Changes in the housing and mortgage industries have prompted many people, including the media, to wonder: “Can you get a loan today?”
The answer is simple: Yes!
Despite the negative headlines over the past year, there’s actually plenty of money available for loans. In fact, reports indicate that over $2.7 Trillion in loans were originated in 2009. That’s over $1 Trillion more than 2008.
However, mortgages must make sense in today’s terms – not the looser standards permitted by lenders a few years ago.
What does this mean to borrowers today?
Lenders have returned to a pre-2000 mindset – a kind of “common-sense lending” that seeks long-term success versus short-term profits.
That means lenders need documented evidence that a borrower is creditworthy and is likely to repay the loan. This creditworthiness is based on the four tenets of lending: the borrower’s ability to pay, willingness to pay, equity in the transaction, and the property itself.
With interest rates at or near all-time lows, lower home prices, and the $8,000 tax credit for first-time buyers, it’s worth the time and effort to find out if you can benefit from common-sense lending in today’s real estate market.
| Mortgage Interest Rates* | |||||||||||||||||||||||||||||||||||||||||||
| Rates as of Tuesday, 29th September, 2009: | |||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||
| *Rates are subject to change due to market fluctuations and borrower’s eligibility. |
YouTube Introduction to Ron Siegel: http://short.to/rpjf
Ron Siegel counsels clients in all matters Debt: Mortgage, Loss Mitigation / Loan Modification, Debt Settlement, Credit Repair. Reach on Ron Siegel at Ron@MBEhoa.com or 800.306.9130
{ 2 trackbacks }
{ 0 comments… add one now }