On Saturday the Seattle Times published another article on the current mortgage situation. As they continue to report on it, I continue to blog on it because I feel it is important for you, the buyers and sellers, to understand the current state of affairs. In Seattle, a lot of what is happening to the real estate market is an emotional and psychological response to what people think is going on as opposed to it being an actual effect of the mortgage industry changes.
According to Kenneth Harney in his article for the Seattle Times, "Mortgage money is plentiful, most mortgage products remain relatively unaffected by troubles in the subprime segment and interest rates for 30-year fixed-rate loans remain in the low 6 percent range for people with reasonably good — not necessarily perfect — credit backgrounds." The major change rather has been stricter underwriting guidelines.
Make sure that if you are interested in purchasing a home that you talk to a Lender or Mortgage Broker because even though you think you might not be able to get a loan, chances are that you can.
To see the Seattle Times article in full please click here.
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