While some buyers are paying cash for homes, the majority still require financing. The rumor and mainstream media are telling us that banks are not lending but just the opposite is true.
Tom Henichek
Tom Henichek, a local loan officer at Mountain Mortgage, verifies that enough money is available for those who qualify for a mortgage. In fact, mortgage brokers are swamped with the recent rash of refinances put into the system the week between Christmas and New Years Day. The extreme is 21 days in underwriting while most have hired some part time staff and are underwriting files between 5 and 11 days. This is contrary to the beginning of December when files where being underwritten in 24 to 48 hours.
If you are contemplating a purchase, please visit with a lender and examine your options. Interest rates are moving two to three times a day and points are being assessed for credit scores below 720.
The credit system is ripe for errors and something from your past may still be lurking on your report even though you thought it was corrected. With the number of foreclosures, credit reports are weighed heavier than at any time in our history. Being pre-approved for a purchase will cost you nothing but time and will put your mind at ease when the time arrives for you to make your move.
For more information about the current financing market or to get pre-approved, call
Tom 928-775-9330 or email him at tomhenichek@cableone.net.
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March saw that house prices increased for the first time since October 2007, however some are cautioning that investors should not be expect an immediate change in the market as lenders will be increasingly more cautious going forward. http://www.telegraph.co.uk/finance/personalfinance/investing/5119055/House-prices-Is-it-time-to-go-back-into-property.html