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The Morgage Approval Process: An Interview with Peter Grabel of Luxury Mortgage Corp Wholesale

By Peter Grabel

Tell us a little bit about your company and its foundation.

Luxury Mortgage Corp was founded in 1996. We have over 100 employees and five offices. Our Headquarters is in Stamford CT and we have offices in New York City, White Plains NY, New Jersey, Long Island and California.

What are some of the services your company provides?

Luxury is a direct residential lender. We fund most of our loans directly however we also have a network of broker relationships. This enables provide loans for many people who may have difficulty at a traditional bank. Foreigners, resident aliens, recently self-employed?

What are some important questions to ask your mortgage broker before applying?

Do you lend directly or do you only act as a broker?
How long is the rate locked for. Can you provide references?

What are some important aspects of the mortgage approval process?

Make sure to present ALL information early in the process and maintain regular communication with your loan officer. Don't wait tile loan is in underwriting to mention property will be held in a Trust or that you need to close with Power of Attorney, or that you are switching jobs, going on maternity leave or buying a Ferrari?

How do you suggest clients prepare for this process?

Make sure your finances are in order ? Credit card balances low, money needed for closing in one account ( located in the US), tax returns filed. Have your credit checked VERY early in process. Ask for list of all documentation that will be required.

What are some common issues you face when it comes to approving a mortgage?

Borrowers need a gift which they have not obtained yet. Borrower needs to liquidate funds needed to close.

What advice do you have for those with a low credit score?

Ask loan officer for a review of credit report to see if there might be ways to improve score- there usually are.

How long does the approval process typically take?

Our underwriting process takes 3-5 days however that requires that we have ALL necessary documents from the borrower- typically takes about 30 days.

Are there any special circumstances that can speed up the approval process, and if so what?

Yes, we have a pre underwrite program which enables us to approve a borrower BEFORE they sign a contract.

What is the best way for people to get in contact with you or your company?

Tel 203 569-4266
pgrabel@luxurymortgage.com

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