With great sadness and loss, our dear friend

Jim Whitehead passed away July 3rd, 2015.

 

Target Enterprises Inc.

Jim Whitehead, President

 

Are Banks Lending Money?

They most certainly are!

As a mortgage broker, I should know.

It wasn’t until recently that I asked myself (I asked my wife, actually), “I wonder if I’m getting fewer phone calls because people think the banks aren’t lending money?”

Contrary to what the news might seem to be telling you, banks are most definitely lending mortgage money. Unlike the past, you simply have to be creditworthy.

For that matter, the mortgage industry is eager for a loan application from any mortgage applicant with good credit, verifiable income, and good savings (a 20% down payment deposit will go a long way). Those buyers/ borrowers will be approved for a mortgage the same as they would have before the terms “mortgage meltdown” and “financial crisis” were ever uttered.

Mortgage lending has never been an exact science, and lending guidelines have tightened, but don’t think for one minute that banks aren’t looking for qualified mortgage applicants. For anyone in the market to buy an apartment, I’d say the same thing as I would say over the years: Make one phone call and find out the facts.

In most cases, I can tell someone over the phone, with good certainty, whether or not they will be approved for a mortgage.

With a total down payment of 20% or more, sufficient income to qualify for the loan, and good credit, the lenders are happy to lend.

In more ways than not, it’s the same as it ever was…..

 

 

 
The Barshay Team
Barshay Brokerage Real Estate Group, LLC
Ph: 212.645.8866  -  Fax: 212.645.8809
275 Seventh Avenue 7th Floor
New York, NY 10001
www.barshay.com

 

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