The "Science" of Pre-Qualifying Home Buyers During the 1st Quarter of 2014



The "Science" of Pre-Qualifying Home Buyers 
During the 1st Quarter of 2014


     Some would say that Pre-Qualifying a Home Buyer these
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days is a Science.  That meaning there is an exactness to the process as it now stands during the 1st Quarter of 2014.  

     I'd say that's definitely wrong.  The many changes that have taken place in the Lending Industry (including those that kicked in on January 10th, 2014), have erased much of the exactness from any current lending equation.

     As Mortgage Lenders make adjustments because of the new guidelines regarding "Ability-to-Repay" (ATR) and the reduction in Debt-to-Income-Ratios (DTI,) there will be an adjustment period ... one with a bit of a learning curve attached to it.  In addition, the technology associated with Underwriting and Mortgages will also be tested and most likely run into some challenges. 

     Sure, some things remain much the same, such as the documentation needed from Borrowers for Pre-Qualification and Approval.  But throw in the long list of variables that must be also considered while seeking an Approval:
  • Credit Scores
  • Depth of Credit
  • Employment History
  • Length of Employment
  • Income Amount 
  • How Income is Earned
  • Amount (percentage) of Down Payment
  • Source of Down Payment
  • Reserves (Money retained by the Buyer after Closing)
  • Residual Income (Money left over after Mortgage Payment and other Debts are paid monthly)
  • and More
     plus ... the cumulative effect of all these factors ... and you see how and why there just might be some adjustment period for clients and professionals alike during this first Quarter.  

     As with most changes that occur in the Mortgage industry, some Mortgage Lenders will be educated and well-versed about these new changes while others are not.  In my opinion, these changes make one thing abundantly clear:  

     Now and moving forward, there is a growing importance for new Home Buyers to seek-out Mortgage Lenders that continually educate themselves and also have hands-on experience with the new rules, regulations, and industry guidelines.  As a Home Buyer, that experience will mean the difference between failure and success to you ...



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     *  Hoping to Buy, Refinance, or Construct a Home within a Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact Me Today!  I'll put my 36 years of Mortgage experience and expertise hard to work on your behalf.

     I can be easily found at:
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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  


Gene Mundt, Mortgage Lender can be contacted at:  

815.524.2280, 708.921.6331 ... or via his email:  gmundt@goapmc.com.

    

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