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Financing in Morrisville : Real Estate Advice

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  • Local Info5
  • Home Buying24
  • Home Selling0
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Activity 2
Tue Dec 4, 2012
Jim Olive answered:
Always a question at, or near, the top of every home buyer's mind. I really like this site for guidance: http://www.bankrate.com/news/rate-trends/mortgage.aspx

I used it myself for my loan lock decision on my home and I recommend it for my clients. It is near-term info, though, what's happening in the next week.

I think, for the longer term, a lot will depend on how Congress handles the "fiscal cliff". If they bungle it and erode consumer confidence, the rates may have to go down to compensate and calm the masses. If they handle it well (wouldn't that be a miracle??), I think we'll see steady rates for awhile. Whatever happens, these record-low rates are AMAZING, and I'm SHOCKED there aren't more people falling all over themselves to buy now!
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Sat Sep 1, 2012
Andy Matejka answered:
Ah, yes...an interesting conundrum that we see more of in this new era of lending. While the guidelines RD states are permissable the reality is that there are not too many banks in America that are willing to take on a loan carrying such a risk. The foreclosure process is expensive for lenders if a borrower defaults and not something they want to risk.

Your client is more likely to find better loan terms if they are capable of meeting the 25% down payment requirement anyway which will ultimately lead to lower costs and greater profit over the longer term. However, if you continue to look around and find a source, please come back to update us all so that we can all benefit from making this service provider a resourceful referral partner!
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