Best Movers in Denver – 303-329-3217

How the Mortgage Market is Changing

Buying a home is a huge step in your life, and it is important to be well versed on the happenings in the local real estate market to ensure that you get the best deal on the Denver home of your dreams. Currently, the market is changing. Lenders are relaxing their previously tight grip on the mortgage market, and the Denver local movers want to help you prepare for the mortgage application process and get on the path to owning a new home here in Denver. Here are some of the recent mortgage changes:

1. Some lenders are easing credit score requirements. If you didn’t qualify a year ago, it wouldn’t hurt for you to try again. Other factors, like a large down payment, will sit well with lenders and increase your odds.

2. Piggyback loans are gaining in popularity. A piggyback loan is essentially two mortgages taken out simultaneously on one property. This reduces the interest on one jumbo mortgage with lower rates on two smaller ones.

3. Stated income loans are an option. They require higher down payments, and they are targeted at self-employed borrowers without requiring tax returns as proof of income.

4. A form of subprime loans are back, too. These loans aim to help past homeowners who have healthy incomes now, but previously went through a short sale or some other credit crisis.

5. Competitive interest rates. As the lending interest begins to pick up, lenders will be increasingly competitive with one another to get the client with best deal they can offer. A slight percentage tweak could result in saving thousands off of the total mortgage.

Thinking of buying a home in Denver? Act quick! Our metro is experiencing a boom that is well ahead the rest of the country. We hope these mortgage tips will help you out – and when moving day rolls around, count on your friends at All My Sons of Denver!

Be Sociable, Share!
This entry was posted in Cherry Hills movers, Colorado movers, Denver apartments, denver movers, home owners insurance, home tips, South Denver movers. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.