One of the most common issues faced in the qualifying process for a loan is change of jobs. Thinking of someone such as Ben Bernanke not qualifying for a refinance on his mortgage may seem ridiculous, however when you look at his recent change in employment it fits the average borrowers’ typical woes to a tee. Bernanke switched from a steadily salaried government job with 11 years of history to a much more sporadic and unpredictable position as a speaker and author. Though he has the potential to greatly surpass his previous annual income level, it is the irregular pattern of what will be his new income that raises the red flag.
This as well as other factors including credit scores, over paying for your home, and debt to income ratios can be difficult to navigate. With the strict standards banks must meet today, borrowers are feeling the wrath. There IS good news. The gap between qualifying for a traditional mortgage or refinance and being forced to rent has been bridged by way of private lending.
Private Lenders approval process are collateral based, meaning they base the majority of their decision off of the value of your property. Typically they have a much greater understanding and knowledge of Real Estate which frees them to look at each deal on a case by case basis.
Here at Hanson Capital Group, we understand that not everyone is the “ideal borrower” in the eyes of corporate banks. When other banks say no, we say YES. To find out how, contact us today by filling out our quick loan application!
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Related: STATED INCOME AND SUBPRIME LOANS ARE BACK!