All loan guidelines vary depending on the lender. Not every lender will offer the same loan programs, so it’s important to shop around to different lenders to find the one that fits your needs to best.
Since every loan program will differ depending on the lender, the guidelines may not all be the same for every loan program either. Depending on the loan type, some guidelines could include;
- No Ratio
- No Documents
- Low Down Payments
- Low Interest Rate
- No Money Down
- No Closing Costs
- No Credit Requirement
Since there are so many aspects and different options available when it comes to the guidelines for all these different types of loan programs, it’s important to remember that the more you shop around and the more research you do, the better. Choosing the wrong loan program, and the wrong lender is a bad combination that could ultimately leave you paying high interest rates, or a high mortgage you really can’t afford, or you could be denied a loan altogether.
Guidelines leaving you stressed and frustrated?
Guidelines and requirements can be frustrating and all the different options can leave you feeling confused and stressed, but its ok. It’s perfectly understandable to feel a little lost throughout the home loan process, especially since every lender is different and is going to have different requirements and guidelines. The key to a stress-less home loan process is to speak with a handful of different lenders and ask as many questions as you can and even compare their rates and guidelines to find the options, loan, and lender that best fit your needs.
Keep in Mind
Remember, the more lenders you “interview” and compare the better off you are. Talking with numerous lenders and getting as much information as you can will help significantly throughout the loan process. Try making a comparison chart and take the information the lenders give you and compare their loans, rates, and guidelines to find the lender that will most closely match your needs. It might be quite shocking to discover the differences in each lender and while some lenders may not be too happy about your request to compare, others will be more than happy to assist you in finding the best options.
Start your search for a lender who can help you with your home loan today. Click the button below it will only take a few minutes and it’s free.