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Wisconsin Mortgage Challenges
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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.
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