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Simply stated, compensating factors for mortgage loans are strengths specific to your loan application that can help underwriters decide to approve your mortgage loan. In many cases, compensating factors can be the difference between getting approved or getting denied. If you’re currently in the market for a mortgage loan in Seattle, knowing the various compensating factors, and how they can positively influence your profile for lending institutions, is good information to have on your side.
Of course, keeping tabs on which variables are most influential in the current mortgage loan environment can be daunting which is a big reason why many seek the counsel of a mortgage loan expert. Working with an insider in the industry will ensure you present the absolute best profile to lending institutions which will, in turn, secure the best mortgage loan rate available.
Rarely does a mortgage loan application come in with A+ grades across the board. Many applicants have a lower than optimal credit score, or less money to put down than they’d wish, or a shorter employment history than some, or any of a number of other circumstances that may cause a lender to “downgrade” your application. In reality, home mortgage loans address so many factors in the approval process, that compensating factors come into play on almost every home loan that gets underwritten.
Every Seattle home loan situation is unique and no list of mortgage loan compensating factors can include every variable considered in every situation. The best way to know the strengths and weaknesses of your “borrowing profile” is to consult with a mortgage loan expert at Sammamish Mortgage. You can depend on the experience Sammamish Mortgage professionals bring to every loan consultation in the Seattle market to ensure you get the best home loan available.
Making the decision between buying a pre-existing home or land to build a home on can be difficult. From deciding where you want to live to determining the size of your new house, a lot goes into the details of your new home sweet home.
Fill out a mortgage application in full and getting it approved shouldn’t be a frightening or daunting task, but if you don’t know what to expect it can be headache-inducing. Here’s what you need to know.