Myth: Good credit and money in the bank is all you need to qualify quickly for a home mortgage.
Truth: The fact is that it takes, on the average, up to 30 days or more from the time you start the process until you’re fully qualified and approved. This is, of course, as long as everything checks out without any issues. Since the restrictions and laws around home mortgages are changing every day, good credit and money in the bank doesn’t always mean a quick approval. There may still be several hoops and hurdles to jump through in order to qualify. For more information on the new requirements, please see a qualified mortgage broker.
Please stay tuned for our buying and selling Myth vs. Truth posts.