Don’t Believe Everything You Hear – Home Loans are Still Plentiful

With so many contrasting reports in the news, we sought out an industry expert to help clear some things up for you about the current state of the mortgage market. Sandra Dunn, who is the President and CEO of Five Star Mortgage, was happy to answer some of our questions and give us the truth about home loans, which is that they are still plentiful and available with low-percentage down payments:

“Consumers don’t seem to realize that loans for home purchases and refinancing are still available and even plentiful,” said Sandra. “And these loans are available with as little as 3 percent down through the end of the year.”

Many consumers often hold the misconception that today’s home loans require down payments of up to 30 percent, but this just isn’t the case. In fact, it’s quite the opposite as Sandra’s company is still commonly making loans with down payments of three to five percent.

Sandra was also happy to set the record straight regarding the fear of financing a home in this economy that has such high foreclosure rates. In truth, there are several factors that make today’s economy favorable for financing a home: historically low interest rates, low prices on homes and low down payments required.

“There are requirements for offering the most favorable loan terms, but our main message is that good terms are still there with Five Star and other brokers,” said Sandra. “Consumers can be confident in the mortgage industry even in today’s economic climate – perhaps even especially in today’s economic climate – because so many factors are currently in the home buyer’s best interest.”

Thanks Sandra for taking the time to help shed some light on the current mortgage market. We hope that these facts can instill more confidence in home shoppers.