Whether you’re afraid someone will judge you for being unqualified, or you just can’t admit to yourself that you don’t have enough resources, asking questions on various issues can be hard, and sometimes embarrassing!
In real estate industry, count on the fact that loan officers have the answer to all uncomfortable mortgage questions home buyers are embarrassed to ask. Opening up your personal life and your finances to someone you just met isn’t easy. Understandably, many borrowers are hesitant about laying all their cards on the table.
So what are these itchy, awkward questions?
A strong financial relationship is built largely on emotional trust. In short, loan officers are looking out for a borrower’s interest that can empower you to make a financial decision you’ll be happy with. It’s important to be honest to get a direct answer and possible solution.
You’ve separated from your spouse but can you divorce your mortgage? During a divorce, factors like mortgage payments, utility bills, home size, and family living arrangements all come into play.
Your loan officer will find ways to work with you, with options to modify or reaffirm your loan, so you can keep paying on and living in your house.
Talking openly with your loan officer, as well as discussing the ways you’re trying to pay down the debt, could improve your odds of loan eligibility. Neglecting to tell could sabotage your loan approval.
An underwriter will typically ask for verification on a significant deposit that are unrelated to your earnings, to ensure it came from an acceptable source.
It’s likely, and selling a loan to a servicing company is one way many lenders stay in business. It frees up the funds a lender needs to take on new borrowers, and it allows a lender to continue to offer affordable loan programs.
Your loan officer wants to help you keep your home as much as you do and can explore options like mortgage refinance, loan modification, a repayment plan, mortgage assistance programs, forbearance, or short-selling your home to avoid foreclosure or bankruptcy.
Buying a house feels easy when your realtor is doing the heavy lifting. And it’s always legal to break up with your realtor after the contract’s been signed because of poor communication, lack of experience, weak negotiating skills, personality mismatches, and more.
And if you need a realtor, TALK TO US! CPD Homes is a Cleveland, Ohio-based company and we buy houses in Cleveland Ohio from struggling landlords, distressed homeowners and even individuals who are looking for a sound investment yielding significant ROI. Many homeowners in the United States struggle with homeownership, which is why CPD Homes established its service of helping distressed homeowners, provide solutions and answer any questions home buyers embarrassed to ask!