Finding Money: The Hunt for a Mortgage
There was a very good article on Marketwatch yesterday. It had to do with finding money for a buy or a refi today. I know a mortgage banker in San Francisco that has not had money for new home sales for almost ten days...I mean totally dry.
The author of this article pointed out two very interesting facts:
1. Shop the Credit Unions. They are flush with cash and did not participate in some of the easy lending practices of their bigger brothers. In order to have a credit union consider your business, you must belong to the group or industry they serve. They are considered non-profits because they provide loans and other services at lower rates than their commercial counterparts.
2. The authors, Gail Liberman and Alan Lavine point out that the best loan availability will come from "portfolio Lenders". These are institutions that keep most of the loans they originate rather than sell them in the primary market. Presumably, they are more prudent and have made stronger loans, since they are not so quick to repackage them and sell them off.
In your search for a new loan or a refi it helps to know the terms of the profession. Its much easier to be sure you are getting what you expect if you can read the contract.
Thanks for Reading
Howard Bell for Your Property Path
The author of this article pointed out two very interesting facts:
1. Shop the Credit Unions. They are flush with cash and did not participate in some of the easy lending practices of their bigger brothers. In order to have a credit union consider your business, you must belong to the group or industry they serve. They are considered non-profits because they provide loans and other services at lower rates than their commercial counterparts.
2. The authors, Gail Liberman and Alan Lavine point out that the best loan availability will come from "portfolio Lenders". These are institutions that keep most of the loans they originate rather than sell them in the primary market. Presumably, they are more prudent and have made stronger loans, since they are not so quick to repackage them and sell them off.
In your search for a new loan or a refi it helps to know the terms of the profession. Its much easier to be sure you are getting what you expect if you can read the contract.
Thanks for Reading
Howard Bell for Your Property Path
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