With stricter lending requirements in the wake of the housing crisis, in many places low interest rates are not enough to get people buying. High delinquency rates in many metro areas across the nation are still causing lenders to be reluctant to lend. There are, however, some areas that have very low foreclosure rates and banks are lending more freely. Forbes Magazine has ranked the top cities for borrowers in the country and Kansas City has made the top of the list.
To find the best cities for borrowers more than just the lowest interest rates were considered. The overall health of the housing market was reviewed. In the areas with the fewest delinquencies the lenders are not as apprehensive about lending. Cities like Kansas City that have had fewer foreclosures have been somewhat shielded for the effects of the mortgage crisis. They have not seen the plummeting prices and as a result they have not had as many homeowners going under when the value of their homes becomes less that the debt they owe. These healthier housing markets are much more inviting to lenders and subsequently easier for potential buyers to borrow.
This is not to say that lenders are begging to loan money to anyone in this economy; credit standards are much higher for borrowers now and those who have a poor credit rating will find in difficult to get a loan anywhere. Borrowers in Kansas City will find that with a solid credit rating, this is a fantastic time to purchase a home. For those who have a Kansas real estate license, it is a great time to be in real estate.
These days in real estate getting a loan is the hardest part. Lenders are not willing to take risks anymore so borrowers have to meet the strict guidelines of the current lending practices. Areas like Kansas City that are more likely to lend are going to be the best areas for people who make their living with a real estate license. As any successful real estate agent knows, selling the home is only a step in the process; if the buyer cannot secure the funds for the purchase then the sale will not happen. With Kansas City topping the list of the best cities to borrow, Kansas real estate licensees will have a much easier time clearing the financing hurdle to close the deal.
With the national real estate market just beginning its recovery, there is a great deal of opportunity for real estate licensees. Even for individuals that have considered getting their license, real estate schools that offer real estate training online can get people started in no time at all. The more relaxed lending in the Kansas City market is creating great opportunity for those with a Kansas real estate license.
Comments(0)