Get Your Finances in Order

Across the nation as well as in  Vancouver real estate, the market is slowly but surely starting to show signs of improvement. There are many indicators that the long awaited resurgence has begun. Along with this trend come signs that the lenders are not going to be easier to deal with, but intend to continue to increase their lending guidelines and procedures concerning applications for mortgage loans, both for new buyers and refinances. In the last few months, Fannie Mae and Freddy Mac have initiated new guidelines and rules that regulate mortgage loan applications and the processing of mortgage loans. Lenders are beginning to implement these new processing guidelines causing a slowdown in the standard mortgage loan process. It is hoped that the emphasis on application accuracy, especially on financial statements and verification, will prevent many of the same problems that contributed to the recent real estate melt down.

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