Lending in Todays Residential Market in Framingham Ma in 2016
The lending parameters since 2010 have drastically improved with banke being watched by the FED now. They dont have the freedom to handout loans like candy like they did in 2005-2010. The mortgage companies that were giving out loans to fatten their pcokets are not in business anymore. The bank regulations have chnaged for the better with the FED actually penalizing banks now with fines with the new TRID guidelines. Lenders need to tell their clients about the mortgage payments, interst rate, and amortization that they will be getting for their loan within 3-7 days of the closing. If they do not do this within 3 daus of closing, banks can be fined a couple thousand to ten thousand dollars. You better belive if banks want to stay off the FEDS radar , and not pay huge fees, they will comply with these new guidelines that were instituted in the late Fall of 2015.
Subprime lenders do still exist but not in droves like years before. Most people would rather go to reputable conventional lenders, and that is definately the safer move. The lending restrictions have loosened over the last 18 months allowing for several first time home buyer programs with lower down payments as low (as 3% in some cases). Your credit does not have to be perfect in 2016, but of course it has to decent. The lower your credit, the higher your interest rate, so your low credit will cost you more money anyway. Lending in Residential market in Framingham in 2016 has made it possible for buyers with decent credit to benefit from such historically low interest rates. If you can afford to buy now, it would be crazy not too. The low interest rates allow for you to afford more home for your money.
Interest rates in the 1980's were as high as 16-18%, and now we are at rates less than 4%, which is almost unthinkable. You still need to be disciplined as a homeowner so that you dont bite off more than you can chew. Foreclosures are still out there just not at such a high clip, but there will be another wave with some more Adjustable rate mortgages out there.
As a buyer, you much budget for your expenses vs income you take in every month. This is especially important if you are a first time home buyer.
Lending in todays residential market in Framingham in 2016 allows for a great value of affording more home for less money. Even though you are paying more to buy your Framingham home, it is not close to the money you save every month with todays low interest rates.
There are adavantages whether you are buying or selling or both. Lending in Todays residential Market in Framimgham Ma. in 2016 will allow a lot of buyers to get off the fence and into the ownership game at a lower monthly payment than ever before.
If you are looking to own a hoe, whether first time home buyer, upgrading or downsizing, it would be y pleasure to meet and discuss your needs. Call me today at 774-286-9161. I am here to service your real estate needs daily.
Lending in Todays Residential Market in Framingham MA in 2016
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