I met with a Real Estate Agent I work with, who has a friend that bought a home in the San Francisco Home Loan Market in January, and was concerned because she didn't really know what type of loan she given, and wanted to find out. The Real Estate Agent was not the agent on the transaction, I know she would have looked out for her client at the loan signing. The buyer had been told she was getting a 4.5% fixed rate for 5 Years.
I have heard this … (12 comments)
prepayment penalty: Are these pants getting tight, or is it just Real Estate that is getting tighter?
- 04/26/07 05:39 PM
Are you impressed with my attempt at a catching title? I am sure everyone involved in Real Estate has personally experienced some sort of tightening of the market, I thought I would give everyone an update on what I am seeing on the lending side. Back in the prime of the market, lenders were open to just about every situation. If you had a FICO score over 620, you could get approved up to $750,000 with just 3 letters of reference from people that you have done business with. You wouldn't even need any reserves showing that you could put money aside. … (6 comments)
These are some of my insights on the Bay Area Home Mortgage market, and California and Oregon in general. Please let me know if you are liking what I am writing!
It has happened again...Well, let's face it, happens a lot more than I hear. ;)
;)
