The Future of Mortgage Approval

8 in 10 Americans think that buying a home is the greatest long term investment that one can make. Lenders know the importance as well. Through these rough times in the housing market, lenders are making it clear that they never want to experience hardships like the ones that have recently occurred ever again, which is why they are going to be approving clients with even more caution then before. Mandi Woodruff explains additions to the approval process in her article “Start Cleaning out Your Closet If You Want Your Mortgage Approved.” Lenders will be looking back into ones financial history, bringing up cell phone payments, rent, utility and more. Additionally, Fair Isaac Corp. (FICO) explains that a combination of information based off of one’s payday loans, evictions, and child support payments will be shown in a separate score that will be available to all mortgage lenders. With the prevalent challenges that already exist in being approved today, one can only imagine what bringing forth more information from different financial sources will do to the approval process in years to come.