We had three loan officers speak to us at our local board of Realtors office on Jan. 20th, 2009:
Changes almost weekly. Not like it was ten years ago. Documentation is necessary now. They do not take your word.
Three things they look at:
1) credit risk/debt ration
2) collateral risk
3) lender appetite at moment
The above being said, they restated once again that credit score changes your rate:
i.e.: 740 score and above you may now get around Hilton Head 4 7/8 plus on point. If you score was 700 then rate changes to 5 1/4 and if at 680 then you are looking at one percentage higher, namely 5 7/8.
There is money out there. Most that did not get tempted by the feeding frenzy of the mid 2000 years can now selectively buy great properties at rates lowest in many adults' lifetimes. Come to Hilton Head and buy. Susan will help you find the right property and put you in contact with great rates! Stay warm!
Comments(0)