Cape Cod Real Estate - At Home Cape Cod

Sellers prefer to know that a buyer has been pre-qualified, since failure to obtain the necessary financing is a great disappointment to both parties. We recommend you should go even further and receive pre-approval from a mortgage lender. Also, in view of the volatility to 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 if the lender closes their doors before you get to the closing table.. It has happened. A pre-approved letter from a stable lender will make you a more attractive buyer to the current property owner. There are many stable and reputable lenders and banks out there. Make sure you are utilizing one of them.

Buyers are also encouraged to comparison shop for both lenders and their mortgage products and will discover the process enables them to recognize the best set of options for their 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 those 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 us a call at 508-888-8999 x144 or email 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 two articles (August and September 2007) from two mortgage brokers who help finance Cape Cod properties to be very insightful. We’d like to share them with you.

Beyond the Hype: The Credit Crisis and What It Means to You
This was sent to us via email September 13, 2007 by Brian Tobin. We find Brian’s newsletters very informative and wish to share it with you. The yellow portions were highlighted by us as points of particular interest.

Beyond the Hype (PDF)

The Facts about Mortgage Lending
This information was provided to us at a local Multiple Listing Service meeting by Dan Pulit, Mortgage Lending Officer at Cape Cod Five Cents Savings Bank. Dan says the stats were gathered August 2007.

Facts About Mortgage Lending (PDF)

The mortgage market challenges will work toward resolve in the months ahead as things get sorted out. However, in the meantime it is important to emphasize the fact that conventional loans - the vast majority of available financing - 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. A market that is more favorable to buyers combined with interest rates that remain very favorable make it an EXCELLENT window of time to buy.