Home Lending - Still Around!
Posted October 17, 2008 8:54 a.m. EDT
Updated October 22, 2008 3:43 p.m. EDT
I have returned from the chaos of moving – having just sold a home in Chapel Hill, I’m quite excited to be back online – with that being said, I’m back to let you know that lenders are lending these days if you’re in the market to purchase a home or refinance your existing home. I make that statement because my concern is that with all of the volatility over the past couple of months, there may be a misperception on the part of many – both here in the triangle and nationally as well – that lenders have all but stopped lending money to buy homes. Simply not true!
Credit worthy borrowers today have many excellent opportunities to enter the mortgage/housing world – the key emphasis being on credit-worthy borrowers. Our industry for too long maintained opportunities for some unqualified borrowers to obtain a residence – partially one of the reasons we have seen this historic rise in foreclosure filings. Hence why underwriting guidelines have become much more stringent over the past weeks and months. That being said, guideline tightening doesn’t mean prohibitive lending to those who deserve a qualified chance to become a homeowner in the United States.
So if you’re thinking about buying right now or simply refinancing your existing mortgage, now is a great time to do so. It’s a great time for two main reasons – interest rates are still low! And due to the supply/demand issue both regionally and nationally – (we have more supply than demand) – it has become a buyer’s market with many great opportunities to be had – whether you are looking at new construction or at an existing home. Also don’t forget that this weekend is the last weekend of The Parade of Homes here in the Triangle – a great way to get out and see some of the wonderful craftsmanship and quality of our regional builders.
Jeremy M. Salemson
Corporate Investors Mortgage Group, Inc.