Problems in the Mortgage Markets

   Recent news stories have been very negative about the Mortgage and Housing markets.Most of the stories have come from Non-Conforming high risk Mortgages.These are mortgages that were done with no income or asset verification.Also Mortgages for borrowers with very poor credit history's.

   Most of these Mortgages were adjustable rate type loans that have now began to adjust to current levels.Many of these borrowers are unable to make the payments on the new adjusted higher rates.Many of the Non-Conforming borrowers are adjusting to rates above 12%.Most of these loans had prepayment penalties which kept borrowers from refinancing before their rates went up.Many of the lenders that made these types of loans are changing their lending guidelines.Many of these loan products have been suspended.It may be several months before most of these loan products are available again.When they do become available they much harder to get.These high risk loan programs will only be available to customers with very good credit profiles.

   If you have decent credit and stable income you will have no problem getting a mortgage today.Interest rates have been coming down the last few days.Many home sellers are willing to take less for their homes.This is really a great time to buy a house.

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Community Mortgage - 5534 St. Joe Road - Fort Wayne, IN 46835
Office Phone: (260) 485-5555 Fax: (260) 485-3540 Cell Phone: 574-457-6643
Toll Free Phone: 800-333-2992

We lend in the following states: INDIANA



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