The latest Realtor Confidence Index survey put out by the National Association of Realtors showed major concern over unreasonably tight credit conditions, slow approval processes and excessive information required from borrowers. This comes as no surprise as Financial Institutions seem to be focused on making loans only to people with the highest levels of creditworthiness.
It’s well known that a number of Banks have weak loan portfolios due to the overly loose lending standards we saw around 2008. As a result, seasoned Realtors know they need to have alternative sources of funding in place beyond the big banks.
Mortgage Bankers, Brokers, Regional and Community Banks and even Credit Unions are all alternative sources of mortgages. Make sure, as part of the process of getting your financial house in order before you look for a home, that you explore ALL the potential funding sources and look for a lender that fits YOUR requirements, not the other way around.
Let me know if I can be of any assistance; I know a number of the best lenders in town!