A home is more than just a place to live; for many, it’s also the biggest investment they’ll ever make. Per capita economic prosperity rests heavily on home loan origination – where there are more homeowners, the better the general financial landscape. This kind of autonomy builds communities, full stop.
When a couple decides that moving into a new home is the right move, they will want to know how much they can be approved for prior to finalizing their commitment. One of the leading alternative lending sources for residential mortgages in Massachusetts seeks to make pre-approval as easy as possible.
The Application Process
What kind of information can prospective applicants expect to see? Pre-approval disclosure usually includes social security, most recent work history, current living situation and personal finances. A profile overview gives a well-rounded outline before more specific data is revealed. Not the greatest part of the procedure, but the most important.
Some Approval Requirements
Active tax liens, bankruptcy, or a recent foreclosure typically derails the process. However, different rules apply among certain underwriters. Although subject to credit reporting, decisions are effected by credit score minimums. Once again, some firms are more rigid than others during origination.
Additional Claim Sources
Income calculation goes beyond normal working hours – overtime, bonuses, and commissions made within specific time periods count towards principal and interest outputs, ultimately increasing chances of qualification.
That aforementioned leader in residential mortgages in Massachusetts is Harper Financial, one of Boston’s alternative commercial institutions. Visit the site for more information.
