A great beginning for the new year! Prices are still low, so are interest rates! If you have ever been interested in purchasing Real Estate, now is the time! Contact me for more details about property for sale in the Oroville area!
Friday, January 14, 2011
Tuesday, September 7, 2010
The Pendulum
These days it is not so easy to get a purchase loan. A few years back it seemed that having a heartbeat was the requirement for obtaining a loan. They then found out that was not a good idea.
In my years in Real Estate, I have seen the loan Pendulum swing back and forth. At one point you needed to prove you can pay your loan with all cash within a week of closing before the underwriters would give you a loan. Then they started loosening up, only to swing back again to wanting your firstborn to prove they could work for the bank 100 hours a week during the duration of the loan before pre-qualifying you.
Then, around the beginning of this decade, they decided everyone should be able to get a loan, even if you were a student and you did not have a regular paycheck, you could get a trillion dollar loan!
It is now 2010. not only do you need to prove you are an actual person, the banks now demand proof for everything you do. It is possible to get a loan, but now, you have to prove you CAN pay the loan off in the time allotted by the terms. So, when applying for a home loan, be sure to bring all your records. Call ahead to see what they will request from you. If you are obtaining gift money, be sure to have the giftor sign a letter that they are, in fact, gifting you the money. The lender may also ask for a copy of the giftor's bank statement to be sure they have the resources.
Obtaining a loan does take a little longer than before, but if you do your homework, and work with a great, communicative lender, it can go a lot smoother then the horror stories you hear out there.
As always, if you are considering Buying a home, call me. I can assist in finding the home, and the lender that will work for you.
In my years in Real Estate, I have seen the loan Pendulum swing back and forth. At one point you needed to prove you can pay your loan with all cash within a week of closing before the underwriters would give you a loan. Then they started loosening up, only to swing back again to wanting your firstborn to prove they could work for the bank 100 hours a week during the duration of the loan before pre-qualifying you.
Then, around the beginning of this decade, they decided everyone should be able to get a loan, even if you were a student and you did not have a regular paycheck, you could get a trillion dollar loan!
It is now 2010. not only do you need to prove you are an actual person, the banks now demand proof for everything you do. It is possible to get a loan, but now, you have to prove you CAN pay the loan off in the time allotted by the terms. So, when applying for a home loan, be sure to bring all your records. Call ahead to see what they will request from you. If you are obtaining gift money, be sure to have the giftor sign a letter that they are, in fact, gifting you the money. The lender may also ask for a copy of the giftor's bank statement to be sure they have the resources.
Obtaining a loan does take a little longer than before, but if you do your homework, and work with a great, communicative lender, it can go a lot smoother then the horror stories you hear out there.
As always, if you are considering Buying a home, call me. I can assist in finding the home, and the lender that will work for you.
Thursday, May 6, 2010
Great Times!
It has been busy in our office. Lots of sales and Buyers. Our office includes Property Management services, and we have rented out most of our inventory. Now, if only the rest of the economy would pick up..
Tuesday, September 8, 2009
Give Credit Where Credit is Due..
If you are in the process of Buying a home, or if you are thinking about buying, you might want to recheck your credit scores. There will be a new modeling system for FICA scores, it could help a lot of people improve their scores, and a better score could mean a better rate. Ask your lender if it is worth rechecking, BUT be careful, too many credit inquiries can lower your score.
Check out the following link for more details:
New Credit Scoring Model May Boost Some Borrowers’ Scores
By Amy Hoak
Read more: http://rismedia.com/2009-08-31/new-credit-scoring-model-may-boost-some-borrowers-scores/#ixzz0QYZsL7ma
Check out the following link for more details:
New Credit Scoring Model May Boost Some Borrowers’ Scores
By Amy Hoak
Read more: http://rismedia.com/2009-08-31/new-credit-scoring-model-may-boost-some-borrowers-scores/#ixzz0QYZsL7ma
Saturday, June 6, 2009
Tips for the Homebuyer
The following article has a few tips for those in the market for a home. As always, if you are looking in the Oroville area, and do not have a Realtor already, contact me , and I can help you complete your home purchase!
7 Tips for Consumers Preparing to Purchase a Home
RISMEDIA, June 3, 2009-June is National Homeownership Month and like many other consumer advocates, the Oregon Bankers Association (OBA) urges consumers to get informed as they prepare to buy a home. Today, there are a growing number of obstacles for home buyers, including a higher credit score standard and more restrictions on credit. Despite current challenges in the secondary mortgage market, home loans are available to credit-worthy buyers and Oregon banks stand ready to assist prospective home buyers.
Read more: http://rismedia.com/2009-06-02/7-tips-for-consumers-preparing-to-purchase-a-home/#ixzz0Hgzp8dJG&C
7 Tips for Consumers Preparing to Purchase a Home
RISMEDIA, June 3, 2009-June is National Homeownership Month and like many other consumer advocates, the Oregon Bankers Association (OBA) urges consumers to get informed as they prepare to buy a home. Today, there are a growing number of obstacles for home buyers, including a higher credit score standard and more restrictions on credit. Despite current challenges in the secondary mortgage market, home loans are available to credit-worthy buyers and Oregon banks stand ready to assist prospective home buyers.
Read more: http://rismedia.com/2009-06-02/7-tips-for-consumers-preparing-to-purchase-a-home/#ixzz0Hgzp8dJG&C
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