Mortgage Market Update: Has The Market Hit Bottom?

Posted by Annette Knutson on Tuesday, August 23rd, 2011 at 6:06pm.

homeprices.Economists are beginning to talk, and many believe that our housing market has probably hit bottom in the 1st quarter of this year! There are some areas in our nation which aren’t so lucky and will continue to struggle through the end of the year. However, Colorado is one of the fastest growing real estate markets in the county according to recent statistical data! Mortgage loan applications increased by 7.1% for the week ending July 29th. If you are thinking about selling this may be a great time. There are buyers out there looking for their dream home.

As most people know getting a mortgage is not as easy as it once was. Consumers are required to provide a multitude of paperwork and other information which was not necessary a few years ago. In addition to new regulatory requirements today’s lending environment is extremely complex. After 22 years of originating mortgages in Colorado, my advice to anyone that wants to obtain a new mortgage is to make sure that you work with someone that has experience. You should start the process early, expect to provide an unlimited amount of documentation and be prepared to be patient.  A knowledgeable and experienced loan originator can make a world of difference to the outcome of your individual circumstances, so choose wisely!

Thanks to Randy Reed, Senior Loan Officer with Cornerstone Mortgage for this information. Reach him at 303-957-2482 or at Restrictions apply when getting a loan. Rates vary and subject to change. 

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