Mortgage Myth # 4 All Lenders are the Same
This is one of the most ridiculous myths in the Real Estate Industry as no two lenders are the same. Your average consumer looking to buy or refinance a home sees nothing but the BIG print in all advertisement and does not notice the small print which is where they get you.
Here is one example, is your bank a Qualified lender or not? If they are you will be limited to a total debt to income ratio of 43%. This 43% includes your total monthly debts and your mortgage payment.
Non-qualified lenders can go up to a 47% debt ratio for conventional home loans and up to 55% for those loan guaranteed by either the FHA or VA.
Not every lender has the same credit requirements to grant an approval for your home purchase. Many of today’s lenders will not go below a 620 score for conventional lending and below a 600 score for any government insured loans. There are many lenders out the that will finance Government insured low as low at a credit score of 580 and even lower with compensating factors.
Not all lenders have the same speed and efficiency when approving your loan and clearing your loan to close. Some lender are extremely efficient and can close you within 30 days of application
As you can see not all lenders are the same, they will vary from one company to another. A seasoned mortgage broker will be able to help you navigate what programs and lenders are best suited for your specific needs.
Give us a call today at 631 589 3600 and put our 30 years of experience to work for you .