5. Lenders are Back in the Game!
The subprime mortgage crisis rocked the real estate market and shattered the mortgage origination process. In 2009 buyers found it very difficult to acquire financing for home purchases and investing in property. It gave a sense that financing dried up. Mortgage funds are now available!
"If you have a job and can afford the payment, chances are you'll qualify for a mortgage," says David Reed, a mortgage banker and author of Mortgage Confidential: What You Need to Know That Your Lender Won't Tell You.
Wow, does that sound strange or what - almost like heresy. What this says to me is that it's worth it to connect with a lender to discover what your qualification is for a home purchase. Wouldn't it be great to find out if you could afford to purchase a home when you thought it may not even be possible?
And, the jumbo mortgage loan rate drop is noteworthy. This sector was not bolstered by the $8,000 first-time home buyer tax credit. The recent sales setback is simply a function of the market readjusting as the tax credit has expired.
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