If you are in the market for a new home or are looking to refinance your current mortgage, you may want to do some research on the current market. If you are an "A type" borrower, you may not be affected by this market changing. The fact is the sub prime world is under going some serious changes. The ones buying the mortgages to service the loans are tightening the guidelines on second mortgages, if they even buy them at all. Banks are foreclosing on too many properties so the are changing the way they do business. They have been cracking down on the no money down programs. They are increasing the credit scores needed for financing, requiring more documentation to proove the income and assets, raising the interest rates and limiting exceptions to a rare basis.
Don't worry too much because the programs are still there today, just getting limited as many lenders close their doors. I am staying on top of where the most aggresive programs are and what we need in order to close on them. Please call me for the most current market conditions and questions about a loan you are looking for.
Arizona Mortgage Broker
Arizona Realtor
Tuesday, April 24, 2007
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