It is a surreal feeling when, after a long time of searching, you have found the home of your dreams in New York State. While you may want to get your hands on this house before anyone else does, you may hit the roadblock of having your mortgage loan application denied by the bank. Read on to discover the common challenges in obtaining a mortgage loan and how a seasoned New York City real estate attorney at Zimmet Law Group, P.C. can help you overcome them.
What are the common challenges to obtaining a mortgage loan in New York State?
As you likely already know, the current housing market is difficult to break through. In other words, it is by no means a buyer’s market. What’s worse is that mortgage lenders are making it all the more challenging to get approved for a loan. Nonetheless, below are common challenges that are universally experienced by homebuyers across New York State:
- Mortgage lenders may not consider earnings from a second job as eligible income (i.e., stricter earning requirements).
- Mortgage lenders may not consider earnings received as cash deposits as eligible income (i.e., stricter income-verification standards).
- Mortgage lenders may seriously question any recent job changes (i.e., stricter job stability standards).
- Mortgage lenders may seriously question any minor changes to a credit score or credit report (i.e., closer audits of credit activity).
- Mortgage lenders may seriously question any missing paperwork (i.e., closer scrutiny for W-2 forms, tax returns, pay stubs, bank statements, etc).
How can an attorney assist me in obtaining a mortgage loan?
Say, for instance, that you are successful in obtaining a mortgage loan. But say that the monthly payment plan, interest rate, or any other aspect of the loan is less than ideal for your current financial situation. You may come to this realization immediately following the proposed mortgage, or years down the road when your financial status changes.
Well, regardless of the point in time, this is when an attorney should step in. Without further ado, you must understand that an attorney may assist you in obtaining a mortgage loan in any of the following ways:
- An attorney may assist you by negotiating a longer length of time for the proposed mortgage.
- An attorney may assist you by negotiating a lower interest rate for the proposed mortgage.
- An attorney may assist you by negotiating a lower loan balance for the proposed mortgage.
- An attorney may assist you by negotiating the right to payment extensions for the proposed mortgage.
- An attorney may assist you by negotiating away late fee enforcement for the proposed mortgage.
You must tackle your mortgage loan application as soon as possible. So call a competent New York City real estate attorney from Zimmet Law Group, P.C. today.