|
Mortgage Money is Available
acres of newsprint to
the contrary notwithstanding
The media is
at it again, trying to frighten everyone about the housing
market, this time with overly dramatic reporting about the
current state of mortgage lending.
Yes, there is
a definite problem with past lending practices, causing some
lenders to go out of business and institutional buyers of
mortgage paper to be vexed with US lending institutions for
getting too heavily vested in sub-prime mortgages, causing
those buyers to lose money. Yet another opportunity for
Europeans and others to criticize the good old UsofA.
At this
moment buyers with good credit and a reasonable down payment
can find financing for their home purchases. It may take 2 or
3 weeks longer to obtain loan approval but that should not be
a deal breaker. Some are saying that we may well see a drop
in interest rates as a result of the recent discord in the
mortgage market. Currently they are still under 7%. We
forget now that in the ‘70’s 7% was welcomed as a wondrously
low rate, the likes of which had not been seen for 20 yrs. It
is still a good rate!
When you are
shopping for a mortgage do go to the experienced, ethical
lenders who are looking out for your interests: such as
Wachovia, Bradford Mortgage and Lucey Mortgage Co – see links
to these and others on this web site. Talk to your real
estate agent too if you have any concerns about
mortgages/lenders. Good agents will recommend the best for
you, not the best for them or the best for the lender. Good
agents will advise about your becoming over extended with
monthly payments, as sometimes happens particularly when
people move from a rental to their first owned home.
This is a
good time to buy because there is more choice than usual and
sellers are often willing to welcome lower offers.
Helene
843 906 5916
August 25,
2007
Archives:
August Home Report 2007
Summer 2007 update
June Market
update
Fall 2006 update
Zillow House Values
Charleston
newsletter
| 
