Published April 20, 2012
Welcome to part three of How to Get a Recession-Proof Strategy for Acquiring Your Apartment Loans. In this day and age of a stressed economy, it can be quite challenging to acquire an apartment loan, because loan sources have become so much more stringent. All you have to do is look at the list of hundreds of banks that have closed since 2008 to understand why they have become so strict. Why did these banks close? Mostly because their lending policies were too liberal. Many property owners, residential as well as commercial, have walked away from their properties because they have not been able to make their payments. This literally broke the bank, and many people have lost jobs in the banking industry.
In this blog series, we are looking at the knowledge you need, and how you can acquire it to qualify for the apartment loan you want in this tough economy. In this post, we focus on how to best communicate and work with the apartment loan source you choose so that you can optimize your outcome in this tough economy.
1. Be completely honest with your apartment loan provider. It’s better to show all your weaknesses as well as your strengths. The weaknesses will show up anyway on bank statements, etc. Your honesty can help in winning over the apartment loan provider to give that extra effort that might make the difference in getting the loan.
2. An important part of the apartment loan process is turning your submission items in to the loan person. These items include your personal financial statement, property description, current rent roll, etc. The key is getting them in at the time you say you are going to get them in. Do not procrastinate. If you tend to procrastinate, you will not be taken as seriously. Be timely, and your loan will have a higher priority with the lender.
3. Ask questions freely to discover what you need to know to complete the loan process successfully. Do not hesitate. When something comes to mind that you don’t understand, please ask. You might be asking a question that is paramount to getting your loan done. Getting your questions answered is an important part of the process of acquiring apartment loans.
Give us a call at 866-811-9515 to learn how to succeed in getting an apartment loan, plus get a rate quote and ask any questions you may have. We are your A+ Better Business Bureau rated apartment loan provider.
By Bruce Painter, Marketing Director