Advantage Lending along with lower interest rates have sparked a new wave of buyers. Lending practices are also changing, making it important to work with qualified mortgage lenders.

Specialty Mortgage Lending Made Simple

Finding the perfect home is a dream come true for many individuals and families. This victory, especially after a long search, should not be dampened by a difficult lending process. Advantage Lending helps buyers bridge the gap between looking and buying.

First-Time Homebuyers

The pre-qualification stage is enough to discourage many first-time buyers. There are a few steps consumers can take to ease the burden.

First, look into some of the first-time homebuyer programs available. These vary by location and are offered by federal and state programs as well as individual lenders. After just a few minutes of research, most borrowers can discover how much home they can afford.

Prepare Loan Documentation

After learning how much home is actually affordable, buyers begin the process of gathering documentation for loan underwriters. This process does not have to be laborious. Experienced loan professionals like those at Advantage Lending are able to assist buyers with collecting documents and creating an organized digital file.

Brokers, lenders, and underwriters must successfully vet information supplied by lenders in order to qualify for a mortgage. Loan originators essentially have two unique roles in the mortgage process. First, they have the burden to supply proof that a buyer is able to reasonably afford a loan. Second, loan originators and underwriters must provide evidence that a borrower is an acceptable risk and is more than likely to repay the lender for the duration of the mortgage note.

Specialty Loan Options

In addition to first-time buyers, some other qualified borrowers have additional options available to them. Active or retired military personnel may be entitled to mortgage loan benefits. VA loans typically have more lenient criteria and lower interest rates. Considering that current interest rates are trending toward a buyer’s market, many veterans are gearing up for a home search.

Business owners and self-employed buyers often require additional support when qualifying for a mortgage. Advantage Lending is able to assist in the process of preparing for underwriting these types of specialty loans.

Self-employed borrowers should be prepared to provide profit and loss statements, tax returns, and bank statements. These documents should cover a minimum of three years. Longer periods of documentation are preferred by many lenders.

With the right knowledge, preparation, and professional assistance, getting the best mortgage for your soon-to-be home doesn’t have to be a difficult or stressful process.