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2011-04-19 12:00:01
#1 Barrier to Home Ownership

Today the biggest barrier to home ownership is the mortgage.  Lenders now demand four things from today's home buyers:  1.  Ability to repay (job)  2.  A willingness to repay (credit history)  3.  Commitment to the transaction (down payment)  4.  Collateral.  This sounds like common sense but as a backlash to past poor lending standards, lenders have over tightened their requirements and qualifying has become a true challenge.

If a home buyer is weak in any of these four areas, he or she will have to be stronger in another area.  The lenders who say 'No Problem', that is a problem.  

One closed loan today contains an average of 350 pages and an untold number of signatures, approvals and verifications.  Now new regulation prohibits lenders from getting paid on any feature of the loan.  Going forward it is easy to predict that interest rates will go up.  Even though many buyers have been sitting on the sidelines watching home prices continue to fall, the actual money spent on the purchase will increase when interest rates begin to rise.  

 

Home ownership will make you rich, but it won't make you rich quick.  Brad Blackwell Executive VP Wells Fargo Home Mortgage

 
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2011-04-20 20:36:01
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2011-04-19 12:00:01
#1 Barrier to Home Ownership

2011-04-18 13:13:34
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2011-04-15 07:24:36
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2011-04-14 14:46:26
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2011-04-12 08:53:51
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2011-03-29 10:09:17
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2011-03-22 08:51:20
Stats - 6600 homes for sale, only 639 sold 3/15/11

2011-03-11 11:10:49
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2011-03-01 08:35:41
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2011-02-04 08:57:58
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2011-02-02 15:15:43
Stats so you can sound smart. 2/1/2011

2011-01-27 17:54:30
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