SOME HOME BUYERS GAIN EDGE OVER CREDIT CRISIS -
November, 2007
by Pam Bayles
With the current impending doom and gloom in the mortgage market, many are wondering what the future holds. The truth is it holds just about what you might expect. People with good or average credit will be able to get loans for homes with little or no problem. People with bad credit will not. In short, a return to normal. If you have decent or better credit, don’t sweat the current mortgage climate.
Home buyers with solid credit and money for a down payment are now better positioned than they were a few weeks ago.
The average 30-year fixed mortgage rate is at a three-month low. Home prices in many areas have fallen. And despite the meltdown in non-traditional mortgages, many community banks still offer jumbo loans (above $417,000), though rates have risen. "If you want to move up to a bigger house or buy a home for the first time, and you have the credit and qualifications to do so, it's an excellent time to buy," says Gerri Detweiler of FreeRateSearch.com.
Get pre-approved. Call and we can discuss your loan strategy.
Pam Bayles (928) 203-9114.
Read my SEDONA MORTGAGE TIPS - 2007
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