Craig Perry, President of Centerline Homes and Gus Pasquale, Owner of Element Funding Discuss How The Home Buying and Mortgage Financing Process Works in today’s market. In this video you will learn about the difference in home financing today vs. when Gus started. Get an understanding of timeframes for the mortgage approval and underwriting process along with down payment percentages and credit scores required to obtain a traditional or FHA loan. Understand some of the Benefits of Buying vs. Renting and learn a little about the current interest rates and possible expectations of future rate changes. www.centerlinehomes.com
In this video, Quicken Loans clients, Rick and Deanne from Texas, talk about their home buying experience with Quicken Loans. Dana Staniec, their mortgage was very responsive and helped make this a very easy process buying a house. The Tate’s would recommend Quicken Loans to anyone.
Despite ongoing efforts, consumer frustrations are rising as the housing market woes continue. {Just last week a group of high powered mortgage bankers attending a Mortgage Bankers Association industry conference in Chicago were met with the protest of about 3,000 people in downtown Chicago.} The protesters are blaming the bankers for the financial crises the nation has been going through.
Adding fuel to the fire is that the housing situation continues to get worse despite everyone’s best efforts. In August alone there were over 200,000 default notices, bank repossessions or home auctions. Unemployment is still high and the economy is struggling.
It seems like our economic troubles will never end. First, there was the Recession. Second, the jobless recovery and talk of a double dip recession. Third, there was the rising of the debt ceiling fiasco. Fourth, there is the political infighting concerning how the country should cut the deficit and achieve a balance budget. Fifth, there is the downgrading of the U.S. credit rating from AAA to AA+ by Standards and Poor. Sixth, there is the volatile markets that are responding to all of this as well as to the debt default possibilities of some countries in Europe.
The economy is having a grave effect on real estate. There is a lot of chaos in the world. And it is impacting families decisions on whether to buy a home. Although interest rates are still relatively low, the value of housing continues to go down, foreclosures continue to rise and people, are just plain afraid to take the plunge and buy a new home.
More and more Americans are deciding to rent instead of buy.
