The mortgage world has changed dramatically in the last year and a half.
Back then you could get a mortgage loan finished in as little as two weeks.
now the same loan might take thirty to sixty days to complete.
Back then you could get an equity line for up to 100% of the value of your
home. Now the maximum is 80%.
Back then you could get a “Stated Income” loan if you were self-employed.
Now “Stated Income” loans are no longer offered.
Back then you could get a “Cash Out” loan for up to 90% of the value of
your home. Now the maximum is 80-85%.
Back then the appraised value of your home was increasing. Now the
appraised value of your home is heading South (deep South in some cases).
Back then an excellent credit score was 700. Now a 740 score is excellent
and a 700 score gets penalized.
Back then “Jumbo” mortgage rates were only slightly higher than conventional
rates. Now “Jumbo” rates are much higher than conventional rates.
Back then underwriters viewed loans carefully. Now underwriters review
loan applications as if you were attempting to request a Super Duper Top
Secret security clearance with the CIA.
Don’t be surprised at the documents and details you will be asked to provide
when applying for a mortgage loan now. It’s all part of the brave new mortgage
world.
Now, more than ever, you need a seasoned professional to guide you through
the jungle of mortgage lending. That would be me. I’d be delighted to discuss
your situation and provide some potential options. Contact me.
Posted by Terry Brunner. Terry is a Senior Loan Officer with Horizon
Financial. Terry can be reached toll free @ (877) 627-9211 x150 or
email TBrunner@HorizonFinancial.org. Visit Horizon’s website at www.horizonfinancial.org
