Changing World of Mortgage Industry
-- Posted: May 01,2007 | Brad Levinton
In the early 90's our world changed bringing down a wall and opening up the world to the new global economy. With the new found economy there was a shift in money. Our country began to see more international money enter our borders than ever before and at the same time U.S dollars began to show up more than in the past throughout the world.
In a short version, money began to stock pile and the availability was abundant as rates had dropped allowing the banks to see large profits.
Wall Street investors began to create mortgage programs that allowed borrowers with less than perfect credit to obtain home ownership. These loans had terms that created large profits. During the last seven or eight years many programs designed to help buyers enter into the housing market have been used in the wrong way. As adjustable rate loans began to come due with large increases, the average buyer could not continue to make the payment forcing them into foreclosure. Many builder mortgage companies pushed these products along with miss informed tax information and again we have seen large foreclosures in the new home communities.
What this means for you? Well you are buying at the lower end of the market and that is a good thing! Certain loans are no longer available; however new loans have been created that protect you with no pre-payment penalties etc. New loans that meet the changing conditions are being rolled out daily. The time to buy is now as rates are still historically low and the housing market is strong.
Brad Levinton, President
713.781.0700
Trenton Mortgage
License #10334
Brad Levinton, Trenton Mortgage
Brad Levinton is in his eighteenth year in the mortgage business. He practices as a mortgage banker and a mortgage broker. His attention to detail is incredible and his extreme knowledge and wisdom is respected within the real estate community. When he is not working hard he is enjoying the company of his beautiful wife Gail and his two sons Matthew & Ethan.
You can contact Brad at:
713.781.0700
brad@trentonmortgage.com
http://www.trentonmortgage.com
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