I’m sure you’ve heard the sayings: “If it seems too good to be true, it probably is”, and “Nothing in life is free”. So, how can a no closing cost loan really be no cost? There’s got to be some costs hidden somewhere, right?
It’s time to take responsibility America. People are taking advantage of us because we allow them to. There will always be statistics like these mortgage brokers until we decide to be responsible for ourselves. Big Brother has too much on his plate to regulate an industry that only needs it’s consumers to be more diligent. It’s up to us to fix this problem, and the solution is readily available if we look.
We all know how important curb appeal is. Get those yards cleaned up, front and back! Remember, an appraisal has pictures of the back yard as well as the front. I know this sounds silly but a junky back yard tells an underwriter a lot about your home’s interior and maintenance routine. A buyer may over look it but the appraiser and lender do not.
All mortgages have pitfalls, and a BTL mortgage is no exception. You may have dry periods where the property is empty, or you may find it needs some major repairs doing; you’ll need to prepare for any contingencies and add the cost to your rent.
As the real estate market has gone south in many parts of the country, the financial side of real estate has followed suit. That means that lots of Americans who would have and could have gotten financing back in the height of the market are simply not able to do so right now. Many would say thats a good and needed correction to the marketplace. There are some, though, who would quickly point out that the lending industry has become too tight in their practices. In other words, there is a large sentiment that the pinskymortgages.ca banks have gone too far in trying to right the ship.
To think of you as a suitable candidate most lenders will want to see that you have been with the same employer for a few years or in the same industry at least. How often do you change your place of residence also comes into mind as well as your credit history. Of course how attractive you are as an employee also plays some part here, things such as your qualifications and the strength of the industry you are in.
With these tips in mind, you’re now ready to embark on the home buying adventure. Becoming knowledgeable about the process will help you get through it without snags or surprises.