As of 2019, more than 1 out of every 4 homes listed in the United States is owned by someone who is already in a mortgage. What is more, these properties are often purchased by those who are already in a mortgage and have made their payments.
For a long time, I was a bit concerned that the mortgage process was too long and complex and that people would think of it as stressful or too complicated. But after doing some research and watching a few videos, I’m starting to come around. The mortgage process is actually pretty straightforward and doesn’t use up a lot of time and energy. It’s a pretty simple process, just the mortgage application and the closing.
The mortgage is a bit like the credit card. It is a tool designed to make sure that you are not in debt or in danger of being in debt. The mortgage is basically a loan that you pay back in monthly installments. I think that mortgage lenders are also more relaxed about people who are already in a mortgage. They often understand that a home is an investment, and that people who bought these homes are probably already in debt.
While mortgage lenders are not quite as forgiving as credit card companies, they are not nearly as stingy. The fees that lenders charge are generally a small percentage of the total mortgage amount, and most lenders waive the initial closing costs. As long as your loan is on time, you can expect to get a loan approval in as little as three days. But the best part is the fee waiver comes with an additional fee.
If you have a bad credit or bad debt, you may have missed the boat on these fees. But if you have good credit and a low credit score, you can still avail yourself of these services. You can even go for a home equity loan, which allows you to put your home equity in an interest-bearing account.
In the past, if you could not pay your debt, it could get you evicted. Now, no one can evict you. The bank will waive the initial closing costs and the seller will waive the fees, but if you can’t pay, you will not be able to get the home. The seller can also waive the fees, but only if you are willing to pay the full amount.
In the past, if you were trying to sell your house, you would have to negotiate with the bank, and get a commitment to purchase the house. Now all you have to do is just fill out the paperwork and have the bank write the check. It’s all in the paperwork.
I can’t say I’ve ever had any real problem with lenders. What I’ve had is a lot of the lenders that I deal with, they are so stingy with the paperwork that most of the paperwork is just a list of my credit score and a few boxes of mortgage information. And I can easily tell these lenders are not going to be able to give you a commitment to purchase.
I am not a real estate agent so I cant speak to that. But I have found that lenders (especially banks) are very stingy with paperwork. At least when it comes to mortgage information.
In some cases, lenders will charge you a significant amount of fees to have the paperwork filled out and approved. I’ve heard about how the bank will give you a form to fill out and the lender will take a few seconds to type and fill it out. For some lenders, it can be as long as eight hours.