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Mortgages and Financing
Sellers prefer to know that a buyer has been pre-qualified for a mortgage loan since failure to obtain the necessary financing is a great disappointment to both parties. I recommend you should go even further and received pre-approval from a mortgage lender. Also, in view of the volatility in the mortgage industry, many lenders you qualify with today may be out of business tomorrow and your pre-approval and possibly even your mortgage commitment could fall apart before you get to the closing table. It has happened.
A pre-approval letter from a stable lender will make you a more attractive buyer to the current property owner and save you, the buyer, a lot of potential stress and disappointment. There are many stable and reputable lenders and banks out there. Make sure you are utilizing one of them. Buyers should work with a loan officer that is a good advisor, who reviews the buyer’s personal scenario and helps them to understand mortgage products. By doing so, the process enables them to recognize the best set of options for their particular needs. Besides, there is more to consider than just interest rates. An informed buyer will consider the cost of application fees, points and closing costs. After you apply, a lender must provide a form itemizing these additional expenses, but it is a good idea to ask up front. If you are a first time home buyer and would like information on special programs that may be available to you, please do not hesitate to give me a call at 508-888-8999 x144 or email me at
Shirley@AtHomeCapeCod.com. The Mortgage and Credit Predicament It’s all over the media. It not only affects the real estate industry and those looking to buy and sell real estate, but the economy as a whole. But what is real? Sometimes it is hard to decipher. Enders Associates found the following articles published in
U.S. World and News Report
(dated December 2009) to be informative. Stay tuned for future articles as re-organization in the mortgage industry changes.Getting a Mortgage in 2010: 10 Things to Know
By Luke Mullins
CLICK TO READit is important to emphasize the fact that mortgage loans are available to creditworthy borrowers. Also buyers who do their research will recognize that historically residential real estate remains a very good long-term investment. Timing that is more favorable to buyers combined with interest rates that remain very favorable make it an EXCELLENT window of opportunity in which to buy.
In other news, to help bring stability
to home values and accelerate sale of vacant property,
effective February 1, 2010 and good for one year, HUD
has taken action to speed resale of foreclosed
properties to new owners.
HUD Waives FHA Rule on
Flipping
U.S. Dept. of Housing and Urban Development (HUD) -
January 15, 2010
CLICK HERE TO READ
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FHA Waives Rule - Will Insure
Mortgages on Home Sold Under 90 Days
By James Kimmons, About.com Guide
CLICK HERE TO READ |
Shirley Bahler
4 Merchants Square, Suite 7
P.O. Box 1780
Sandwich, MA 02563
508-888-8999 x144
800-878-3722 (toll free)
Website maintained and updated by Shirley (Enders) Bahler
All right reserved.
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Obtaining a mortgage pre-approval from a reputable lender is critical in these
volatile days with shifts in the mortgage industry.Call me today for referrals to trusted sources for mortgage lending. |
