Orlando Mortgage Blog

IT'S A GREAT TIME TO GET A MORTGAGE

It's a great time to shop for a mortgage. Rates are very low! Lenders can't get enough business through the door right now. And if you are buying, what better market than a buyer's market to go shopping? And in Florida, the lower the sales price, the lower the taxable starting point.

Who's up against it right now? Here's a list that has gone away or been drastically reduced and it seems to be building almost daily.

• Sub-Prime Loans to borrowers (generally below 620 credit scores)
• No verification borrowers (income, assets) with scores below certain entry levels such as 680+, 700+ and more depending on the special need being requested
• Certain piggyback programs (80/20 and so on) with no income, assets or even interest-only requests have been dropped or reduced available LTV's
• Negative Amortization products (or potential neg-am) such as some payment option ARM's and others
• Alt-A and Alt-A Minus products have basically dried up
• Many interest-only programs both Fixed and ARM's
• Even Jumbo Loans ($417,001 and higher) have been priced 1% to 1.5% above where they were even 30 days ago

So, my best suggestion to the majority of you out there that meet standard qualifying guidelines is to turn this to your positive advantage and be ready when the time comes. Whatever your need, I believe it's a half-full glass and opportunity is all over the market.

Bill Wilbanks /  www.OrlandoMortgageMasters.com