Some Words About Financing

With the meltdown of the sub-prime market last year there is NOTHING that has changed more completely than the financing element of sale transactions.  Years ago you had the choice of fixed rate financing or an ARM...the standard Adjustable Rate Mortgage.  Your qualified for both based on your income, employment history, debt levels, credit history and your assets. 

THINGS HAVE CHANGED!  There are so many financing options available to buyers today that it takes a spreadsheet to keep up with them, and the development of credit scoring as a primary benchmark has in some cases completely eliminated the underwriting process.  Refinancing has become the rule rather than the exception, and everybody knows their FICO score! 

Financing options run from monthly adjustable, interest only loans to plain vanilla 30 year fixed rate product. In between are your 40 year amortizations, your 30 due in 3/5/7's, 100% LTV's, your yearly adjustables, and on and on.  The variety of loans is staggering and the only way to get the best loan for you is to carefully consider your specific intentions for the property.  If you have questions regarding financing give me a call. I have some good resources in the lending community.  They will counsel you according to your needs and see to it that you get the loan that best fits your needs. 

With the massive wave of defaults that is driving the resale market the lenders have gotten to be a real pain in the ass.  They are demanding more and more supporting documentation from even VERY qualified buyers as they overreact to their prior sins which saw them lending money to anyone with a pulse.  The reverse is true now so the best advice I can give you is to GET STARTED NOW...nothing solves problems in this world like a pile of money and any seller of real estate wants one from you!  Contact  your lender and have them take A FULL BLOWN WRITTEN MORTGAGE APPLICATION and COMPLETELY PROCESS it to get you a FULL BLOWN APPROVAL...having your loan approved makes you the equivalent of a cash buyer and makes you look super in the eyes of any seller...financing is a key factor in negotiations...get this taken care of and the rest of your purchase will go much more smoothly.