Scranton ranks near the bottom of areas that were subjected to sub-prime lending abuses. Those mortgage money lenders who promoted bad loans to good people were mostly out West. Nevertheless, even fixed-rate mortgagors in this area are at risk because of the sub-prime lending debacle.
Formerly friendly and flexible mortgage brokers are now taking a hard look at the credit and income of those who want a first or second mortgage (or who want to refinance an existing home loan). They’ve become wary of being perceived as too careless by those institutions that provide the money for mortgages — the mortgage lenders.
“Creative lending” is also taking a beating. Owners who formerly would have been willing to take a part of their equity as a loan now may not be willing to offer a first or second mortgage themselves. They want money, not just “mortgage money” that could be a future headache for themselves.
Your own credit score and income now matter more than ever. A good credit rating and sound, reliable income are the two most important considerations in today’s mortgage market. If you want something other than a fixed rate loan, it’ll be more difficult than it was just a few short years ago to get an ARM (adustable rate mortgage) or “interest only” mortgage.
Naturally, a healthy down payment will also affect your ability to get the kind of home financing you desire. The more money up front you pay, the more likely it will be that a lender will offer (or accept) a non-traditional loan package.
Check out Scranton Mortgages and discover the best way to get the mortgage you want at http://vincerunza.com/scranton/mortgages/.
Posted by Vince Runza 
