The mortgage loan landscape has certainly changed in the last 10 years. During the early and mid 2000s it seemed all a Buyer needed to do is be breathing and "sign here" to get a home mortgage loan. We all know what that lead to. Since then, new federal regulations have changed much of the mortgage game. Lenders have new requirements for processing loans and now have lingering financial resaponsibility for many loans. That has changed the game. Realty Times has a good article regarding what is involved in getting a loan in todays market. CLICK HERE to read the article.
Locally, home buyers can expect to hear the question, "Have you been pre-qualified for a home loan?". Sellers are becoming more aware that not everyone who is interested in their home is qualified to buy. More and more Sellers are making a pre-qualification or pre-approval a requirement before the home can be shown. It makes sense. Serious Buyers will take the time to make sure they have financing available before they begin to look and Sellers specifically do not want people who cannot buy their home walking through looking at their personal belongings.
If you are considering a home or property purchase that will require financing we can help. Lake Barkley Realty agents maintain a list of local mortgage vendors who have demonstrated local knowledge and the ability to assist local buyers. Contact us and we will be happy to assist you with names and numbers.