Vahe Hayrapetian and Other Agents Can Help With Mortgage Difficulties

It’s been years since the housing bubble burst, but people in the financial sector still remember it well. Since then, it has become more difficult to qualify for a mortgage or a home loan. This can be bad news for people looking to finance their homes with the money they can borrow. Fortunately, mortgage loan brokers such as Vahe Hayrapetian are there to help you get your loan. Here are a few examples of the hurdles they can help overcome.

Tighter Standards

Anyone in need of a loan must meet the strict requirements for getting one. There are no stated-income or low-documentation loans anymore; you’ll need to back up your income claims with proof. Lenders are also hesitant about cash-based industries. Furthermore, lenders are also leery about future employment prospects; they’ll want to be assured that you are gainfully employed at present and are capable of paying your monthly installments.

Stricter Lending Practices

The tighter income standards are just a sign of lenders practicing more caution nowadays. In the past, anyone could apply for a loan; minor mistakes and missing information were even sometimes ignored. Today, lenders assume greater accountability for every loan they approve; this means they want you to cross your T’s and dot your I’s, and provide all the necessary information before they grant your loan application.

Stringent Checking

This cautious approach to lending has also lead to more thorough background checks, particularly as regards your credit reports. Any positive or negative change can impact your loan application to a considerable degree. This is especially the case with pre-approved loans; miss a payment and you may find your application denied outright. A lot of modern loan programs also set minimum qualifying credit scores; go below that limit, and you’ll find your loan request rejected.

More Limits Imposed

You might also find that you can’t borrow as much as you want. Most lenders today will base your mortgage amount on your income; this ensures that you can reasonably pay back what you owe.

Be Confident with Help

While these hurdles may seem insurmountable, you can count on experienced loan originators such as Vahe Hayrapetian for help with mortgage pre-approval, or the process that lets you know how much home you can afford. Learn more about how a mortgage broker can help by visiting thetruthaboutmortgage.com/what-is-a-mortgage-broker/.

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