Get The Mortgage You Want And Deserve
By Paul Esajian on April 14, 2014
Much has been made about the lack of available credit and the difficulty encountered when trying to obtain a mortgage. However, while many programs have gone away, there are still loans available for qualified borrowers. If you have a good credit score, a low debt to income ratio and money to put down, you can take advantage of the low interest rates being made available. If you do fall into this category, you will be in the position to pick and choose between programs and lenders. There are more programs and tweaks than you may realize. If you know that approval is not a risk, you should shop around for the loan program that meets your needs exactly.
Before you start your mortgage search, make a list of what you really want. This could be as obvious as getting the lowest possible interest rate and as obscure as not including your taxes in your monthly payment. Most of the interest only and short term adjustable rate loans have gone by the wayside, but there may be a 5 or 7 year loans that could work for you. Whatever your goals are and whatever you really want out of the mortgage should be noted and taken into consideration. If you work with the right broker who has access to many lender,s you may be surprised at just what’s out there.
The number of lenders has been reduced dramatically from the height of the market, but the ones that are still out there are fighting for consumer business. This means they are constantly coming up with new programs that cater to buyer’s wants and desires. If you haven’t shopped for a mortgage in six months to a year, don’t assume that what you want is not available.
If you have a strong credit score and available funds to put down, you can take advantage of these programs. We will most likely never see the wave of programs and lenders that we saw last decade, but lenders are slowly starting to look for new business and this means altering their guidelines. Once you know what your lending goals are, you can put your broker to work and see what they can find.
Almost all of the recent changes in the mortgage world have been done to protect the consumer. In this market, you really can have your cake and eat it too. You can get a great interest rate without having to pay multiple points for it. Programs are changing all of the time and without much warning. If you know exactly what you want out of your loan and are upfront about it, you may be surprised to actually find it. Guidelines may have changed, but if you are a qualified buyer this can also work in your favor.