Of course they are.
But the game has changed and getting a home loan is a little different from the past. Lenders are getting conservative and picky. They now require applicants to have a job, have a history of paying their bills and want you to put some money into the deal. Looking back at history we called that a down payment. How come they ask so much from us? I think it is safe to say if you do not meet any of these requirements you may want to sit on the sidelines and work on improving your financial health.
If things seem OK your next step would be to face a loan consultant and start the torture;
I am kidding! The process is easier than you think and the more you contribute to the process the easier and quicker you will get your loan. I have tried to simplify this loan process to five easy steps. An application and four verifications.
Step 1. The Application: Your personal information, employment, income, assets, bank accounts, credit cards and any debt.
Step 2 -5. The Verifications: Income, they want to make sure you have a steady income to support the loan. Credit Report, they want to verify that you have a history of paying your bills on time. Down Payment, they need to verify that you have the down payment and closing cost available NOW to close the loan. Home Appraisal, they will send out an appraiser to make sure that what you are buying is worth what you’re paying. As easy as this all sounds; the key is to get the required information to your loan consultant ASAP. The quicker they review it, the better they can process it and get you a loan commitment. Now it’s time to take advantage of the great inventory of homes, low prices and awesome interest rates. It’s better than Macy’s Super Sunday Sale Spectacular!
Paul Hamblett, Broker/Owner
Portsmouth, New Hampshire