What can borrowers expect when applying for a Lake Charles mortgage?
Craig Boudreaux of Louisiana Mortgage Associates in Lake Charles, LA explains the criteria banks require for borrowers applying for a loan in Southwest Louisiana.
The increase of borrowers being turned down for home loans is due to credit scores. Craig Boudreaux loan officer with Louisiana Mortgage explains that home buyers can work on their credit scores to bring them up to a 640 where they will qualify. Banks also want more “trade lines”, theywant to see how the borrower pays on their accounts. Loan Officer, Craig Boudreaux explains that it is possible for a home buyer with a credit score below 640 to obtain a home loan, however the banks usually require more documentation, banking guidelines are becoming very strict. Even home buyers with excellent credit scores are being required to supply more documentation than ever before.
Home buyers in Southwest Louisiana should meet with a local mortgage professional first to understand the mortgage process. This is a crucial step in purchasing your Southwest Louisiana home. You need to be pre-approved for a home loan before you enter into a contract to purchase a home. The cost of a home is dramatically impacted by the mortgage component.
What can Borrowers expect when applying for a Lake Charles Mortgage? Have a 640 credit score and be prepared to supply a lot of documentation!