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:
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