According to a recent article in National Mortgage News, it would seem that “no one in his right mind would choose” to be in the mortgage business. They back this statement up by citing the upheaval that the mortgage industry, as a whole, has experienced.
We have all read and heard about some selling loans to consumers who cannot afford them, charging excessive fees, being scrutinized by the government and many loan companies going out of business.
Many mortgage brokers (or should I say “former” brokers) have moved on to other fields of interest. So, what does this say? We here at Grandview Lending believe this is a good thing. Most still in business today are those who are ethical, commited to serving their clients and have a passion for helping people own their piece of the American Dream.
The National Mortgage News article also stated that those who are “… left standing today are believed to be the cream of the crop — experienced, motivated and highly professional.” I totally agree!
Santa isn’t the only one who has lists to check
The end of the year is a time when many people review their financial picture and begin to make plans for the future. With the mortgage interest rates at an amazingly low percentage, this is the perfect time to review your current loan.
At Grandview Lending, we specialize in finding what is best for you and your specific situation. There are a plethora of loan options, and just like Santa, we have a long list from which to choose:
- Fixed Rate Loans
- Adjustable Rate Loans
- Sub-Prime, Non- Prime Credit Challenged Programs
- FHA Loans
- VA Loans
- Rural Housing Loans
- Zero Down Loans with up to Six Percent closing costs paid!
- Interest-only LIBOR Loans
- Balloon Loans
- First-Time Homebuyer Loans (Zero Down & 3% Down)
- No Documentation Loans
- Home Equity Loans and Lines of Credit
- Cash-Out Refinancing
- Debt Consolidation Loans
- New Construction Loans
- Remodeling Loans
- Lot Loans
- Bridge Loans
Not sure what’s best – to keep what you have or apply for a new mortgage? We can help you make the right decision. And that will make your season bright!
Market still too fragile for rate increase
We all see evidence every day that the economy is still quite fragile. Therefore, mortgage rate hikes are a long way off. According to MBSQuoteline, “President Obama signed into law an expanded Homebuyer Tax Credit bill, which extended the deadlines and added a new $6,500 credit.” Many provisions are effective immediately:
Homebuyers who owned their primary residence for five out of the last eight years can claim the $6,500 tax credit for purchases made after November 6th.
The extended income limits are now for both first-time homebuyers and repeat homebuyers.
The extended income limit for couples filing jointly is now $225,000, with the credit phased out over the next $20,000 in income.
These new limits cannot be applied retroactively to deals completed before November 7th.
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