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from:
The New Mortgage
By Jason Holter
Thanks to Federal Regulators there is once again good and bad news. The bad news is more paperwork and tougher standards when applying for and ultimately purchasing your home. Creating tightened guidelines for stated income and piggy back loans and stricter rules for option arms and interest only is meant to create security for the lenders.
Good news for home buyers? YES! Ever since the days of School House Rock we have known that "Knowledge is Power!" nothing has changed. If the borrower knows the rules, they can be prepared to meet the lending institution requirements and come out ahead or no worse for the wear.
Here are the basic steps to survive and flourish under the new "Rules"
1. Be prepared to have payroll stubs and or tax returns available. Instead of using stated income, using actual income will ensure that you get the right size payment and decrease the chances of default later on.
2. Keep your credit report up to date. Check for errors in information. If you find errors contact the reporting credit bureau in writing in order to get the error corrected.
3. Keep credit card payments current. Pay off your credit cards as often as possible in order to help lower your debt to income ration. This will aid you in getting a loan and improve your credit.
4. Once you have applied for a loan, it is important that you do not make any major purchases as it may stop your loan from being approved. Make all purchase after the closing and funding of the loan.
Although initially the new rules may seem insurmountable, the reality is preparation is the key. The new rules will stabilize the demand for real estate and slow the price increases on property. With real estate becoming more affordable, there will be less default and increased access for potential home buyers. Welcome Home!
Jason Holter is an experienced and ethical Mortgage Lender from the Houston area. Jason works closely with the most respected realtors. Jason is so confident about his services, he offers a "2 Day Doc Guarantee". He guarantees that if your closing documents aren't at the title company two days before you are scheduled to close, he will waive his origination fee. To date, he has not had to return the fee to anyone. Jason's website is http://www.yourclearlakemortgage.com
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