The landscape has changed for U.S. borrowers over the past several years. The days of qualifying for a loan just by being “a great customer” have passed, and “the old days” are back. Now, borrowers have to:
• Prove income
• Verify net worth
• Verify employment
• Prove sufficient income to easily cover monthly housing expenses
The fact that these qualifications were reduced from the underwriting process for multi-thousand-dollar transactions stretches credulity.
The days of people barely qualifying for large mortgages are also over, with a new dawn that brings with it exacting paperwork that taxes the resources of the borrower. For your transferees, the [...] Read More