The press release can be read in its entirety here.
Highlights of the release include:
‘While it may be tougher to get mortgages because of recent problems in the
housing market, the latest issue of the Federal Deposit Insurance Corporation's
quarterly newsletter for consumers says that "many good loan programs are still
available" and offers tips to help people shop for and negotiate the right
deal.’
‘The main article, entitled "The New Climate for Mortgage Borrowers," features a
variety of suggestions for obtaining a new mortgage or refinancing an existing
one. Among them: Try to raise your credit score in the months before you apply
for a mortgage, such as by paying off much or all of what you owe on credit
cards. Contact several lenders, let them know you are comparison shopping, and
then try to negotiate the best deal. Compare fixed-rate and adjustable-rate
mortgages (ARMs), even if the latter carries a lower initial interest rate,
because a fixed-rate loan may be cheaper in the long run. Be wary of a loan with
payments that can increase substantially, such as mortgages with low monthly
payments in the early years in exchange for the deferred repayment of principal
and/or interest. And, watch out for unfair and deceptive sales practices that
lure people into costly or inappropriate loans.’
Comparing rates and terms is especially important in today's market. Watson Mortgage offers a free loan comparison to anyone who is thinking of buying a home and would like to compare mortgage rates.
Related Florida real estate views:
Buyers are choosing fixed rate mortgages
FDIC – Home ownership declines with income levels
FDIC Chairman, Sheila C. Bair sees no end to housing woes
- Greg Staker - Watson Realty Corp. - 407-304-0255
