Vanilla Now 31 Flavors
Posted April 16, 2008
Vanilla Mortgages now 31 Flavors!
In the past, conforming and FHA mortgages have been considered “vanilla” mortgages. The reason for that label is that for many years these loans were very easy to do. Simply put the information into the computer and voiloa! you had your approval. My have things changed!
Over the past several months, lenders have changed guidelines and added “layers” to the risks involved with creating a mortgage. Used to be if you put 20% down, you pretty much could get approved. Now, even with 30% down, some people are having trouble. Why is that?
I would tend to think that the biggest reason so many lenders are getting turn downs is because they don’t know how to structure the deal properly from the beginning. Too many loan officers are just trying to keep up and have no way to keep up with the changes in the marketplace. So more and more loans are becoming turndowns. And once turned, too many loan officers have no idea what to do next and can’t give any advice on how to improve the chances of getting approved.
The Ed Nailor Mortgage Team works with all loan appliacants. We have great success with the Good, the Bad and the Ugly! The Good still require more work that we have seen in the past, and while almost any monkey can get someone with a 720 credit score approved, we specialize in structuring the deal to get it closed quickly and efficiently. The bad and the ugly require more work, but our success rate in getting approved and closed is high!
If you are in the market to buy a home in Charlotte or to refinance your Charlotte mortgage loan, let the mortgage loan experts in Charlotte get your mortgage application approved! Call us now at 704-651-8704.
This website provides information on FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. As a mortgage loan officer, Ed has proudly served home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
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