Mortgage isn’t as easy to obtain as it used to be. Before the financial burst, the majority of working folks could get a mortgage. Some even borrowed beyond their capacity and took second mortgages. They borrowed to the max of the loan, 100% of the purchase price or more without putting down any of their own money. It a tactic that many young buyers bought into and thought it was the smart way to go. And given what had happened to most home buyers, they all walked away from their debt and homes.
Now a day it is a different story. Less people are able to get loans and more people are rejected on the daily basis. The guidelines for qualifying are much stricter. Most banks are not using the no-red-tape loans anymore. No-red-tape allowed a person to give an “estimate” of income and that was one of the criteria the underwriters used to qualify loans.
It is probably a good thing, since it is not typical that a young person could afford a mortgage in California given the high median sales price. To own a home in Silicon Valley, it usually requires two incomes.
Applying for a home loan is very time consuming, especially, if you have to wait for the loan officer to submit your paperwork. With Aurora loans you don’t have to wait, you can do most of the leg work yourself. You can shop for the type of loan that works for you, because you know how much you can afford, and what you would be comfortable with.
Today, services are leaning towards more self-service. Electronically signed, documents faxed or scan instead of having the actual person bring them to you. No more trips to bank and less hard copies each day, almost everything can be done with a computer and internet.
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The Right Home Loan for You