2008/12/Home Loans Still Available

Many homebuyers are concerned that there is no mortgage money available to them to purchase a home in today’s rocky environment. Not true!!! Banks and lenders are just being more cautious before opening the purse strings until they have fully verified the ability of the buyer to pay back the mortgage.

Today’s homebuyer must be ready to provide more financial data than they’ve had to in the past. Lenders are looking for job stability, good – excellent credit, a history of savings and most importantly the strict numbers formula that says you can in fact afford the payment. No longer will lenders provide the “Exotic” loans that allowed for the purchase of more home for less money in the here and now, with the hopes that income and appreciation would take care of rate increases down the road. Today most loans fall into the 30 or 15 year fixed variety, and with rates and housing prices being at an all time low it’s to every buyers advantage to strike while the irons are hot.

Before you start the home shopping process get together with your mortgage loan representative and get “Pre-Approved” for your financing so that you can shop with confidence when you’re out searching with your realtor. Make sure that you’re dealing with a state registered loan originator (look for their 031 number), and also ask them if they have obtained the National Lending Integrity Seal that requires them to abide by stricter ethical standards. See if your loan originator has obtained a National Designation for CRMS or CMC as this indicates that they have taken additional courses and passed stringent exams to obtain these certifications.

I can help you with your home financing needs as I have obtained the designations outlined above. In addition, I am the President of the Illinois Association of Mortgage Professionals, please feel free to call me with any questions and/or concerns that you may have.

Jorge G. Gomez – CRMS
(773) 278-9595 – Direct
(773) 307-5509 – Cell