The news seems to be dominated with stories about issues in the mortgage market these days. Foreclosures are up, subprime loans are more difficult to qualify for, and 100% financing requires more documentation and better credit.
What does this mean to you? It depends. In the last two weeks I have been working to stay on top of underwriting changes being announced by lenders. For home buyers with good credit and a down payment there is really no change in the mortgage products available. For clients with good credit and no down payment, we need to consider a single loan with mortgage insurance for two reasons--first, it may provide a lower monthly payment and income tax scenario, and second, if there is no accepted offer on a new home the loan products available may change between now and when you find your home. I try to cover all the possibilities early in the process so that there are no surprises.
Every borrower is different. If you would like to learn more about how the changing mortgage marketplace may affect you, call me today at 414.807.7277.
About Me
- Peter Kazaks
- Peter brings his background in residential real estate, business, and ethics to his mortgage consulting practice. A lifelong Wisconsin resident, Peter has lived in the Milwaukee area for thirteen years, and holds a law degree from Marquette University. Peter has experience running a small business, and previously worked in ethics and compliance for a Fortune 500 health care company. His knowledge of real estate and business will benefit you in securing financing for your home or investment property.