How Home Buyers Deal With Changing Rules For Mortgage Approvals

You're not applying for mortgages frequently enough to have the information you need to make your best choices.

May 14, 2020 by Dan Green

The typical U.S. homeowner will buy four houses in their lifetime, which means that you personally? You’ll likely only apply for a mortgage a few times in your life, maybe once every decade.

And, large, infrequent purchases like that can be a personal finance pitfall for buyers of homes because mortgage lending isn’t static – it changes with time.

Lending adapts. It transforms.

The menu of mortgage options available to you today is unique to today — to this month, in this year. And what you can finance today will be different as compared to the next time you buy a house; just like it’s different from when your parents or friends bought a house; or the timestamp from that article you might have read on the internet.

There were more than eight hundred changes to mortgage loan rulebook last decade, and new mortgage programs are introduced all the time. Which is why it’s good to be curious and ask questions and keep an open mind. You’re not applying for mortgages often enough to have the information you need to make your best choices.

But you can help yourself out. Reach out and let us review your road ahead. We’re here to help you succeed.

Happy homebuying.

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