Manhattan NYC: Myths About Homeownership How lenders assess mortgage applications has changed a lot in the last 20 years. What closed the door to homeownership then may not be a factor today.
The following are some commonManhattan NYC Propertyownership myths:
Myth: You need great credit to become a Property owner in Manhattan NYC.
Fact: You may still be able to buy a property and you have less-than-perfect credit. And remember, you can improve your credit over time. But if you are buying a property and you have less-than-perfect credit, talk to a housing counselor who can help you avoid a mortgage you can't afford. It is important to comparison shop. Be wary of a lender who tells you, "Your less-than-perfect credit means that no one but me will work with you to find you a loan."
Myth: You can't buy a property in the Manhattan New York if you're not a citizen.
Fact: If you're a permanent or non-permanent resident alien, you can purchase a property in Manhattan New York.
Myth: If you don't have a bank account or credit cards, you can't qualify for a mortgage.
Fact: Having a bank account is always a good idea and helps you establish credit. However, lenders can approve you for a mortgage even if you don't have a bank account or credit cards. You'll likely need to keep records showing a history (Usually 2 years or so) of payments you've made for items such as rent, utilities, and car payments.
Myth: Manhattan New NYC Lenders share your personal financial information with other companies.
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared. If you are unsure how your information will be used, don't be afraid to ask - it's your right to know.
Myth: If you're late on your monthly mortgage payments, you'll lose your property.
Fact: If you have a financial hardship, like the death of your spouse or a medical emergency, and fall behind, it's possible to keep your home and get back on track if you contact your lender early. Even if it is not possible to keep your home, you can sell your home and possibly buy a less expensive one rather than face foreclosure.
Myth: You can't get a mortgage if you've changed jobs several times in the last few years.
Fact: Not true. You can change jobs several times and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you've had a stable income.
