Show me the Money?

I have been hearing from a lot of people recently that they can see the great deals in the housing market, and love the low interest rates, but are worried that they will not qualify for a loan on a home. Can you even get a good loan?

The answer is yes!

I think that one of the biggest differences in the market today would be the kind of loan. Banks want to loan money- they just want to do it with a common sense approach. The reason we are going through some of these changes in the market was not because good loans went bad. It was more over that bad loans were given to good people. Buyers were getting loans that they could afford at the time, but as the loan aged the payments grew. The plan in most cases was to refinance with their equity. The housing market did not keep escalating in price-(even though gas did), and homes became unaffordable for too many people.Prices started coming down.

To solve this lenders are taking a realistic approach and most are not letting Buyers state their income with out something to back it up. The loans are much more strait forward and realistic. Payments are simple, and what you see is what you get.

It is a great time to Buy a home and a safe time to get a Loan. You may not get a million dollar home for a $800.00 monthly interest only payment, but you will get a nice home at a great price. The key is talking to a lender. They can give you an good idea of the price range you can comfortably afford and set you on a path. Once you have a price range your Real Estate Agent will give you a wide selection of homes to choose from. That is the fun part, and in about a month you will be reading a post like this from the home you always wanted.

For more information on finding a good lender, or securing a new home contact me at TheNorthwestLife.com or call Dinah Lee at 360-551-8888