Lending Guidelines for Today
Keep Your Mortgage On Track
Tips for Steering through Today’s Lending Guidelines
As lenders struggle with various forms of fraud and default on loans, Fannie Mae and other agencies have tightened underwriting and eligibility guidelines. Enhanced lending guidelines require lenders to check and double-check qualifying information from borrowers right up until closing.
One area many consumers may not understand is how outstanding liabilities, or potential financial obligations, will affect their qualifications for a mortgage. We advise our clients to avoid shopping for and/or purchasing anything on credit – cars, furniture, clothing or online items– until your mortgage has closed. You may have heard that a simple credit inquiry does not affect your credit, but in today’s new credit-careful climate it may, quite possibly, derail your mortgage process.
The smartest way to protect yourself against problems with your mortgage loan is to be honest and up-front with your Axiom Mortgage Consultant. Properly disclosing your credit obligations is essential to getting the best, hassle-free mortgage experience. The Consultants at Axiom will help you take the right steps toward a smooth close to your next mortgage.
© 2010 Axiom Financial LLC. All services rendered by Axiom Financial are to assist in providing mortgage loans. OAC. Not an offer to lend.
