What Do Lenders Have To Tell You About Your Real Estate Loan? Federal "disclosure" forms define the information that creditor businesses MUST provide to consumers applying for real estate loans.
Not all loans are approved. And even when they aren't approved immediately, it doesn't have to be the end of your real estate dreams.
According to the Federal Reserve's quarterly survey of senior bank loan officers, roughly 1 in 10 lenders added mortgage qualification hurdles between April and June. It's a huge departure from just 2 years ago when the mortgage industry was facing its first wave of challenges.
A mortgage approval is never final until it's funded. A host of things can "go wrong" while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
The economy's improving but lending standards are not. Nationally, banks are making mortgage approvals harder to come by. Underwriting guidelines are tightening.
In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group's portfolio risk while strengthening its overall financials. For consumers, the changes mean higher costs.