Susan Hilton College Station Real Estate
Realtor & Vice President of Sales of Bryan College Station Real Estate
Read my blog below
What’s Going on in the Mortgage Industry?
March 21st, 2008 Categories: Buying, Mortgage Help
Most of what we hear in the news is a “gloom and doom” scenario for the housing and mortgage industries. While there are strains facing both industries, we need to focus on the area in which we live. The East and West coasts, as well as Florida, are the areas that this information is mostly derived from. Here in Texas, specifically Bryan/College Station, and the surrounding areas, we are not facing an “upside down industry”. Appreciation rates are stable, and the area is in a solid growth pattern. However, this is not to say that change is not constant. Mortgage programs and lending guidelines seem to change on a daily basis. Interest rates are fairly good, but the market is like a roller coaster, up and down daily. The main factors consumers should focus on are, credit rating, and availability of down payment funds. The once popular 100% financing is getting more and more difficult to attain. Changes are coming around the corner that will push the mid-score credit rating, for would be clients, to 680, in order to have the option of 100% financing. I have clients ask my advice all the time, of what they should do. My answer is simple. Set up a game plan, and stick to it. Clients need to find trusted advisors, (realtors, financial planners, and loan officers) to help them put a game plan together, in order to take the best route to attain their goal of home ownership. Find an advisor that you feel you can trust, and relate to, and let them help you prepare.
There is no substitution for preparation. Find out where you stand, and what you need to do in order to accomplish a home purchase, that not only meets your needs, but is sensible for your pocket book.
Until next time.
Trent Pride
Great advice Trent! Well said.