While over the last few months there has been a drop in the availability of loans, banks have not and will not stop lending to the right buyers. Certainly there has been a significant reexamination of lending standards as a result of dampened performance in financial markets, and naturally banks have been more careful in selecting the right borrower, but remember banks are in the business of lending.
When you hear news about the frozen credit market and start to think that no one will give you a loan, think again. If your credit is in good standing and your income to debt ratio is at comfortable level, you are still a prime candidate for qualifying for a loan. The new process and lender guidelines require more patience and diligence, but our team is dedicated to help you along with the process.
Rates are still historically low and have continued to decline in recent weeks. Banks have also been instructed by the Federal Reserve to increase their lending to businesses and consumers. Clearly opportunity is available to obtain a great loan and take advantage of current market conditions.
Posted 23rd December 2008 by Sally Forster Jones
Join Our Network
Keep up to date on the latest market trends and opportunities on the Westside.