Mortgages in the Movies: More Fiction Than Fact
Two critically acclaimed movies of the last year focused on something we’re very familiar with: mortgages. The most popular one, “The Big Short”, was even nominated for a Best Picture Academy Award, amongst several other accolades. “99 Homes,” starring Michael Shannon and Andrew Garfield, was also celebrated for its intensity and drama. Both focused on the housing market and the ways some people took advantage of a complex, difficult and high-stakes system.
Unfortunately, the depictions of mortgage brokers and lenders were not favorable. We wouldn’t blame anyone who’s seen “The Big Short” to be wary of mortgage brokers after watching two Miami mortgage-sharks peddle incomplete applications to unqualified buyers just to finance their lavish lifestyle. Nor would we knock you for thinking that the odds are stacked against the homeowner or mortgage-holder after seeing Shannon mercilessly evict families from their homes while simultaneously committing insurance fraud and maintaining large residences for himself.
But these are Hollywood stories. And while these things might have once been based in some unsavory but very rare truths, the times have changed.
After the crash in 2008, the mortgage application process improved dramatically. Underwriting requirements became stricter, applications were reviewed more closely and people who were not qualified to receive a loan, whether to buy a home or refinance, no longer receive one.
There are now safeguards in place to help lenders identify which applicants will be responsible borrowers, which protects you from taking a loan too large for your financial situation.
These checks and balances ensure history will not repeat itself.
Midwest Equity Mortgage, LLC goes one step further – all of our clients are assigned a dedicated mortgage expert to help them go through the refinance process from start to finish, keeping in mind their client’s specific financial needs throughout. We are a full-service lender, meaning we review your application, process it, complete the underwriting, and finance the loan all in one place. We don’t involve any third-party services, which keeps everything streamlined for an easier and fast process.
Above all, our clients rave about working with us. And that is the most important thing to us. When you work with Midwest Equity Mortgage, LLC, you know you can trust your lender...even if you’ve seen “The Big Short”!
Midwest Equity Mortgage, LLC Now more than ever, you need to work with someone you can trust. Ask us about our A+ rating from the Better Business Bureau and you will know: you have found your lender! Why are you still waiting for the â€œbig bankâ€ to call you back? Get in touch with someone who cares-TODAY!
All information provided in this publication is for informational and educational purposes only, and in no way, is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Midwest Equity Mortgage, LLC does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Midwest Equity Mortgage, LLC do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.