Hunting Down a Home Loan? Here is What Banks Want To See – Irvine Real Estate – Irvine Homes

Looking for a home loan? Experts say now is the time to buy a home

if you can afford it thanks to record-low interest rates and the average 30-year-fixed mortgage currently at around 4.5%.  

But there’s a flip side. Banks and lenders have been notoriously stingy with credit during the Great Recession. In fact, studies show that home loans are tougher to get than ever. A Capital Economics study shows that a “substantial” majority of banking industry executives say that mortgage loans will remain “tighter than customary” for the next few years.

To get a home loan these days, you have to stand out in a crowd, and give banks no reason to turn you down.

Banks have very complex rules and under writing systems to approve a loan–and I should know. Prior to founding CreditSesame.com, I helped banks build and improve pricing and credit decision systems and learned that despite the complexity, there are several simple factors that determine whether you get a “thumbs up” or a “thumbs down” on your home mortgage.

So, whether you are looking for your first mortgage or refinancing to lower your payments, here are five things you can do to better your chances of getting a home loan.

Wow, this is a great post for home buyers and even sellers considering listing their home for sale and marketing to the right buyers. We all know that interest rates are 4.5% right now which is historically low, however we also know that qualifying for a loan isn’t the easiest thing to do. Bank are getting tighter and tigher on what they are looking for and this article breaks it down nicely and gives an itemized list of what you will need to provide to the bank to get approved….Check it out!!