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Today Is The Best Time To Buy A Home -Rates Are At Their Lowest Ever And Qualifying For A Mortgage Is About To Get Real Tough
Released
on: June 30, 2010, 9:57 am
Secondly the freewheeling days of no-money-down, liar loans are dead. Instead you'll find more paperwork is needed to prove you truly can afford to make the payments. If the final bill passes both houses of Congress -- still not a certainty, since Republicans are likely to try to block it -- homebuyers seeking a mortgage will face new minimum underwriting standards for home mortgages. The details of those standards are not yet available, but you can be sure that no-money-down loans will no longer be available, even in the private mortgage marketplace.
Also gone from the marketplace will be those commissions for brokers that reward them for steering borrowers into more expensive loan packages with higher interest rates. That's good news, since many borrowers were steered into more expensive subprime loans -- even though they could afford a prime loan -- because brokers often made higher commissions off the subprime option.Call us today we have many loan programs available to fit your needs and are friendly crew is more then happy to get you pre-approved for your next home purchase.Jeffrey Martino Young Branch Manager for Essex Mortgage Bank in Santa Rosa,Ca.95404 toll free 1-877-870-2676 Contact Details: Jeffrey Martino Young at Essex Mortgage Bank
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2012
Essex
Mortgage Bank is Happy to announce that the average interest rate for a 30-year
fixed-rate mortgage averaged 4.69 percent, with an origination fee of 0.7 percent,
in the week ending June 24, according to the latest Freddie Mac Primary Mortgage
Market Survey. That's the lowest ever recorded since Freddie Mac started keeping
track in 1963. If you are looking for a home the supply is endless and the prices
are at a all time low.It is definitely a buyers market and a wise man would
be either buying or refinancing their home mortgage right now!!
These
no-money-down loans that were approved using stated income -- in other words,
borrowers did not have to prove income -- will be history and against the law.
Instead, lenders will have to verify borrower income to make a loan. Self-employed
people will definitely find it much harder to buy a house, especially if they
don't have two years of income tax filings to prove their income.
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