Albuquerque Mortgage Rate Update
Can You Get a Loan Today?
Changes in the housing and mortgage industries have prompted many people, including the media, to wonder: “Can you get a loan today?” The answer is simple: Yes!
Despite the negative headlines over the past year, there’s actually plenty of money available for loans. In fact, reports indicate that over $2.7 Trillion in loans were originated in 2009. That’s over $1 Trillion more than 2008.
However, mortgages must make sense in today’s terms – not the looser standards permitted by
lenders a few years ago. What does this mean to borrowers today?
Lenders have returned to a pre-2000 mindset – a kind of “common-sense lending” that seeks long-term success versus short-term profits. That means lenders need documented evidence that a borrower is creditworthy and is likely to repay the loan. This creditworthiness is based on the four tenets of lending: the borrower’s ability to pay, willingness to pay, equity in the transaction, and the property itself.
With interest rates at or near all-time lows, lower home prices, and the $8,000 tax credit for first-time buyers, it’s worth the time and effort to find out if you can benefit from common-sense lending in today’s real estate market.
Mortgage Interest Rates* as of Monday, 5th October, 2009:
|
Term
|
Conforming
|
APR
|
Pmt per $1,000
|
Jumbo
|
APR
|
Pmt per $1,000
|
|
|---|---|---|---|---|---|---|---|
|
CF 30
|
360
|
5.125%
|
5.257%
|
$5.44
|
6.5%
|
6.596%
|
$6.32
|
Kimberly DeaBueno
Loan Processor
Integris Funding LLC
Phone: (505) 559-5514
Fax: 505-213-0506
E-mail: kdeabueno@integrisfunding.com
Web: www.IntegrisFunding.com
*Rates are subject to change due to market fluctuations and borrower’s eligibility.
