Raleigh Residential Real Estate – What’s happening in the Mortgage Market? How will it affect Raleigh Home Buyers?

Raleigh Residential Real Estate – What’s happening in the Mortgage Market? How will it affect Raleigh Home Buyers?

There was a great article in yesterday’s News and Observer that gave a good overview of the recent events in the mortgage industry.

I would like to quote a couple of paragraphs that may encourage you to read the full article:

“The silver lining is that people with good credit who can document their income have the same access to home loans as they did a year ago.

The reason marginal borrowers are being cut off from credit or being charged a lot more, while the market for “vanilla” mortgages is unscathed, stems from the buckling of a multitrillion dollar industry hatched on Wall Street.”

“There certainly will be less funds available because investors are pulling back. … Suffice to say it will be increasingly difficult to get a mortgage at a fairly low rate unless you have pristine credit ratings.”

Read the full article at:  Low-end credit shrivels up

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