4 Things You Need to Know When Qualifying For a Mortgage
Unfortunately, many so-called experts have led the public to believe that qualifying for a mortgage in today’s environment is extremely difficult. In reality, although the documentation for mortgages is as extensive as ever, qualifying for a mortgage isn’t really any more difficult than in past years.
During the housing boom of the early 2000’s, many firms rolled out all kinds of creative financing options for prospective homebuyers. Stated income loans, sub-prime loans, etc. were just a few ways homebuyers could finance with minimal paperwork or qualifications. These niche products played a role in the mortgage meltdown and as a result, are no longer available in the marketplace.