Obtaining a Real Estate Mortgage

Recently I read an article on realtor.org and found the following paragraphs very interesting:

“Getting a mortgage in today’s lending market isn’t easy and can be a complicated, stressful process for borrowers, according to findings from a national survey by MortgageMatch.com of 1,000 adults.

About 70 percent of Americans say access to affordable mortgages is a serious problem, and that understanding the mortgage process and lenders’ requirements is even more difficult and stressful than getting the mortgage itself or even negotiating the sale price on the home.

Nearly 80 percent of recent home buyers, particularly those earning $50,000 a year or more, say getting a mortgage was much more difficult than they had expected. And nearly a quarter of home buyers said waiting to hear if they were approved for a mortgage was even more stressful than waiting to hear if they landed a job. “

Many of our clients in the Hood River real estate market have said they found the mortgage loan process confusing as well. Nowadays lenders have to give out so many required disclosures designed to help protect the consumer, it can be overwhelming trying to understand all these forms and documents, which is why it is important when buying a home to use a lender you can trust. If you don’t know a lender you can trust ask your real estate agent which lenders they would refer you to. There are many great lenders that work in the Hood River real estate market. Contact us, we would be glad to help you in your search for a home in the Hood River or The Columbia Gorge area.

Interest Rates Reach 6 Month High

Interest rates climbed last week to their 6 month high*. However, rates are still in the 4% range, which is still very low. During these rising rates you tend to have two different types of people. One set of people say 4.5% that is low! I remember when rates were 13% or I have borrowed money many times for much more than that. Then you have people who are like 4.5%! I was thinking I could get a loan for 3%. I have seen articles on the internet with the debate will this hurt or help the housing market. Some people are hoping it may help buyers make a move, ones that have been waiting, may find more urgency since interest rates are starting rise. It will be interesting to see how this will affect the housing market this month. Although it may be hard to tell how much interest rates affected the market compared to the holidays and snow.

*Source

Extended Home Buyer Tax Credit

Washington, July 01, 2010

The National Association of Realtors® today commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate last night. They now head to the president for his signature.