Welcome to the TooeleHomes4Sale.com Blog

2015-10-27 07:08:15
Make Getting a Home Loan in Tooele Easy

Hortgages in Tooele UT

I am often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago. There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

  1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
  2. The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate probably at or below 4%. The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of <4%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

 

Here are some tips from industry experts that may help you simplify the lending process.

Enjoy.

 

14 Tips for Getting a Home Loan Approved When You're a ...

http://veroniquepalmer.com/ 

There are some things that you just find out the hard way - trying to get finance for anything once you own your business will be one of them. Six months of - not knowing where I am going to be living from one day to the next; ...

Read more ...

Thinking about getting a home loan? Here are 5 essential tips.

http://www.mamamia.com.au/ 

Getting a home loan can be tricky. Not to worry, we chatted with Westpac property expert Melanie Evans and found 5 easy ways to get your home loan on track.

Read more ...

6 Tips to Get Approved for a Home Mortgage Loan

http://archibaldrelocation.com/ 

Some people don't know the first thing about getting a mortgage loan. They hear reports of ping interest rates and lower home prices and hastily decide to jump into home ownership. But the process of getting a home loan differs from ...

Read more ... 

 

 

I hope this has been helpful. Call me, Berna Sloan 435-840-5029 If you still have questions that I can answer to make getting a home loan in Tooele UT easy, 

 

 
Blog Archive
2017-06-20 05:46:38
About Tooele Real Estate Week # 24

2017-06-05 06:13:41
4 Things to Know about Buying New Construction In Tooele Utah

2017-06-03 13:02:03
Have Your Agent Answer These Questions

2017-06-03 10:18:35
Real Estate Info in Tooele County Utah

2017-05-23 16:36:22
More Important Real Estate Information About Tooele County

2017-05-01 10:50:14
On the fence about selling in Tooele County? Jump!

2017-04-30 10:52:44
Week #17 Post About Tooele Real Estate

2017-04-26 13:43:39
What Does Solar Do To Home Values in Tooele UT

2017-04-24 13:27:55
Appraisals Can Be An Issue in a Hot Market

2017-04-22 09:32:18
Week #16 in Tooele County Real Estate

2017-04-22 09:13:05
Look At Buying a Home Now or Later in Tooele UT

2017-04-22 09:03:55
5 Reasons To Sell Your Tooele County Home

2017-04-18 06:10:55
New Home Construction in Stansbury Park UT Heating

2017-04-16 11:09:28
Get 100% Financing in Tooele UT With VA Loans

2017-04-11 12:57:56
Wondering How You Can Buy A Home in Tooele UT

2017-04-10 11:04:10
Tooele Utah Real Estate Information

2017-04-08 08:05:06
Big Week in Tooele County Real Estate #14

2017-04-07 16:33:38
VA Loans in Tooele For 100% Financing

2017-04-05 10:40:08
Grantsville Utah Homes Selling Fast

2017-04-04 11:15:51
Buying a New Home in Tooele UT

2017-04-03 05:29:35
Tooele UT New Home Sales Heating Up

2017-03-15 10:36:12
Is Tooele County a Home Buyer or Sellers Market

2017-03-14 13:44:39
Tooele County UT Has 6 Bedroom Homes For Sale

2017-02-25 11:50:56
About Buying a New Home in Tooele County

2017-02-19 06:55:30
Berna Talks About Tooele Real Estate

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.