Monday, September 15, 2008
Mortgage Lending Times Are Changing
If you are in the market for a real estate loan, you know ... times are changing.
In a meeting today, a lender shared with us the all-too-real reality that lenders are in a state of flux. And this can severely affect both home buyers and home sellers.
What are we seeing? Lenders making changes to the rates and terms, requiring more down payment, additional documentation, etc. Changes that affect a buyer's loan during the transaction and the buyer's ability to complete a purchase.
Buyers and sellers be alert to the financing in your purchase or sale. Communication is key - with the lender and with your agent. Perhaps it would be prudent to apply for a loan with more than one lender. Get advice from your accountant or other financial advisor.
At least, that's our opinion.