Ask Kyle: How Hard Is It to Get a Mortgage?
October 22, 2008 at 5:26 am Leave a comment
I’ve been out beating the streets and am amazed at how often I’m asked about qualifying for a loan. There is a misconception that loans aren’t being funded.Is it true it’s nearly impossible to qualify for a home loan?
Absolutely not; we’re still busy helping homeowners with both new purchase loans and refinances. Lenders are back to the basics, requiring decent credit scores and a little bit of down payment. There are also several loan programs designed to help first time home buyers. Borrowers can qualify with credit scores as low as 600 and as little as 3% down payment. Other than credit scores banks are looking for income and assets that can be verified. Overall the scenario needs to make sense and be well documented.
Not all loan officers are equal and you want to ensure you have a knowledgeable mortgage professional working on your behalf. If you’re looking to buy a new home or refinance your existing mortgage give me a call to discuss your options in this ever-changing lending environment.
Kyle B. Bailey
Mortgage Planner
Mountlake Terrace Branch Office
6100 219th St SW Suite 480
Mountlake Terrace, WA 98043
Direct: 425.673.8227
Cell: 425.293.5371
kbailey@golfsavingsbank.com
Entry filed under: Ask Kyle - Our Mortgage Expert, • Real Estate. Tags: Seattle home finance, Seattle mortgage, Vashon home finance, Vashon Mortgages.
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