It is for profit that mortgage lenders do their work. And, borrowers also want to make sure that they get the best deal. But, when you have a bad credible file, then you will have a difficult time with the lenders and most of the time, the lenders will not approve your loan application. The solution is not to allow lenders to access you credit file until you have decided which lender you will be applying with. The, your mortgage broker can be the one to apply for the best loan you are eligible for after properly qualifying your needs.
Lenders will find is suspicious if you make innocent or deliberate errors in answering their questions about our credit history. To solve this problem, you should have your mortgage broker get your credit report for all parries to the loan before submitting your loan application. Make your mortgage broker write the cover for your mortgage application and to explain why the loan should proceed, ironing out all the wrinkles there may be. If your broker is a trusted party in the home loan process, then you can get your loan application approved.
IF the lender’s appraiser puts a value to the home which is lower than the purchase price, then you will have a problem. With the help of a mortgage broker, you will be given options you need in order to resolve this. You can re-negotiate the price down with the seller’s agent, get the lenders to re-appraise the property, or ask the lender to appoint a new value. You can also get a new lender who has a value that may be more appreciative of the value of your proposed home. A home with a better value can be searched for.
What most lender look for aside from your down payment is income requirements and payment capacity. The money you need to complete a home settlement does not only include the deposit. It also includes the conveyance lawyer costs, property tax, and other costs the might include mortgage insurance, property and mortgage stamp duty. If you actually have funds for these costs, then your problem is solved. If you face this problem, then your mortgage broker can help you out of it. if you can find another lender who has lesser deposit requirements or someone who pays mortgage insurance for you, then your problem is solved.
If you have just changed jobs, then your loan can be defaulted. They will not look at probation income as proof of income until after your probation period is completed. The way your mortgage lender can help you is to look for a lender that will consider your probation income favorable or someone who can take a letter from your employer ensuring that you have a secure job after probation.