What a great time to be in the mortgage business! Are you surprised? There has been a great deal of moaning and groaning by the media about mortgage companies closing, the liquidity crisis, credit standards tightening and property values falling. What does it all mean? How do you, as a seller or as a buyer, sift through all the information that you are being bombarded with? Underwriting standards – the guides by which loan approval decisions are made – “loosened up” significantly in the last few years. As a result, mortgage loans were easier for people with low credit scores and other financial problems to obtain and new loan products started popping up with extremely adjustable rates and no principal reduction. With the corrections we have seen in housing prices, many borrowers – and mortgage companies – were in over their heads.
And now? Be prepared for your interview with your mortgage professional with your income and asset documentation such as pay stubs, W-2s, bank statements and tax returns. As part of the extremely well capitalized Wells Fargo Family, Pinnacle Mortgage has not experienced the problems many other lenders have. Our sound underwriting guidelines mean that we have the money to lend whether you are looking for a conventional, jumbo, FHA or VA loan. Interest rates are great right now and this is without a doubt the best time to buy in Northern Nevada for the last several years.
Our goal is always to get you the best possible financing available. If you’re a first time buyer, you may find that your total mortgage payment is less than the rent you’re currently paying! If you’re thinking of moving up to that dream home, remember that although your current home may be worth less now than it was, your move-up home will also be less and that difference will be a greater amount than what you will be giving up. If you’re an investor, you may actually be able to find a home with a positive cash flow right from the start. Don’t miss out on the opportunities that are available in a buyer’s market!