Why do some lenders have cash-reserve requirements. In a word, risk. When borrowers have additional money saved up, they are less likely to miss their mortgage payments at least the first few payments. They are mostly concerned about your payment ability in the short term, versus the long term.
Heres why… Your typical apr on personal loans may not keep your loan on its books for very long. They might sell it into the secondary market through Freddie Mac andor Fannie Mae (the government sponsored enterprises, or GSEs, that buy and sell bundled loans). Youve probably heard about mortgage-backed securities, or MBS.
The Need for Speed. Our online service readily serves your need to connect with a lender. The process takes a few minutes. Fill out our secure online form and we send an encrypted copy to an authorized lender to approve. Typical apr on personal loans you submit your information, you will be redirected to the lender's website where you can review the terms of the loan, including details about all the applicable rates and fees.
If you accept these terms, the lender will deposit money directly into your bank account as quickly as the next business day. Every inquiry received is handled with care and speed. Your Loan, Your Business.
Conventional mortgage loan requirements state that if you have been discharged from a Chapter 7 bankruptcy for four years or more, youre eligible to apply. If youve had a Chapter 13 bankruptcy, you must document that your credit reputation has been re-established for at least two years. Property Requirements. Property requirements for conventional financing are easier to understand and comply with than other programs like FHA loans. For a property to be eligible, it must have a home appraisal performed by a licensed appraiser from the area.
Conforming appraisal standards adhere to standards set forth by the Uniform Standards of Professional Appraisal Practice (USPAP).
Please Read Carefully. This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where WhiteRockLoans. com does not have an available lender, you will not be connected to a lender.
In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps.
If you are connected to a tribal lender, please understand that the tribal lenders rates and fees may be higher than state-licensed lenders.