A mortgage broker explains how loan plans adapt to different situations. Self-employed borrowers, people with no credit history, and buyers who need to close before selling their current home all have options that work.
When preparing for a home loan, most everyone starts off with a simple plan in mind. And then when they apply to get approved, sometimes plans change. This is the real estate and mortgage world and that's what makes the difference with a quick pivot. For example, maybe you're self employed, have a really profitable business, but it doesn't show that way on the tax returns. Well, maybe we need to switch to a base statement loan. Or we've had people that fill out an application to get approved and they realize, oh shoot, they don't have a credit score. Instead of telling that person no, like most basic lenders, we can put them on a no credit score loan option. Or maybe we could rescore their credit if it's low credit score. Or we've had people that they want to purchase the new house before they sell their current house. So we've done quick helocs to pull money out. They can close on the next house. Or we have our Cash for Keys program to help them close the new house before selling their current home. Or we've had people that want to buy investment properties that don't have the traditional income. We can buy an investment property with no income documents involved in the loan. So the gist of it is there's so many different avenues that could go down, but it's very helpful when you go to one place and pivot in all different directions because we want to customize the best possible home financing for you.
