Tricks to improve residential financing outcomes [Video]
Posted on Tuesday, July 5, 2016 at 12:03:58 PM
Residential financing has hit among the most promising levels seen in years with respect to rates, terms and approval frequency, but many home buyers will still need to ensure that they are putting in the leg work to get the best possible deals.
Consumer Reports recently suggested several tips for homebuyers who fall into certain categories and backgrounds. For example, the source argued that those who have outstanding debts exceeding 36 percent of their gross annual income should look to bring that figure down as quickly as possible. If they cannot, Consumer Reports noted that applying for smaller loans will be among the only ways to get the lowest possible rates.
What's more, the organization stated that self-employed homebuyers should be submitting Schedule C reports to prove cash flow and value to lenders.
Because the residential financing market can be a bit tricky, individuals looking to purchase a house should always consider leveraging the support of local lenders. This approach will ensure that no opportunities are missed, and that the mortgage received aligns with the financial capacity and goals of the buyer.