Contrary to what many would believe, there is plenty of mortgage money available for the purchase and refinancing of property.
This availability of funds has been the reason why in the last 15 days, the toughest 15 days in the recent financial history of this country, 30 properties in Evanston have gone under contract and another 37 properties closed and new owners took title.
Local banks and mortgage lenders are telling us that for qualified buyers with down payment they have money to lend at good rates.
Thank goodness the days of the no-documention loans are gone. Those "no-doc" loans are at the base of the financial crisis rumbling through the world these days. Greed of the companies making these loans to people without verifying the income and ability to repay ran rampant.
On the other hand, there were many lenders who maintained standards of qualification, and have loans which are solid.
Conforming loans, those $417,000 and less, have rates around 6%. Non Conforming loans, also known as jumbo loans, $417,000 and more are ranging between 7% and 9%.
A good credit score of 720 or better will get a lower rate. verification of income is essential. Call your local lender or realtor for referrals to a reputable lender.
For information on rates and mortages news:
http://www.mortgagenewsdaily.com/ Interesting Mortage Industry Information