Financing

A bit about financing your home…

If you read the business section of your favorite newspaper or magazine regularly, you are well aware that easy mortgages are becoming a thing of the past unless you have suitable credit.  The past few years have provided a mortgage feast for “sub-prime” buyers (those who might have poor credit, no credit and or no cash to put down on a purchase).  Many of these buyers selected or only qualified for “adjustable rate” mortgages with interest rates that can, and have, gone up recently. The result has been a recent large increase in foreclosures which has forced lenders to reevaluate their underwriting practices.  Mortgages are available but guide lines are stricter.  Homes are appraised very closely (benefiting buyers) to be sure that buyers don’t “overbuy” and become “upside down” in their mortgages if they have to sell their new home in a short period of time.

Here are some things I’d like to suggest to you in these somewhat challenging times:

  1. Don’t deal with internet lenders (many of which are going out of business every day).
     
  2. Deal only with local lenders with solid credentials (I can recommend some to you if you are unaware of them).
     
  3. Don’t take the lender that offers the lowest interest rate until you have checked and compared their fees charged to originate a loan for you.
     
  4. Delay any major purchases (automobile, large appliances etc.) until you have closed on your new home.
     
  5. If you suspect or know that your credit score is low, start paying a bit more than required on your revolving credit each month.  Think about taking advantage of the many offers to consolidate your high interest rate
    cards at a lower rate. Don’t be even a day late on any of your payments.
    If you are caught up in high student loan repayments, look into the many
    opportunities to refinance them at lower rates and with lower payments

Mortgage Glossary

Mortgage Calculator


DON'T MISS A NEW LISTING AGAIN!
Register Now
Already registered? Login

FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*


Tom Scanlon
Platinum Realty
9393 W 110th Street, Ste 170
Overland Park, MO 66210
Phone: 913 345 0690
Fax: 816-888-3692
Email: Tom@tomahawkcreeknews.com

Testimonials Page

Hi Tom, I just wanted to send a note thanking you for "making selling a house" enjoyable! You sold my condo quickly and got me top dollar for it. You are the best agent I've ever used and you took care of all the paperwork so professionally and did it seamlessly. I've already sent several friends your way and they were delighted with your tireless effort If I ever move again, you are the man I'll be calling! Thanks again, Patti Fogarty
Tom was exceptionally knowledgable about my condo property and why it provided value to buyers. Available 24 7 to meet my and buyer’s needs. Made great suggestions to drive buyer interest. Robert Thompson
View All