Some Anecdotal Evidence (My Own Refi Experience)
Posted On: September 15th, 2009 by James Posted In: Mortgage Programs • Mortgage Rates • Portland Real Estate
Portland real estate is certainly heating up. The combination of super low rates, and the first time buyer tax credit, and increased affordability have injected a lot of momentum in the market. Particularly the under $250k purchase price. What we’re NOT seeing yet, and might not see for a while is an increase in property prices. I am in the process of refinancing my own primary residence in an attempt to take advantage of these amazing rates. I’m running into the same problems anyone else has been this year, most notably, my house appraised for 10% less than what I bought it for in 2007. Additionally, I had to do some wrangling with the underwriter who WANTED TO DECLINE my loan entirely! She wanted to decline it out of hand, because my year to date income is less than what I made last year. Anyways, we got her straightened out, but this just illustrates what a fight it has become to get loans approved. I completely fit within the loan approval guidelines, I have a great credit score, and plenty of home equity, and yet underwriters are looking for reasons to shut things down. This is why its so important to work with an experienced loan professional, someone to act as a true agent for you through the process.
Ladies and Gentlemen, welcome to the economic downturn!
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