It’s nearly impossible to get a loan with today’s requirements. And if you have bad credit, there is no way to qualify.
Heard any of those lines before? They are all over the headlines, but aren’t actually true. There is more good mortgage news than bad, if you know where to look. Let us explain…
There always seems to be articles circling throughout the internet that talk about how it’s nearly impossible to qualify for a loan. Although these articles seem intriguing, the truth is that lenders did tighten standards after the recent housing market crash, but they have been loosening standards for the past several months and many more loan options are becoming available to potential home buyers.
While it’s true that it is not as easy to qualify for a home loan than it was before the real estate crash, it is for the benefit of every homeowner and homeowner-hopeful. Remember, almost every loan (even sub-prime loans) were once only being approved by large lenders so that they could make a quick profit. Since that debacle, lenders have become smarter. There are more rules for the protection of everyone making good purchase decisions. Here’s an article that explains what paperwork and requirements you will need to get a loan in this environment.
Another myth you might have heard about home loans is that a buyer must have nearly perfect credit to be able to qualify for a home loan. That myth is far from the truth. In fact, there are a multitude of loan options available catered to those without perfect credit. (Watch this video about obtaining a Home Loan with Bad Credit) And, if it’s not the loan you want right now, we can help you take the right steps to clean up your credit and get approved.
Many people who are self employed cannot show a paper trail of their income and may think they aren’t eligible for a home loan. From the headlines, you would think that it’s not possible for someone without a steady salary to qualify for mortgage. Well, we actually do have a product for people in that situation, often referred to as a Stated Income Loan. (Watch this video to learn more about Stated Income Loans).
As a mortgage bank, Samuel Scott offers clients a multitude of loan options. We have the flexibility of funding our own loans or brokering them out. That means that we can fund loans for clients who have unique financial situations. That’s why it’s important to do more than just research online; you should be speaking with a professional Mortgage Advisor.
Which leads me to the fourth and final myth of this post. Since the real estate crash, home loan professionals have been branded with a ‘used-car salesman’ reputation. While I won’t pretend that everyone played fairly, there are still a lot of honest professionals in the business. We are seeing loan originators fall in to two primary camps. First, there is the typical Loan Officer. This is someone who receives incoming inquiries and sells them one of their loan products; there role is like an order-taker.
At Samuel Scott, we have a business model that pushes our loan originators into the role of a consultant. Our Mortgage Advisors have 15-20 years experience in finance. They earn business through the referrals of satisfied clients and real estate partners, as oppose to gimmicky commercials or websites.
Because we have so many unique programs and are not limited to just our own set of loans (as the larger banks are), our Mortgage Advisors first job is to listen. They take the time to understand the unique needs of their clients and pair them with the loan that is perfect for them. We typically have access to eight times as many loan options as a traditional bank! As you can imagine, it’s easier to get the right loan for a client when you aren’t limited to just a few options.
Samuel Scott Mortgage Advisors’ role doesn’t end after pairing a client with a loan. They are there to support you throughout the entire process. We trouble shoot potential problems, expertly package loans and stick to our timelines. We are real people, working in a real office, so you can call us or come by any time.
If you are tired of hearing that you “can’t get a loan” or feel uneasy trusting an online rep, contact any one of our Mortgage Advisors. We’d be happy to help you navigate through the home loan process and find a program that fits your entire financial picture.