Goodbye, easy money. Hello, higher credit standards.
The high default rates we are seeing now is a result of mortgage companies lowering their lending standards in the face of low-interest rates. Now that these banks are being stuck with empty houses in a soft market, their standards are being raised.
What can you do do be sure that you qualify for the type of mortgage that you will need when it comes time to buy your next house? THIS ARTICLE has some excellent information that will help you understand what is going on and what you can do to prepare for your needs.
If you have any questions about mortgages, how to find out what type of payment you can afford, how to clean your credit up to prepare for buying a house or to pull the trigger and buy now while rates are low and it's a buyers market, give me a call. 770.862.8002.
Michael Bradford
Southern Prime Realty
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2 comments:
You're right! It will be interesting to see how things continue to shake out now that the standards from lenders are raising. Very timely article and post.
Thanks, Boulder!
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