Is The Sky Really Falling? A Denver Mortgage Market Update

œThe sky is falling, the sky is falling! exclaimed Chicken Little. Henny Penny believed her, Ducky Lucky believed her, and Foxey Loxey only pretended to believe her in order to satisfy his voracious appetite. Chicken Little's beliefs were certainly ill-conceived. However in our world, with the media's constant attention on the negatives of our economy, our unemployment rates, and our housing market, wouldn't it be best to just stick our heads in the sand and wait until the storm clouds blow over? Human nature may have us paralyzed with indecision, but the other side of the coin is opportunity is knocking on the door to your new home!

Certainly, the home mortgage business suffered some challenges in recent years, not unlike many industries throughout history. But, DON'T be mis-led by the perception that money is not available, or it's too difficult to qualify, or down-payment minimums are too high, or credit scores have to be impeccable, or even that interest rates have risen. The sky did not fallin fact, the stars could not be lined up any better for potential homeowners right now!

Let's look at the facts, Chicken Little:

1. A tremendous majority of Americans still qualify for home mortgages, whether purchasing or refinancing!

2. Homes can be purchased with as little as 3.5% down-payment, and in many instances, there are down-payment assistance programs that require a maximum of only $1000 for down-payment!

3. Potential borrowers with marginal credit histories still qualify; scores do not have to be perfect!

4. Interest rates remain at extraordinarily and historically low levels! AND...

5. Maybe the biggest factor: Home prices are currently so affordable that you can buy significantly more home for your money today, than you could at any point in the recent past or in the foreseeable future!

Thanks to Tracey McVicker for this great information! Tracey is a Senior Mortgage Consultant with SWBC Mortgage. Reach him at 720-480-3737 or at www.tmcvloans.com. Restrictions apply when getting a loan. Rates vary and subject to change.