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Ready to Buy?

As this publication goes to print, the mortgage interest rates are at record lows. This bodes well for prospective homebuyers who want to take advantage of the lower mortgage payments that result from the reduced interest rates. The supply and demand ratio in the rest estate market is now tipped to the side of the homebuyer and there are many homes available for you to choose from today. The low mortgage rates combined with the large selection of homes make it a perfect time to be in the market.

Credit underwriting standards have become tighter, but there are still many loan programs available to homebuyers. One of the main changes in mortgage guidelines is the elimination of the “no documentation” type of mortgage loan program. Now all buyers must qualify for the mortgage loan based on traditional underwriting guidelines that take into account a buyer’s income, assets, liabilities, credit history, and job stability as well

as the property being used as collateral for the loan. Even with the stricter guidelines, there are still many special mortgage loan programs that require a minimum down payment. Most lenders offer free prequalifications and consultations that will prepare the homebuyer and assist them in purchasing a home that they can comfortably afford.

With the mortgage guidelines changing rapidly, it is extremely important for anyone planning to purchase a home to consult with a reputable mortgage lender. This will save them time and money, and should be part of a sound, long term financial plan.

By Patty Widerman
Group Mortgage Manager, SVP
301-455-5994
BB&T Home Mortgage
PWiderman@bbandt.com