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4
What If I Don't Currently Qualify For a New Mortgage?
Ruhl&Ruhl realizes that when the idea or dream of purchasing a home starts to circle around in your mind, majority of the time the title above does not accompany that thought. And while this type of situation is unbelievably frustrating, keep in mind that you do have options. Ruhl&Ruhl Realtors along with 1862 Mortgage is here to help. Let's start from the beginning, say you have begun your home search and you meet with a Lender. That Lender will review your credit along with income and assets to determine if you qualify for a new loan. What happens when you find out you do not qualify? First, find out what steps you will need to take to get qualified. These may vary and include a credit improvement plan, a savings plan to accumulate your down payment and closing costs and/or a plan for how long you must be on your job or earning variable income. These are steps that you can work on to become a preferred buyer. They may take a few months or a few years, if you have had a more serious credit event such as a recent foreclosure or bankruptcy. However isn't it important to get and work on a plan if you truly want to purchase a home? An important thing to keep in mind is that you will want to find and work with a lender that has the time to assist you in making these steps a reality. You do need to know there is no "Magic Bullet" and that it will take work and discipline on your part. Mortgage qualification guidelines are still constantly changing and in most cases tightening. It may not get easier for anyone to qualify for a mortgage loan in the short term. We at Ruhl&Ruhl Realtors partnered with 1862 Mortgage will always be here to help you achieve that next step. The pre-approval process is completely free. Our 1862 Mortgage Loan Officers are trained to help you improve and plan so you can work towards the goal of homeownership. Please call 563-441-1776 or visit RuhlHomes.com/Mortgages to get pre-approved or to speak with a loan officer today.
