Whether you are buying your very first home, thinking about investing in property or, looking to purchase a vacation home, you need to know that the process of obtaining a mortgage simply is not what it used to be and with that, how financial institutions determine your eligibility to qualify for a loan. Will you need a pocket full of miracles? No, not exactly …just knowledge. Knowing if you qualify for a mortgage can be complicated. Doing it right the first time will not only save your money but time, disappointment and embarrassment.
The whole process of application and approval has become extremely restrictive. You need to place the power back in your hands because knowledge is power! Learning if you are a good candidate is the first step. Before you even call a realtor to start looking at property, you must have a prequalification letter from a banking institution. No seller will accept a bid on their listed property unless you can prove you have been prequalified in advance. Nine times out of ten, realtors will not waste their time or, their gas driving you around if you have not been prequalified. And seriously … do you blame them?
Banks and other wholesale lenders are just as cautious also and carefully scrutinize every applicant before offering a mortgage agreement and, rightfully so, in lieu of the last fiasco that brought our nation to its knees and economy to near ruin. What was once a fairly easy process has now become a little more complicated. Knowing everything about your credit is key. It is a blueprint of your worthiness and a major factor in determining the risk involved in granting you a loan, extending credit, obtaining insurance and making major purchases. The higher your credit score the less likely you'll be placed under a microscope.
The U.S. Department of Housing and Urban Development offers a valuable website that helps individuals personally analyze their qualifications in regards to home financing before they take that big step into the unknown. Knowledge is power and why not get all of your ducks in a row before sitting with a loan consultant. This valuable site will help you analyze your qualifications before you go through the process of qualification.
Finding a lender you can feel comfortable with is like any major purchase. Aurora loans are handled by individuals who work hard at making mortgaging easy. With 85 years of experience in the industry, Aurora Bank has loan consultants with an average of 13 years experience and the ability to help individuals work through their personal needs and provide assistance with an understanding of what life is all about.