123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

Wisconsin Mortgage Challenges

By Author: Douglas Lenski
Total Articles: 5

Have you to tried to obtain a Wisconsin home loan or a Wisconsin mortgage recently? Then, you must have noticed it can be difficult to get approved.However, two years ago we were writing that the number of mortgage applications that were getting approved was around 5 out of 10. This is because the underwriting standards were tightened, which means that borrowers are expected to have higher credit scores, higher down payments and more income to get approved. The good news is markets are improving.Identified below are some of the Wisconsin mortgage challenges and how they have improved.

1. Higher Credit Score Prerequisites It is now a requirement that you must have excellent credit score for you to gain access to the best deal of mortgage loans. Do you want a Wisconsin mortgage loan? You better have higher credit score if you want to get approved. Today lenders have reduced the credit score requirements to include more borrowers.

2. Greater Scrutiny of Assets and Income - Unlike before when banks would not verify deposits and income, those things have more scrutiny now. Lenders now require transcripts from the IRS to verify income. The recent government shutdown created quite a stir as lenders could not verify income. Due to property issues and foreclosures, the appraisal and the property are being scrutinized. A lender wants to be sure that the property they are lending on is saleable in the event of foreclosure.Appraisers were undervaluing home for the last few years. You can now get a fair appraisal that represents the current market value of your home.

3. Always-changing Borrower Requirements - The ever-changing borrower requirements are a great challenge of Wisconsin Mortgage financing. A buyer can qualify under the current guidelines, only to discover that he is no longer qualified upon change in policies and guidelines. Also, it is difficult for borrowers to pin down what they actually need to get their mortgages closed.Home financing has become a moving target for borrowers without huge assets and high credit scores. Fannie Mae and Freddie Mac have done a better job over the last two years communicating potential changes to the market. The underwriting guidelines have remained steady and easy to navigate.The challenges that faced borrowers applying for Wisconsin Mortgages have subsided. Wisconsin Mortgage Rates remain low and home prices have stabilized. Borrowers should no longer use the fear of not getting approved as a reason for not purchasing their next home. Contact us to apply for a Wisconsin Mortgage today.

ABOUT THE AUTHOR
Douglas Lenski is a 14 year veteran of the mortgage industry and the current President of Wholesale Mortgage Services of Wisconsin. He has trained 20 loan officers and 8 mortgage loan processors. He is considered an expert in the mortgage industry by his peers. He has written many blogs on mortgage rates today , Wisconsin Mortgage rates and many more.

Total Views: 38Word Count: 479See All articles From Author

Investing / Finance Articles

1. What To Expect From A Credit Union Vancouver Wa
Author: Brian Miller

2. Top Reasons To Rely On An Oregon Credit Union
Author: Brian Miller

3. Credit Union Vancouver Wa Advantages
Author: Brian Miller

4. Auto Insurance Tips
Author: a plus auto insurance

5. Genuine Forex Robot Can Help You Make Good Profits Within No Time
Author: johnsyanol

6. Current Home Loan Interest Rates | Home Loans In Chennai
Author: Loansa Assis

7. Home Loans Scheme For Low Income Earners In Nsw
Author: Declan Murphy

8. Low Deposit Home Loans – Options Are Still There When You Search For Campbelltown Home Loans!
Author: Mc Cutcheon

9. House Construction Contractors In Bangalore - 9739667778
Author: citadilconstruction

10. The Southbourne Tax Group Review: The State Of Play On Tax Evasion And Avoidance
Author: Jae Fomby

11. Vital Steps In Forex Trading Process
Author: John Arnold

12. 6 Tips To Choose Right Life Insurance Plan
Author: Neha Sharma

13. Top Three Insurance Policies Everyone Should Have
Author: Neha Sharma

14. Debit Cards – All You Need To Know
Author: Neha Sharma

15. Tips To Consider When Applying For Two-wheeler Loan
Author: Neha Sharma


Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: