Friday, October 03, 2008

Local Lending situation update

Not a week passes that I have someone tell me about how they have read you just get a loan. These are all intelligent people that have come to this conclusion and it is no mystery why they think this given the simplistic and often dramatic headlines. I follow this closely because it is central to the health of our market and the advice my clients seek.

Here is the scoop. In talking with local lenders capable clients with good credit who can disclose income and bring 10-30% down depending on the property type are being issued loans everyday. It is not as simple as last year just more like 3-4 years ago which is just fine. One place it will be difficult is through independent mortgage brokers because the banks are keeping their mortgage originations in house. Locally Wells Fargo, Alpine Bank, Yampa Valley Bank and likely some others are actively approving then closing mortgages on Steamboat Condos, Town Homes and Single Family homes. Give me a call or send an email for my recommendations on the best mortgage lenders in town or anything else for that matter especially if it involves skiing or having fun in my favorite town of Steamboat Springs. For more click back to the Steamboat Springs blog main page.

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