Posts

Navigating Loan Approval After a Financial Setback

Image
  Life doesn’t always follow a straight line, so naturally, neither does your financial journey. Maybe you’ve had a recent job loss, faced unexpected medical bills, or watched market conditions shift your credit outlook. If you’re considering buying a home or refinancing, these challenges may feel like a roadblock; however, they don’t have to be the end of the road. At HomeSpring Mortgage , we understand that setbacks happen, and we’re here to guide you through the process with clarity and confidence. Understanding How Lenders See Financial Setbacks Mortgage lenders look at your financial history to measure risk, but a single setback doesn’t define you. What matters most is context, such as: Trends over time:  Lenders care about long-term behavior. A one-off financial shock is far less impactful than ongoing missed payments. Credit recovery:  Showing steady recovery after a setback—like paying down debt, keeping current accounts on track, and maintaining consistent incom...
Post a Comment
Read more

Look for These Things to Find the Best Mortgage Lenders in South Carolina

Image
  The American Dream is alive and well in the real estate industry. Many first-time buyers are actively looking to make their dream of homeownership a reality. But unfortunately , not everyone has the same credentials or ability to obtain financing. If you fall short due to your credit history or other factors, you should still have options to borrow money. Traditional lenders are guided by specific rules and regulations . However, other nontraditional or non-QM lenders can sometimes bend the rules to find options that are somewhat unconventional . If you are having a hard time getting your client approved for a loan, look for these signs of the best mortgage lenders in South Carolina who will think creatively to get them approved. Non-QM Loans Although traditional mortgage lenders are guided by specific rules and regulations in terms of lending, non-QM lenders have a little more leeway. Non-QM loans differ because they don’t require the same hoops that traditional lenders do ...
Post a Comment
Read more

When It Makes Sense to Refinance with a Non-QM Loan

Image
  Refinancing your mortgage is one of those financial moves that can feel confusing, stressful, and overwhelming. If you’re self-employed, a freelancer, or have income that doesn’t fit the standard 9-to-5 paycheck pattern, a traditional mortgage might not even be an option. That’s where a non-QM (non-qualified mortgage) loan comes in. Non-QM loans are designed for people whose finances don’t meet the strict requirements of conventional lenders. They offer flexibility for borrowers who need it most. But when exactly does it make sense to refinance with one? In this blog, we’ll break it down. 1. Traditional Refinancing Isn’t an Option Banks and conventional lenders often require steady pay stubs, tax returns, and particular credit requirements. If your income is irregular, such as freelance work, commissions, or small business earnings, you might get denied before you even start. Non-QM mortgage lenders understand that life isn’t always linear. They look at alternative documentation,...
Post a Comment
Read more