The Seemingly Impossible Loan Process

If you have gone through the experience of taking out a loan for a mortgage recently, it may have seemed like a never ending process. There is the constant need for more documentation, up to date bank statements, letters of explanation, etc. You might have even felt like the company you were applying through didn't want to approve your loan, however that is not true at all.

First of all, mortgage companies and banks can not stay in business if they do not close loans. They very much want to approve your loan, but due to the past few years of lending to bad borrowers, they must scrutinize everything: income, credit, assets, appraisals, debt, etc. Lenders in the past got too liberal by not looking deep enough into borrower's ability AND willingness to pay back their loan. The past has forced them to be conservative today.

That being said, your lender has plenty of money to lend at today's amazing rates if you can prove that you are willing and able to pay them back.