Mortgage Lender Advice: Survive These Mortgage Hiccups

Mortgage Lender Lahaina HIThese issues don’t have to halt your mortgage process if you use this advice from your mortgage lender.

Applying for a mortgage requires time, focus, and a lot of paperwork. It’s all worth it because the end result will be getting into your dream home, right?

Unfortunately, not everyone gets that happy ending. You can, though, if you use this advice from your mortgage lender to overcome these common mortgage hiccups.

  • Too much debt. Your lender is going to look at your debt-to-income ratio. They don’t want to see your consumer debt taking up more than 45 percent of your income. If it does, though, you can still qualify for a loan if you can reduce your payments on your other debt or find a way to reduce your payment on your mortgage (e.g. put more money down).
  • Bad stuff on your credit report. If you have something negative, like a recent short sale, show up on your credit report, you might have your conventional loan slip away from your grasp. That doesn’t mean you can’t get financing, though! Talk to your lender about alternative loan programs, like the one offered by the FHA.
  • Income changes. You start your mortgage process based on your household income, but what happens if it changes partway through? If you started earning more, that should only bode well for your home loan. If, however, you experienced a drop in income, talk to your lender about other ways to keep your mortgage on track, like saving more for your down payment.

If you’d like to work with a mortgage lender who will do everything possible to make sure no obstacles stand in the path between you and your future home, contact Avis Lending. Our teams in Lahaina, Hawaii and Irvine, California are here to guide you through the mortgage process, ensuring that you never find yourself without the home loan you need.

 

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