The truth about getting a mortgage in 2013

Getting a mortgage in June 2013 an extremely frustrating experience for most home buyers. I should know - I've been through it 8 times so far this year. Seven of those were with my clients and the most recent was my purchase of a home for myself.

The mortgage process should not be this difficult for qualified buyers. And I'm talking about people with good credit scores who could pay cash or finance just half of the purchase price. But plan to buy a house through one of the big banks and you'll find yourself with last minute delays or unable to close on your property and fulfill your obligations under your contract.

The worst offenders right now are Wells Fargo, Bank of America and USAA. Some sellers won't complete a contract with a buyer using one of these banks. And I don't blame them. The chances of getting the property financed by the closing date with one of these banks is highly unlikely right now. I don't care what these lenders promise you, they probably won't meet the deadline and it will likely end up costing someone more money - usually the buyer.

So why are the big banks being so difficult? Why are they stringing their clients along with half-hearted attempts at granting mortgages - only to leave both buyers and sellers frustrated with they can't meet their promises to fund?

My theory is because the interest rates are still low that they have no motivation to lend. Banks know the rates will rise soon. So why lend at these lower rates now?

If you want to finance the purchase of a home right now, go with a local lender. In Dallas, Prime Lending, Plains Capital, Home Team Mortgage, Shelter Mortgage and First Private Bank are your best bets. Be prepared to jump through a lot of hoops, but you may get your deal done on time with these folks. And they will be honest with you about your loan. [where: 75230]