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But there is also a price to pay, with many lenders preferring not to lend to those who have taken such action in the previous 2 or 3 years. So, what chance of getting a mortgage loan after bankruptcy?
Singapore is one of the newest players in the mortgage brokerage game and have adopted some regulation and licensing from the very beginning. But because it new, Many brokers slip through the cracks causing large gaps and discrepancies in the fee structures.
Being a Mortgage broker can be a very lucrative and rewarding profession. The challenge comes in being able to find creative ways to help potential homeowners finance their dreams. If you are interested in becoming a mortgage broker, check with your state for licensing requirements as those requirements vary from state to state.
Securing a mortgage can be a stressful process, but it is only to be expected that mortgage providers carry out detailed reviews of applicants. The problem is the time it takes. With that in mind, it may be worth seeking a pre-approved home loan with bad credit, to counter delays in closing on a property deal.
The chief concern for those of us who have found our dream home, and are anxious to complete the purchase, is time. Taking 90 days to get news on whether the funds will be released or not is almost too hard to bear. But with pre-approved mortgages the search can begin in the confidence that the funds are already available.
Still, the concept needs to be understood clearly before any applicant should rush to get a pre-approved home loan. That is why we have put together this brief guide on some of the key points.
What Does Pre-Approval Really Mean?
Actually, it is pretty self-explanatory. Applying for a pre-approved home loan with bad credit basically means that the required funding to buy a home is confirmed as available before the search for a home begins. The process involved in securing the approval is precisely the same as normal applications.
What is different is that a lender will give a successful applicant a letter verifying that a certain amount of funds has been approved and is available upon request. This letter is a guarantee of a pre-approved mortgage, so when producing it, it is as good paying.
While approval will still take between 60 and 90 days, the result of getting a home loan pre-approved is that the concern over funding is gone. So, the search for the right home can receive your full attention.
Other Useful Advantages
While getting a pre-approved home loan with bad credit does offer a great deal more convenience and peace of mind, there are other useful advantages to it too. For a start, it puts the home hunter in a much stronger negotiating position.
When negotiating a price, any uncertainty over the funds attainable from a mortgage provider can affect the deal that is finally done. In fact, it can even cost the deal completely. But with pre-approval, the buyer can know with certainty what they can afford.
Also, in some cases, real estate agents may offer a discount if payment in full is received within a certain period of time - especially when the seller is seeking a fast sale. Home Mortgage Eligibility: Determining Qualification, Jason Ruedy Mortgage Broker, Mortgage Loans After Bankruptcy: What Options Are Available?
