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| Rainy day in NOLO by Caroline Gerardo © |
Is It Impossible to Get a Mortgage Loan?
No it's POSSIBLE
The Challenges:
Past credit crises, poor economies and resulting foreclosures caused mortgage loan guidelines to tighten. While some companies didn't survive, we're still here to continue helping those who can properly document their ability to qualify. And you might be surprised that it's not nearly as hard as some people would have you believe.
The Solutions:
Advance preparation and the right documentation will help streamline the process.
Your Money: All necessary funds must be verified, and deposits must be documented.
Your Debts: Avoid delays. Don't open any new credit accounts.
Your Income: We will confirm your income through pay stubs, verification, tax returns, transcripts, etc. All new employment or variable income (such as bonus or commission) is subject to rules of history and continuance. Do not depend on this income until we discuss its acceptability.
Your Credit: If you're not already, you need to be extra mindful of managing your debts. To help protect your score:
- Do not close old or unused
accounts.
- Do maintain high lines and low
balance ratios.
- Do not transfer balances to a brand
new card (at least not before buying or refinancing).
- Do not use your extra cash to pay
off debt. Sometimes, it's better to have the cash than slightly lower
balances.
Financing is still abundantly available. It simply goes most easily to those who plan ahead.
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Caroline Gerardo Barbeau please
call me C. G.
phone: (949)784-9699 NMLS 324982 |