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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: orkrious who wrote (27940)3/10/2005 6:55:08 AM
From: TradeliteRead Replies (5) of 306849
 
Far be it from me to challenge the myths circulating today that all lenders are handing out mortgage money without restriction and at bargain-basement rates to the unqualified, and that consumers aren't worried about defaulting on their home loans (i.e., "It will only be a ding on my credit report").

However, I suggest that people who actually are naive enough to believe all this internet blog stuff might want to contact a loan officer associated with a reputable lending company in their area and ask for an opinion on how much of this is true.

Better yet, go into the lender's office and ask to get all the loan terms which are so widely publicized as being available to everyone at presumably cheap rates--such as stated-income loans, interest-only loans, etc.

If you are a prospective borrower and your income is documentable, adequate and steady, and if your credit is perfect, and if the lender likes the property you want to buy and wants to extend itself in your economically booming area of the country, you might get the terms you assume are being extended to everyone else . If you or the property somehow fail the test in one way or another, my guess is that you should expect to pay more for your loan or not get the loan at all.

Report back to us all on the results of your research. Until you can do that, accept all other assertions with at LEAST a grain of skepticism. That would be healthy.
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