It's not all gloom and doom. There is still plenty of money available to creditworthy borrowers. But lender guidelines have tightened significantly, and the days of easy credit with no down payment and no documentation are all but over.
With this in mind, it's more important than ever for homebuyers to get pre-approved – not "pre-qualified" – in order to avoid the kind of painful last minute surprises that can lead to deals falling through.
With actual written documentation that proves the full support of a lender, pre-approved borrowers represent less risk to sellers. Of course, there is no way to guarantee a flawless transaction every time. But, by working together to bring pre-approved borrowers to the marketplace, we can preempt the major challenges and create a great experience for everyone involved.
If you have any questions about this or any stage of the mortgage process, please don't hesitate to call. I am well versed in the home loan process but would rather let the "pros" handle any specific questions you may have. I have several licensed experienced home loan consultants who are reliable, effecient and responsive to the specific needs of my clients that I use consistantly.
FYI - Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Friday, 21st January, 2011:
"While my business is good and growing steadily, it is important for you to know that I am never too busy to help those you refer to me: your family, friends, neighbors, and coworkers."
Chuck Norris says, "Get approved!"
Ozzie Marten (a.k.a. OSH)
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