Mortgage Monday: Mortgage News

Mortgage News

I read an article in the Seattle Times yesterday, March 18, 2012. The article was about how the housing market recovery is just round the corner because of the increase in rental prices. Since there is a larger demand for rental properties, rental prices go up. One of the reasons they gave for people not buying homes was how difficult it is to get a mortgage.

The news I want to share with you today is: mortgages are not difficult to get! If you are comparing the old days when you could get a mortgage without proper documentation of income, then, yes, mortgages are difficult to get. The so-called liar loans didn’t need income verification nor much of a credit score. And if a 20% down payment is out of your reach, you might think you can’t buy a house. But these days you can get a mortgage loan for 3% down if you have a credit score of 62o or higher.

Stop reading about how hard it is to get a mortgage and talk to a lender about what it will take to qualify for a mortgage. One mortgage lender that I have talked with about loans told me the following;

In December of 2011 he wrote seven loans. Two were for the purchase of a home and the rest were for refinancing. In January of this year he wrote 14 loans. Two were for refinancing. The rest were for purchase pre-approval so the clients could buy a home. Was it difficult for them to get a loan for a purchase? No, and you can do it, too. Contact me if you’d like a referral to a lender.

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