Getting A Maine Mortgage: The Brand New Process

In today's market, it is more important than ever to have a professional assist you in your hunt for a Maine Mortgage. The times of "Everyone is Approved"� are over, and these are the days of "Even if you should qualify, may very well not"!� I had an underwriter tell me last week that although you may qualify for a home loan, meeting all of the guidelines, you might still not qualify. What?!? What does that mean?

I thought it was as easy as Applying, Qualifying and Closing?

Not anymore¦.welcome to the modern Maine Mortgage Industry, where we're bailing out the mistakes of Wall Street, and the major mortgage companies for the ridiculous mortgages they provided. My favorite one was 100% NINA having a 660 Credit ranking. NINA stood for (it obviously no longer exists) �No Income, No Assets�! Really, they really gave someone a Maine Mortgage without using income, with out assets and with no money down? Yes, and because of it, you and i are paying for it now. I'll explain what the underwriter I pointed out above meant. Up to now, the process went along these lines:

Qualify the borrower, take application, submit it to an automated decision engine, and close the mortgage.

There are automated decision engines that analyse if the loan quality meets the mortgage programs standards. These are called DU and LP. Previously, when you had a DU Approve/Eligible or an LP Accept, you were accepted for a Maine Mortgage. All the underwriter did was look at the documents to view if they compared to what was submitted to the engine. Now, it's different. We still have DU and LP, therefore we still must submit the loans to them to get an Approve/Eligible or an Accept ”but now there is a bit more to it than simply the approval. Because of the Mortgage crisis, the lenders have become a good deal stricter. Not only must you possess an approval, but, the credit score, and the credit profile needs to be good. Let's say you have a 645 credit score, and your loan received an Approve/Eligible. The underwriter will now review your credit profile, and if there are too many late payments, or a habit of shoddy credit, they might still decline your loan. Ah, that's what she meant. That's a big difference from 3-4 years ago.

Due to this you'll need a professional Maine Mortgage Broker/Lender to assist!

You want someone that now's the nuances of the approval process. You need someone who will assist you to make the appropriate decision for you and you future. You may think you're ready to get a Maine mortgage now, but may very well not be. The purchase of a home is quite possibly the largest and most important decision you might ever make. Why get a house now, and foreclose in two years, because it was a bad situation for you? Good Mortgage decisions are more important now than ever before.

By: Maine Mortgage

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