Subprime loans and mortgage lending
Glacier Concept's leverage for real estate helps mitigate subprime loans and lending in mortgage. The loan software helps guide the users through the standard process with mortgages and financing. Contact at 603-866-0237
Credit check, liabilities, and income
Ensuring that buyers have adequate income to reduce the default risk is important.
Loan Approvals take into account 3 main steps.
q Credit check – The applicant’s mortgage history is check and a credit report is obtained.
q Qualification – The applicant’s ability to pay is reviewed. Income statements and assets are verified. W2s, tax returns, pay stubs, and bank statements are collected. Liabilities are determined through credit reports. Qualifying ratios are calculated.
q Property value – An appraisal is conducted on the property.
Borrowers typically receive their refinancing approval within a week and 18% to 36% receive their approval after a week. One quarter of the refinancing applicants loans closed within a week on average, another quarter of the applicants close within two weeks, and the remainder can take up to 4 weeks or more for closing. If the applicant has not heard from the lender in over 5 weeks, then contact the lender because there may be a problem. The lender could have gone out of business.