Credit Crisis?
Posted October 2, 2008
THERE IS NO MONEY TO LOAN!
THE SKY IS FALLING!
THE ECONOMY IS DEAD!
*cough* *cough*
Hold on a second.. I am trying to swallow this….
Folks, there is more than enough money for mortgage loans out there! The reason more mortgage loans are not being written right now is not because the money is gone… it’s because the buyers are gone! Applications for mortgages are way down, mostly due to fear!
And why are we full of fear? We should thank the news media for that! The panic headlines even have the White House panicing and now there is a $700 Billion “bailout” plan up for a second vote! Listening to the different talking heads, I hear about the reasons for this plan, but also am aware of all the other “stuff” being slipped into this bill! For example, Nancy Pelosi today brags that this new legislature has some great new features that will help energy and global warming, both which failed to pass last year. What in the world does that have to do with the bad mortgage debt on Wall Street? NOTHING!
True, property values across the country have fallen. Even the Charlotte area has seen a decrease in property values, although not by much! But right now is the absolutely BEST TIME TO BUY A HOME IN CHARLOTTE! Property values are lower and should rebound shortly while mortgage rates are still VERY LOW! And unless you just have the worst credit in the world, you can still get a mortgage!
Granted lenders have tightened up a bit on requirements. You will need better credit than over the past few years and you may need a little bit of money down. But that is not all bad. Lenders have gotten back to common sense.
So please, ignore the media’s claims that everything is failing and that you can’t find a mortgage. We have seen a gas shortage in Charlotte, but there is no shortage of mortgage funds available… just a shortage of buyers. Take advantage of the market and buy a home now!
This website provides information on FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. As a mortgage loan officer, Ed has proudly served home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
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Posted in Buying a Home, Charlotte Area Info, Mortgages
October 17th, 2008 at 5:26 am
So I was referred from another blog ,,yours is so much to read Thanks!
October 19th, 2008 at 10:21 pm
Good read, thanks for the information, it was really informative.