I had the privilege of sitting in on a panel discussion featuring practically ALL of the local Estes Park Mortgage Brokers. It was a lively discussion about how Estes Park property buyers are being affected by the national credit market upheaval.
Panelists included Sarah Walsh of First Home Mortgage, Rich Flanery of The Mortgage Center, Harriette Woodard of Estes Park Mortgages, Jose Santana of Blue Diamond Mortgage, Susan Raso of First City Mortgage Group, and Tim Ortiz of Home Financial
Below are some of the general topics covered during the session.
Can I still get a mortgage?
Several of the panelists stressed that money is still available to qualified buyers; however, there are more requirements and higher costs to the buyer in getting a mortgage funded. Recent changes in the way banks are doing business have increased the likelihood that problems are going to arise during the approval process.
Isn’t my credit score good enough?
Having a great credit score is no longer your golden ticket to getting a mortgage, although it does help. Expect to verify assets and income in multiple ways and be sure your credit history is as good as it can be. You may also have to put down more of a down payment in order to get a loan than you needed to in previous years. There are virtually no 100% loans available unless you qualify for a VA loan.
What else do I need to know?
Lenders are also looking much more critically at the property being mortgaged. They are being more strict with appraisals, the overall health of the homeowners associations, and the quality of the house itself depending on the program.
So, what do I do next?
If you are thinking about buying a home with financing, contact me as soon as possible. I’ll get you connected with a local lender who will help you sort out what options are available to you and what your best plan of action will be. From there, we’ll go out and find you a property with the the best value in your price range. By working together, the three of us will make financing your home purchase as easy as possible.
