As we approach Thanksgiving, it’s certainly a time for all of us to reflect on what we are thankful for. While the mortgage industry is less than perfect, there are many things that I am thankful for, after many years of working in the business.
Low Interest Rates
If you looked at a historical chart of interest rates over the past fifty years, you will see how thankful we should be that interest rates remain near the bottom of where they have ever been. That makes homeownership more affordable than it otherwise would be and we should all be thankful for that.
Low Down Payments
0% down payment is needed for a USDA or VA loan. 3.5% down payment is needed for an FHA loan. And a 3% down payment is needed for a first time home buyer using a Conventional loan. While for non-first time buyers, a 5% down payment is needed for a Conventional loan. Those are all small percentages and numbers that again make the prospect of homeownership, more affordable for more people.
Stable Lending Programs
It wasn’t that long ago that many housing markets, like here in Arizona, saw the boom and bust of the real estate cycle. Much of the boom then eventual bust was fueled by loosened credit standards, lending programs that didn’t make sense and an unsustainable market. Those times are gone and now programs like we mentioned (Conventional, FHA and VA loans), rule the market place. That’s a good thing for current homeowners and future homeowners as well.
It’s not perfect, but we have a lot to be thankful for, when it comes to the current state of the mortgage and housing industry.
As always, if you are looking to purchase or refinance a home, it is best to meet with a licensed lender, such as Strategic Mortgage and fully qualify.
For more information on current home loan programs and options for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: info@strategicmtgaz.com or online at www.strategicmtgaz.com
Strategic Mortgage – AZBK#0909514 - NMLS#158804
Equal Housing Lender – Vasilios Kamboukos – NMLS#160440
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