Lending loans, not easy anymore for loans companies.
It's really not easy to get a loan today, lending loans become a nightmare for some of us and the new dream is to get loans aapproval instead of dreaming about ppurchasing a home.
Loans companies today will ask more documentation from you to get just the loan approval, stated mmortgage loans are almost non-existing anymore, so now you need to make sure that you will have a good income and enough money in your bank account to make payments for few months so the dti(debt to income)ratio will stay low.
Lenders loans have higher requirements now days, today you have to do two things before you will get a loan from a lender:
1.- Make sure your mortgage broker or the loan company you are dealing with know the lenders guidelines for your specific loan scenario.
2.- If you don't know a mortgage broker or any loans companies, educate yourself before approaching a broker or any lender out there to help you.
How to know who is the right mortgage broker for you?
First of all, now adays we have google or other search engines that can provide you information about any mortgage company in the world, how they started their business, who owns it, what is their proven record of success, etc. Also you can find a lot of information on websites like the better business bureau or your local chamber of commerce, you will know so much by talking to these companies.
Second of all, ask your friends and family to recommend you a mortgage broker or a loan company they have worked with in the past. You will be surprised about how much people around you know about mortgage broker and loans companies.
You must also know that every lender can provide you with different types of loans, you will not find a loan construction in a bank that is lending loans for businesses only, as you might also not go to a residential mortgage bank to ask for a commercial mortgage loan.
I always believed that knowledge is power, you will save time and money, you will protect your self as well protect your family's biggest assets- your home.
Let's think about the past 4 years and today, lots of people got into bad loans, lots of people just didn't know that they're getting screwed by the loan officer they always trust, and after they signed their loan documents and got their first payment they were wondering why, how and who is responsible for this to happen.
It's all your fault, if you had the knowledge to understand what are you signing, if you had the knowledge about the person you were dealing with all this would not happen.
So the only thing we have to do today is to learn from the past and correct the mistakes you've done in the future. A lot of people waste to much time thinking about why they did their mistakes instead of thinking how not to do them again, so learn and even learn some more.
I strongly recommend using the services of a mortgage broker that is knowledgeable with different lenders,loans, programs that are available out there, but don't forget to know who is the broker you're working with.
