Mortgage Meltdown?

When listening to the news  you might think that no one can get a loan these days. This is far from true. Hindsight has given us a clear picture of the kinds of loans that shouldn't be offered again. But the loans that have performed more consistently are still abundantly available, and you might be surprised what you can qualify for.

Investors are looking for at least 2 of these 4 items:

  1. Credit Score
  2. sufficient verifiable income for the payment amount
  3. equity in the property or down payment
  4. Liquid assets (money in the bank, stock market, IRA's, 401k's, etc...)

The items that will make your loan more difficult to obtain:

  1. Non-Owner Occupied (investment property)
  2. Stated or No Income (meaning you can't prove it with W2's or Tax Returns)

Bottom Line: If you can really afford to make a regular house payment, there's a very high chance that this can be proven to a lender, who will in turn be happy to give you an excellent loan.

To make things better, interest rates are historically low.

There's even further impetus to act on this information. Even if prices decline another 10%, due to the market panic, there are sellers out there right now selling for 20% under current appraised value. So you might find a house for $160,000 today that will end up being worth $180,000 when the market bottoms out. A paradox, but true. This also means that your value is likely to be at it's highest as far as refinancing is concerned, and remember that EQUITY is one of the positive factors banks consider.

 

So it still is a great time to BUY!!!!!

 

Home Values!
12/14/2007
share
I read a very interesting article the other day on the Home values nationally. Yes it is true that the home prices are down but there are a few factors we need to look at. The hardest-hit markets drag down the average depreciation. Mid to high… more
WOW
12/13/2007
share
That is the only word that I can think of to describe what I am hearing. I am not sure why so many people that say that the mortgage world is their profession are so down. Yes I understand that things are changing, welcome to the world, we have to… more
HR 3915-Don't let this Happen to our INDUSTRY!!!
11/02/2007
share
Hello to all in AR, this is a bill which is being voted on next week. Although a lot of you are not mortgage brokers it does affect you also. This bill is trying to make YSP illegal, although banks and credit unions can still get away with it. This… more
$1000 drawing per month!!!
10/08/2007
share
Check out our site!!!! http://www. asapmtg. net/Win$1000 You can sign up for a drawing every month for $1, 000!!!! No catch No obligation!! I'm sure everyone could use a free $1, 000!!! I must say its nice giving something away, of course you… more
Are Times Changing?
08/05/2007
share
Hello to all my fellow industry professionals. It is amazing to me to hear how everyone says times are so different. Although I would say that many things are chaning, I believe its our industry correcting itself. For those that have been doing this… more
What Lawmakers are doing!
07/02/2007
share
During the next year or so that we all get to enjoy this restful industry-wide slow-down, I think it would be a great idea to work on re-building our industry from the inside; actually it's long overdue! Lawmakers in many States and on the… more
How Can you Tell?
06/02/2007
share
Hello once again AR members. How can you tell who is just words on here or those that are really something. As a teacher once said to me, words with no results are just WORDS, words with action is SUCCESS!!! I have been reading what a lot of others… more
What do you think about Banner's?
05/28/2007
share
Hello once again AR members. What do others think of Banner Ads? Have they been helpful? Please take a look at mine, if you have any ideas or suggestions please let me know, thanks!!!!! Does anyone have these and have you been using them? I would… more
Has this happened to YOU?
05/26/2007
share
How many times have you told your clients what they shouldn't do during the process of buying a Home Yes it can also happen during a REFI Some clients don't listen or just don't believe how some things can ruin the process! *Buying a… more
 

Andrew Campbell

Madison, WI

More about me…

ASAP Mortgage

Office Phone: (608) 237-8900 x 12

Cell Phone: (608) 921-0880

Email Me

Hello my name is Andrew, I am an owner of a mortgage company in Wisconsin. I look forward to working with other professionals in the very near future.


Links

Archives

RSS 2.0 Feed for this blog

Find WI real estate agents and Madison real estate on ActiveRain.