I love the Discovery Channel. It has quirky programs that are really interesting with just enough edge for me to admit I watch them without being labeled a complete nerd.
One of my favorite programs on the Discovery Channel is a program called Mythbusters. Each week the hosts explore commonly held beliefs throughout history and separate fact from fiction. A) Is it possible to rip a phone book with your bare hands? B) Was the bodkin arrow point truly what turned the tide at the Battle of Agincourt? C) Is it possible to smash Freddie Krueger’s head to smithereens if you dip it in liquid nitrogen first? (See below for this viewer’s answers).
Today I’m going to play Jamie Hyneman – complete with the most awesome handlebar mustache possible – and explore one of the current myths of 2011: no one can qualify for a loan in 2011.
I’ll skip the commercial breaks, the drama and the twists and turns that normally accompany a real episode of this show and instead get right to the answer. The answer is FALSE. It is possible to get a loan in 2011. True, it’s more difficult and time-consuming to be approved for a mortgage in this environment, and with good reason. The mortgage industry has experienced sweeping change, regulation and scrutiny over the course of the last few years and this has had a real impact on everyone involved with real estate and mortgages. But even amidst all the changes, getting a mortgage is still possible for the majority of consumers.
The difference between mortgages that are made today versus mortgages that were made as recently as just a few years ago is that consumers actually need to qualify for a loan in today’s environment. To take it a step further, I would argue that most applicants that can’t get a loan today probably shouldn’t get one. If an applicant has verifiable income, sufficient assets for a down payment and a decent credit rating, it’s very unlikely they won’t get a loan.
One of the necessities for consumers in this environment is to have realistic expectations and to work with a group of professionals that truly know what they are doing. The combination of a great Loan Officer and great Realtor can do wonders, even in our current market.
Pacific Residential Mortgage is standing by, ready to dispel the myth that no one can qualify for a mortgage in this environment. We are an entire company of committed professionals ready to go to bat for you every step of the way.
And, in case you were wondering, A through C are all False.