ALL I WANT TO DO IS BUY A HOUSE! - a good article about today's mortgage market.
Years ago, when someone applied for a mortgage they had to have money in the bank and proof of just about everything. Then, somewhere along the way, lenders relaxed their lending requirements, didn't follow up to verify income or debt, and lent money just based on the value of a home. Due to the mortgage meltdown, those days of just filling out an application and expecting to get a mortgage are gone. The reality if you want to by a home? It is a great time... low rates, low prices. But be prepared to be able to show proof of income, show months worth of bank statements, tax returns and other various documents to prove to a lender that you are credit-worthy. Lenders will also want to see money for a downpayment and closing costs readily available.
A blog about real estate news and information in the Northern Virginia area
No comments:
Post a Comment