Myth: The average person can?t get a mortgage today.
Fact: Legacy Mortgage and reputable Lenders are hungry for mortgages!? It is true that big banks have been limited on the amount of real estate related assets they can hold in their portfolio, but true?Lenders have the more then enough assets to lend and a full menu of flexible mortgage options available.? Don?t let the press scare you!
Myth:? Lenders can?t be relied on to fund a loan, even if it is approved.
Fact: Strong reputable Lenders such as Legacy Mortgage, again, have more then adequate funding to make their loans.? By utilizing a small?group of reputable appraisers?and local underwriting and closing, local, reputable Lenders are able to avoid the pitfalls being reported so heavily on the media about loans rescinded at the closing table at the whim of an underwriter not knowledgeable in the local market.
Myth: Adjustable rate mortgages are always bad.
Fact: For Borrowers who plan on being in the home for only a few years an adjustable rate mortgage with a fixed rate for 5 to 7 years can still be the one of the wisest option.? With the much lower interest rate not only does the Borrower benefit from a lower payment, but he will also be reducing his principal balance far quicker.? One smart decision borrowers can make in this scenario, is to make the payment as if he had a fixed rate loan.? The extra principal reduction can really make a difference when it comes to equity build up at the time of re-sale.
Source: http://www.theqhomes.com/mortgage-myths-and-facts-albuquerque-real-estate-homes-for-sale/
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