As a mortgage professional I find it frustrating that the national media is constantly bombarding us with reports regarding the credit crunch as it pertains to home mortgages. Here in the Midwest, it is true lenders have tightened their standards but for the most part if you have a job history and decent credit there are a wide variety of loans available to you.
It sure has been a bumpy ride these past few months in the mortgage industry and the national media has taken every opportunity to report on the credit crunch crisis. However, here in the Midwest we need to sit back and remember we are not the East or the West Coast. While we enjoyed years of escalating home valuations and relaxed lender guidelines, we are now facing the responsibility that home ownership brings with it. Those who took risks and gambled on home prices to keep rising and incomes to steadily increase are now feeling the pressure. Do not be one of the statistics. Instead, take control and develop a mortgage solution that helps you increase your net worth.
With my clients, I always stress the importance of comfortable affordability. Simply put, you need to have an affordable mortgage which allows you to meet all of your financial obligations as well as the ability to be able to put money aside (at least $500) each month into savings. If you can not make that happen then you really need to reevaluate the situation. Stop gambling with your mortgage investment and take a good, hard, honest look at your financial situation and make decisions based on the facts of your unique situation rather than emotions. Those who make decisions based on emotions set themselves up for failure.
With that being said what if I were to tell you that 102% financing is still available to you? What if I told you that you could have a mid-credit score as low as 550 and still be eligible for 102% financing? You would say that I was crazy. But the fact of the matter is, in Missouri, the impact of the credit crunch crisis is not as severe as it is on the coast. With sensible underwriting and full documentation for new home purchases, this loan program available right now.
If you are sitting on the fence and waiting for the housing market to turn you may find that you waited too long. Home mortgage rates are at record lows right now and more than likely will rise. Home prices are low and sellers are willing to negotiate since homes have been on the market for so long. Take advantage of this great opportunity but keep in mind the comfortable affordability factor that I spoke about earlier.
For further information on new home purchases, the sale of your existing home, for sale by owner or refinances please visit Midwest Mortgage Solutions of Missouri, at: http://www.midwestmortgageresource.com or http://www.mwmortgagesolutions.com
This article is brought to you by Tom Wurdack and Midwest Mortgage Solutions of Missouri. Tom Wurdack is a licensed mortgage broker in the state of Missouri, with over 10 years experience in the real estate industry. He is best known for his ability to place his clients in the perfect mortgage solution. Feel free to contact him at tom@mwmortgagesolutions.com.
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