Don't Miss Your Chance... Again

All we hear about is how much value our homes have lost and how hard it is to get a mortgage these days. Well, it's not as bad as we hear, but it is a little work.

Over the years, loan guidelines have changed, and so has the way that a loan scenario was looked at. It became so simple to get a mortgage that even a dead person was able to obtain one.

That's where part of our problems began. As we all know by now, the mortgage and banking markets went through some serious situations and we still read about it in the papers today and hear it in the news.

As a result, mortgage companies have gone back to some of the old ways of doing business and being a little more conservative. But they are still here to do loans and help people out. Otherwise they would not make any money.

So, yes it is a little harder to get a mortgage, but when buying a property it is not nearly as bad as people make it out to be. It is just different then it was over the last five to eight years. A little more paperwork and a few more questions to answer, but it is basically the same.

Where it is different for all mortgages, though, is how rates are given. Interest rates used to be pretty much universal, but now they are different based on credit score, property type, type of loan, loan maturity and more.

So while we have always said no two loans are alike, we really see it when grading a loan for an interest rate.

The other spot where we can see some differences is with refinances. With values off the way that they have been, it is more difficult to do some of the refinances that we once did. But the nice thing is that there are still ways to refinance even if value has been lost on a home. Lenders have been proactive in trying to help as many as possible but many are afraid to even check and see if they can refinance just based on what they hear in the news.

Here is what I can tell you: Rates are still near an all time low... so refinancing should be checked out... and for those interested in purchasing a new home, it has never been more affordable then it is now.

What is really amazing is you do not even have to get up off your couch; simply look for properties on the Internet, apply for your loan online... never get off the couch. Heck, buy that cabin on the lake or that investment property you always wanted to buy.

So, what are you waiting for?