Health & Fitness
So You Want to Get a Mortgage...
We all tend to talk about being fit, but being financially fit is one that we forget, so make sure that you are.
So, you want to get a mortgage and you are a first-time buyer. I suppose that everyone you know is giving you advice and telling you what to do and what to expect.
Perhaps you are a seasoned veteran of buying and refinancing homes and know what to expect.
Well... forget everything you are hearing and what you remember because the rules have changed and the change is continuing.
Find out what's happening in Apple Valley-Rosemountfor free with the latest updates from Patch.
First off, no two loan situations are going to be the exact same, so there will be differences as to what is needed or how the loan is looked at. A loan can be affected by a variety of things, including but not limited to assets, credit, job history, property value and more.
In the last few years the industry has changed so much that the landscape of it does not even begin to resemble what it was three months ago, let alone three years ago. The landscape of mortgage lending is continuing to change and what the future may hold, no one is sure of.
Find out what's happening in Apple Valley-Rosemountfor free with the latest updates from Patch.
A mortgage is much like getting a physical these days. You are poked and prodded for information to the point that the mortgage lender knows as much about you as possible. But just like a doctor they have to maintain the privacy of the information that they obtain and are not allowed to share it with third parties.
New things like HVCC (Home Valuation Code of Conduct), which are the new appraisal guidelines, have created hurdles for many and frustrations for most. Toss this together with all of the guideline changes and getting a loan can be frustrating. It is important that the person you deal with sets expectations for you and explains things for you. Most importantly if you dont understand something... ask. If you don't like the answer... ask again.
We all tend to talk about being fit, but being financially fit is one that we forget, so make sure that you are. Pay as much attention to your mortgage as you would your weight.
My hope is to continue to get information out about the mortgage process and changes that may be happening. It is also my hope that those that have questions reach out to me and I can answer them for all through blogging or directly with you. My contact information is thomas.smith@wjbradley.com or by cell phone at 612.386.7672.
