A question many people wonder is, what kind of mortgage rate will I qualify for? Possibly one of the scarier questions prospective homeowners and investors must ask themselves before investing into any property. The struggle with being qualified and or accepted, let alone purchasing a home these days can be a scary task to many. This can be attributed to that rather catastrophic housing crisis that threw our country into a tailspin in 2008/2009.
Due to that crisis, banks and mortgage officers both have a plethora of reasons behind the hoops that prospective homeowners must jump through prior to making their big purchase. There is many reasons why banks make it so difficult for consumers to get a mortgage. One of the reasons is due to mortgage officers simply not wanting to be victim to borrowers who do not pay their mortgages back, or on time. During the crisis almost 10 years ago, many people got in over their heads. Buyers applied for mortgages they simply could not afford. Once the borrowers stopped making payments on their mortgage, they were either forced to foreclose on their home or bailed out by the government’s mortgage debt forgiveness programs. This has caused many lenders to be cautious when working with borrowers. Unfortunately during the crisis, many loan officers were laid off due to this very reason.
In todays market, it may be somewhat difficult to get approved for a traditional loan, however there is many programs now to help first time home buyers. There is also different types of lenders for all different types of loans, like hard money lenders and private money lenders. For more information on this topic, questions about foreclosures, loan documents, UCC sales or to be referred to a good lender, please give us a call at 866-535-3736, or go to www.totallendersolutions.com.