Thinking about buying a new Grand Lake home or refinancing your existing mortgage?
Well now is a great time for you to get mortgage financing because…it’s getting easier!
At least it is for you “prime” mortgage borrowers out there, as getting approved for a mortgage – purchase or refinance, lake home or primary residence – is easier than it’s been for a while.
According to a Federal Reserve survey of 70 domestic banks across the country, 90% of the mortgage lenders responding said that they had made it easier to get a home loan approval during the last quarter – or at least didn’t make it harder.
What it means is that it is again a great time to be a borrower looking to finance Grand Lake real estate.
Now keep in mind that this is specifically for ‘prime’ residential mortgages…which means a few things.
- First, the borrower has a credit score of 680 or higher
- Second, debt to income ratios are better (lower) than most
- Third, the mortgage has an amortization schedule that is common in fixed-rate or adjustable rate mortgages.
So, it’s getting easier to qualify on what the banks consider ‘low risk loans’ compared to a year ago.
With easier qualifications and mortgage rates remaining near record lows, it really is a great time to get a mortgage in the Grand Lake area.
And keep in mind that Mark Young at 1st Capital Mortgage has a lifetime of mortgage experience and Grand Lake experience to help you, whether you are a first time home buyer or are looking to get a better rate on your lake home.
You can reach Mark at (918) 782-4994 or visit his website at http://grandlakehomeloans.com.