit submit is one of the best things you can do to make your deal a success. This is especially true if you’re submitting a purchase.

2. Clear broker notes. By telling the underwriter exactly what you’re sending and requesting exactly what you need on a submission, you’re more likely to get the answer you want.  What’s more, you’ll probably get a faster turnaround time too! Want a rate special? Ask for it! Have unusual income? Acknowledge it in the notes!

3. Accurate details.  Ensuring that there are no typos in the borrower names or property address is crucial to putting together a successful package. For instance, a typo in a postal code can mean your deal is rejected for being outside a lender’s preferred lending area.  The details definitely matter, so take the time to get them right!

Lender Top Tip:  Use the borrower’s own ID to enter their details into your system. This will minimize any spelling or numeric errors.

Taking the time to cover these 3 steps for every deal should mean the pathway to a successful closing is smooth. Try it!

 

 

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About Magenta Capital Corporation

Established in 1994, Magenta Capital Corporation (MCC) is one of Canada’s oldest and largest Mortgage Investment Corporation (MIC) managers.  MCC sources, underwrites and manages a portfolio of primarily residential first mortgages, secured by properties located in Eastern and Southwestern Ontario, two of the strongest, most recession resistant real estate markets in the country. MCC has a 24-year track record of generating superior returns for the shareholders of Magenta Group MICs.  MCC exercises oversight responsibility for the Magenta Group MICs in its capacity as General Partner of three limited partnerships, each of which is wholly owned by one of the MICs.
For more information, call us at 888-267-1744 or  visit Magentainvestment.ca.
 

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