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Mortgage Borrowers Facing a Lot of Questions

If you are looking for a mortgage as a new home buyer or if you just want to refinance, then you should be ready to submit a lot of paper work.  Mortgage lenders are now requiring documents that they have never asked for in the past.  Mortgage lenders may ask for your pay stubs and your tax records for the past five years.

Lenders are now requiring that borrowers reveal intimate financial information that has never been asked for in the past and there’s a really good reason for it, they want to know if they will be paid back.  This is only part of how the mortgage industry has changed since and the fallout will continue.

Some wonder if mortgage lenders are now going to far with their inquiries, but some banks are wondering if they are going far enough.

Mortgage Lending in the New Age

A lot has changed with housing loans and most new home buyers will find that the process is tedious and filled with more paperwork and background checks than ever before.  Remember the days when fair credit could get you a home?  Those days are over.  If your credit is considered fair, then you might as well look at it as poor credit.  Good credit has now become fair credit and mortgage lenders are holding onto their money tighter than ever.

Getting a house may now be the hardest thing you can do.  Without the right credit scores and financial history, you may have to find consignors or wait until you can pay cash for a home.

It’s tough out there, but we hope that the information that we provide on this site can help you in achieving that dream.