MySanDiegoMortgage.com, an information website which serves as a guide and resource center for people in the market for a mortgage, has recently invited mortgage industry professionals to continue adding to its collection of reports, articles, and features. The latest to add his insight is Matt Young, a real estate mortgage-lending professional who talks about the mortgage lending world of 2011. Where we were, where we are, and where we are headed, information that will truly be beneficial to people looking to borrow this year.
To begin, Matt gave a quick rundown of what happened to the mortgage lending world during the past decade, and what it ultimately led to, that is, the housing crash in 2006 and beyond. He continued to detail what happened in the following years, saying that the industry seemed to have corrected the problems, however, he also said that after undergoing several legislation changes, getting a loan these days can now be exhausting and frustrating. This is where his knowledge comes into play.
First, Matt stated the three critical things borrowers need to prove in order to be eligible, like having enough income to quality for the monthly payment. Also, the borrower has to have enough money stored in the bank to be able to cover the downpayment and closing costs. Lastly, the borrower also needs to specify what he or she intends to do with the property, like living there, or using it as a vacation area, or renting it out.
Matt continued by giving tips on how a potential borrower can improve his or her chances, like being able to prepare financial documentation like proof of income, assets, and occupancy. He then continued by stating new timeline constraints these days aren't optional and that only banks can order an appraisal now. And lastly, he stated that bank underwriters are not questioning the person, and that questions shouldn't be taken personally anymore.
Finally, he mentioned that while things look grim, there is hope and things are improving, stating that moving forward to the future, loan programs will be flexible to a point. To read more about Matt Young's insights, go to San Diego Mortgage. On the website you'll find Matt Young's complete report with many other articles and information that will help you with all your needs.
To begin, Matt gave a quick rundown of what happened to the mortgage lending world during the past decade, and what it ultimately led to, that is, the housing crash in 2006 and beyond. He continued to detail what happened in the following years, saying that the industry seemed to have corrected the problems, however, he also said that after undergoing several legislation changes, getting a loan these days can now be exhausting and frustrating. This is where his knowledge comes into play.
First, Matt stated the three critical things borrowers need to prove in order to be eligible, like having enough income to quality for the monthly payment. Also, the borrower has to have enough money stored in the bank to be able to cover the downpayment and closing costs. Lastly, the borrower also needs to specify what he or she intends to do with the property, like living there, or using it as a vacation area, or renting it out.
Matt continued by giving tips on how a potential borrower can improve his or her chances, like being able to prepare financial documentation like proof of income, assets, and occupancy. He then continued by stating new timeline constraints these days aren't optional and that only banks can order an appraisal now. And lastly, he stated that bank underwriters are not questioning the person, and that questions shouldn't be taken personally anymore.
Finally, he mentioned that while things look grim, there is hope and things are improving, stating that moving forward to the future, loan programs will be flexible to a point. To read more about Matt Young's insights, go to San Diego Mortgage. On the website you'll find Matt Young's complete report with many other articles and information that will help you with all your needs.
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Here is great information for people considering moving to San Diego: San Diego Homes For Sale and San Diego Mortgages
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