The fed’s lowering the interest rate doesn’t really help you qualify for a loan

I had four clients call me this week asking me, "Since the fed lowered interest rates this week, can I get a
traditional loan?" Well, in a simple answer, "NO!"

I am willing to help these people work on their credit over the next couple years. But, if you couldn't get
approved for a loan last week, more than likely the feds lowering the interest rate isn't going to help you.

The only thing the fed's lowering interest rates can do for buyers is basically get them more home for their
dollar. You see with a ½ of a percent interest cut on a mortgage, you

can save someone buying a $250,000 approximately $75 a month.

What that means to a buyer is that instead of being able to afford a $250,000 home, they now would be able to
possibly buy a $270,000 home and keep the same payments per month.

You see, the feds didn't lax the restrictions on what it takes to get a loan, they only really helped those who
already qualify. If you really want a home in the next couple years and don't mind a little hard work, then give
me a call and I would love to help you get your credit in order and find you your dream home.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

 

 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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