Mortgage Options are Changing--Be Informed and Prepared!

Did you know that over three dozen subprime lenders have gone out of business since the beginning of 2007?

The mortgage industry is changing and if you are in the market to purchase a home, it is imperative to understand what is going on. There are indications that the lending market will become more restrictive as to who will qualify for home mortgages as well as how much they will be allowed to borrow.

Pre-approval with a trusted, experienced loan officer will be more important than ever in the coming months as the industry deals with the fallout. You will need a loan officer that will stay on top of the changing financial market and explain any possible situations that might affect your home purchase as soon as information is available.

Here are links to four recent articles outlining some of the problems and potential changes that have resulted from this mortgage crisis:

• CNN Scary math: More homes, fewer buyers 
• The New York Times Crisis Looms in Market for Mortgages
• Market Watch Subprime mortgage woes may be spreading
• Reuters Stricter lending seen barring 1 Million US home buyers

Don't be frightened out of the home buying market. Be informed and get pre-approved. It is still a buyers' market in Minnesota. There a large number of good homes at the best prices the Twin Cities has seen in years. It is a great time to buy a home it is just more important than ever to understand your mortgage options and work with knowledgeable advisors.

If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007 Teri Eckholm http://www.terieckholm.com/