Title Image

A Quick Troubleshoot Guide to Getting a Mortgage

A Quick Troubleshoot Guide to Getting a Mortgage

Making Mortgages Easier!

More often than not, mortgage lenders are quite concerned about numbers. So unpoetic of them. But that’s the way it works!

The leading surveys show that mortgage rates are expected to rise up to about 5 percent in the year 2014 (by the Ist quarter). On top of that, the stricter regulatory implementations are determined to put further brakes to the borrower’s dreams.

Mortgages don’t come easy unless you are the perfect candidate with a flying credit score, low loan-to-value ratio and an yes sire! to pay the heavy down payment. The candidates who are good at these parameters are called as prime borrowers in the market.

The good news is, as per the latest Fed survey, getting a mortgage approval is going to get easier in 2014 for prime borrowers. The bad news is, most of Americans are not prime borrowers. According to a recent research conducted by Zillow Mortgage Marketplace, only 3 out of 10 Americans qualify for a mortgage.

So, it doesn’t come as a surprise that getting a mortgage is nothing short of a headache for most of you. Well then, sit back and let us come to your rescue.

Trouble: Your Loan-to-Value ratio is high

Solution: Either lower your loan amount or raise your financial value
Consider, lending a fraction from your closed ones. Lower your expectations, do away with a smaller home for now.  Wait for a while to make a decent corpus. Going by any of these ways, you will be able to lower down LTV ratio.

Trouble: Your Credit Score is not that impressive

Solution: Make it so!
You might have heard it a lot many times, but you should really work on improving your credit score, before going for a mortgage application. A good credit history not only eases the approval but also lowers the interest rate on your application. So before you apply, pull your credit score proactively. If you feel it might not just get you through, put your plans on hold.  Set a time frame to improve your credit score. Start to repay all your current and outstanding debts religiously. Just a matter of time and you’ll have a flying score to qualify as the lender’s preferred customer.

Trouble: Don’t know where to find the right lenders.

Solution: Compare quotes online.
Before you zero in a mortgage, compare quotes at an online comparison portal. The comparison engine lets you to understand the market and get a hold of the options available to you. It not only widens but also filters your options according to your specific needs. You will be surprised to know finding and comparing mortgage rates online is a breeze.

Trouble: Your lender is yet not convinced

Solution: Go for guarantor mortgages
Is your lender still not putting his trust on you? Then find someone who they can trust. Find someone in your family, friends or acquaintances with a good credit score and sober mortgage repaying record. Ask them to be the guarantor on your loan. A guarantor promises a lender to be liable to repay mortgage if the borrower fails to do so. With such a promise to back the mortgage, lenders have no problem to lend you out.

Trouble: Still not able to win over’em?

Solution: Resort to subprime mortgages
It’s easier to understand subprime mortgages when seen in contrast with prime mortgages. Subprime mortgages are given to applicants with lower-than-average credit scores who usually do not qualify for prime mortgages. But what’s not-so-good about subprime mortgages is that such mortgages are offered at a higher interest rate and a big upfront fee to bear. The subprime mortgage sector stumbled during the 2007 US economic downturn. However, subprime mortgage industry is expected to gain back its grounds this year. If nothing else worked for you, this surely will!

And lastly, do not forget, mortgages have to be chosen with due discretion. Never make a decision in haste. Go for a lender that has the right credibility and credentials.

Coming Soon!

The New Private Eyes Platform.

Background Checks | LegacyLender Solutions | Login

For any questions contact us at (925) 927-3333.

Site Security Notification

 

Use the buttons below to continue your login.

For SITE SECURITY purposes and to ensure that this service remains available to all users, this computer system employs software programs to monitor network traffic to identify unauthorized attempts to upload or change information, or otherwise cause damage. Unauthorized attempts to upload information or change information on this service are strictly prohibited and may be punishable under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act.

NOTICE: We will not obtain personally-identifying information about you when you visit our site unless you choose to provide such information to us.

Point of Contact for Security and Monitoring: Frank Santa Elena email: security@pebackgroundchecks.com Information Systems Security Officer (ISSO) for www.privateeyesbackgroundchecks.com phone (925) 927-3333.

For any questions contact us at (925) 927-3333.

Find the Right Lender Solution

Fill out the information below and we will contact you or call us at 925-927-3333



First Name*
Last Name*
Email*
Phone*
Company*
Street
City
State
Zip Code
Number of Employees
Where did you hear about Private Eyes?

Find the Right Background Screening Solution

Fill out the information below and we will contact you or call us at 925-927-3333.



First Name*
Last Name*
Email*
Phone*
Company*
Street
City
State
Zip Code
Number of Employees
Where did you hear about Private Eyes?

Candidate Assistance

If Private Eyes is running your background check, please contact our Customer Service department. A person on our team will be more than happy to assist you

Email: CSS@pebackgroundchecks.com
Call: (925) 927-3333

Private Eyes Customer Assistance

If you are a current customer, please contact our Customer Service department. A person on our team will be more than happy to assist you.

Email: CSS@pebackgroundchecks.com
Call: (925) 927-3333