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How hard (or easy) is it to get a home loan? Before I answer that, it’s important that you remember that we’re at the midpoint of 2016.
Lenders operate like the market is one big pendulum that swings one way or the other. You may recall that the crash of 2007-08 was very much driven because the pendulum had swung very far a certain way. It had swung so far we started to joke that if you could fog a mirror, you could get a home loan. Then, after the crash, the pendulum swung too far the other way and made it very hard to get a home loan.
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Lenders aren’t nearly as strict now as they once were.
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Since then, the pendulum has been swinging towards the middle to the point that getting a home loan is now much easier. Understand, though, that lenders still want to document a lot of things, but they aren’t nearly as strict as they were. You can actually start getting low down payments again. If you are thinking about buying or selling and were concerned about the difficulty of getting a mortgage, you can rest assured that it’s not that hard anymore. On top of that, interest rates are very low right now.
If you’re thinking about buying or selling a home, please call or email me. Thank you very much!
