With lenders being more cautious these days and so many investors wanting to snap up a great property at a great price, it is no wonder that the mortgage application, usually termed by its technical name the “1003” is causing many people to be more careful in taking their time to fill in the application.
By spending time on your application and carefully inputting all of the information makes it less likely that a lender will decline you or ask for more information all in all speeding up the process. By being precise and cutting out any vague details underwriters – whether automated or human can instantly see a financial picture of you and along with your credit report your credit worthiness/risk to the lender.
So if you are shopping for a new property in the area then get pre-approved for a loan and make sure to have detailed information on hand in the two most important areas – income and expenditure. Additionally, new legislation is forcing lenders to be more cautious of Identity theft, so make sure you have sufficient proof of ID to include with your application.
If you are looking to purchase a property in New Albany and are already pre-approved for a mortgage or are looking for mortgage advice then please contact The Raines Group for all your Real Estate needs. You can contact them through their excellent website: www.therainesgroup.com or by calling (614) 418-7417.