Mortgages without the confusion.
Mortgage Lender Jeffersontown KY. Self-Employed Mortgage Loans Louisville. When you take a look at what today’s real estate market is doing, it’s hard not to wonder if history is about to repeat itself. Are we looking at another housing crisis similar to 2008? Due to high demand and a shortage of workers and supplies, house prices are on the rise and so are interest rates. Self-Employed Mortgage Loans Louisville. Buyers are finding themselves in bidding wars and sometimes paying over the asking price to secure the property they want. Mortgage Lender Jeffersontown KY. Are homeowners overpaying? Will their homes still be worth more than what they owe on them a couple of years from now? If we look back to 2008, we will discover that the subprime loans that lenders were participating in were the primary reason for the housing market crash. Self-Employed Mortgage Loans Louisville. According to TransUnion, between 2007 and 2008 alone, the mortgage delinquency rate rose by 53%. When borrowers started defaulting on these loans, the foreclosures caused turmoil in the financial market as well as the stock market, causing what is being termed a global “Great Recession”. It was an epic financial and economic collapse that cost many ordinary people their jobs, their life savings, their homes, or all three. The Bureau of Labor Statistics reported that nearly 9 million Americans lost their jobs from the late 2007s through mid-2009. By the end of 2009, more than 3.9 million homeowners received foreclosure notices. Americans also experienced a severe loss of household wealth or home equity. Not only could they not afford to pay their mortgage, but if they tried to sell their house, it was worth less than what they owed on it, meaning that the mortgage was “underwater” or “upside-down”. Lenders have since tightened their belt straps to lessen their risk by revising guidelines and being stricter with the requirements of mortgage approval. Prior to 2008, subprime mortgages like no income/no asset verification and stated income loans were very common. Interest Only and Adjustable Rate Mortgages were popular too. However, buyers were finding that once the initial fixed-rate period expired and the new, higher market rate went into effect, they could no longer afford their homes. Some economists would even say that, in some cases, lending was too lax and reckless, sometimes deceptive, and the recession was inevitable.
From contact to closing, Mortgage Warehouse is your one stop shop for all of your mortgage needs. Our simple, efficient process will get you home!
Fill out our Quick Application online, call our office, or setup an in-person appointment. Our loan originators will help you determine the best type of loan to meet your purchase or refinance needs.
You will need to provide documentation about your employment, income, assets and property. View our Application Checklist to see what documents are required.
Once you have completed the application and provided documentation, we will verify your income, down payment and review your credit report to make sure you qualify for the loan amount and program that you applied for.
An independent licensed appraiser will inspect and estimate your property’s market value. The home’s value will be determined by comparing your property to nearby homes that have sold recently.
Your loan originator or loan processor will gather all documentation needed to prepare your loan for underwriting. This includes a title search, verifying employment, obtaining tax transcript verification from the IRS, calculating income, determining real estate taxes, homeowners insurance, homeowners association dues, etc…
After your loan is processed, it is sent to our underwriting department. They determine if the loan is approved and if all conditions are met or if further information is needed.
At this point, it is common for the underwriter to request a few conditions to be met before closing.
Hooray! You are fully approved and clear to close!
Loan closing is typically held at the title company’s office. You will need to bring a government issued photo ID. If funds are required, you will need to wire money to the title company from the account we verified as your down payment source. When wiring funds, always be sure to independently verify wiring instructions with the title company. Congrats on a successful closing!
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