HAVING DIFFICULTIES IN THE PAST GETTING A MORTGAGE? IT�S TIME TO TRY AGAIN

Just over a decade ago, getting a mortgage loan approved was about as difficult as changing a light bulb. Most anyone who could sign a loan application found there were mortgage companies eager to approve a loan, any loan, regardless of credit or even the ability to prove the borrowers could handle the mortgage payments. After all, if the borrowers ever found they couldn�t make the payment they could always sell the home for a profit as the housing bubble continued. Yet we all know what happened next. Lenders ran out of borrowers and people stopped buying homes. Those with poor credit or undocumented income found they had no one to sell to.

Then the foreclosure wave hit. Banks and mortgage companies went out of business in droves. Soon thereafter, remaining mortgage companies did a complete �180� and made it so difficult to qualify for a loan, it seemed nearly impossible to get a mortgage loan approved. All of those so-called alternative, subprime or �stated� mortgage loan programs vanished, as did the lenders who made them. For a period of years dating back to around 2008, mortgage lending seemed to come to a screeching halt. For those who applied for a mortgage loan before say 2015 and were turned down, it might very well be time to try again. Why?

Not because mortgage companies have become so lax in their approval guidelines but more to the fact they are returning to the traditional guidelines that have been around for decades. Lenders ask that you have a job and an employment history. You�ll need to provide documentation there are enough funds available for a down payment and closing costs and your credit scores don�t have to be stratospheric any longer.  Don�t be shy about applying for a mortgage again. If you have questions about the current mortgage environment, just talk to your loan officer who can walk you through the process and get you the preapproval letter you need.

For more information or questions about mortgage loans,
Please visit Majestic Home Loan

Or Call  (855) 757-8748