{"id":3830,"date":"2008-08-11T16:37:53","date_gmt":"2008-08-11T23:37:53","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3830"},"modified":"2008-08-11T16:53:24","modified_gmt":"2008-08-11T23:53:24","slug":"is-it-harder-to-get-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3830\/is-it-harder-to-get-a-mortgage\/","title":{"rendered":"Is It Harder to Get a Mortgage?"},"content":{"rendered":"
\n

If you\u2019ve been reading this for a while, you\u2019d know that it\u2019s been getting harder to get a mortgage.\u00a0\u00a0 Well, today we have proof of it for all to see.\u00a0\u00a0 This chart is courtesy of the Federal Reserve<\/a> (by way of the Big Picture).<\/a> Some commentary after the chart:<\/p>\n

\"\"<\/a><\/p>\n

Now for some thoughts:<\/p>\n

1. See the line that represents prime mortgages?\u00a0\u00a0 Yep, it\u2019s gone continuously up since this started a year ago.<\/p>\n

2. See the line for \u201cnon traditional?\u201d\u00a0\u00a0 Remember back late winter where things sort of \u201ceased off\u201d in terms of credit?\u00a0 Yep, that\u2019s when those loosened up again.\u00a0\u00a0 Well, that\u2019s changed again.<\/p>\n

3. Subprime – well, let\u2019s just say that subprime is going the way it should – up so that only those with large downpayments can get them and they end up paying more for them.<\/p>\n

So what should you take away from a chart like this?\u00a0\u00a0 A couple of suggestions:<\/p>\n

1. If you are planning on buying a house or building a house, you better plan on being able to document your income and your assets completely.<\/p>\n

2. If you have something \u201cmarginal\u201d about your financial profile (income isn\u2019t quite enough, documentation is challenging, credit is spotty) you can expect to have to come up with more of a downpayment and work through more details.\u00a0\u00a0 You also might want to consider moving your timeline up and trying to do it now rather than next spring – it\u2019s looking like it\u2019s going to be harder then\u2026..<\/p>\n

3. If you are looking to buy a house for the first time, you might have to rent a little longer and save up a little more of a downpayment than you would have.<\/p>\n

All is not lost, the mortgage world is not dead, just a bit harder than it used to be.\u00a0\u00a0 Call me if you’d like to chat about it.<\/p>\n

Tom Vanderwell (616) 292-7559 <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

If you\u2019ve been reading this for a while, you\u2019d know that it\u2019s been getting harder to get a mortgage.\u00a0\u00a0 Well, today we have proof of it for all to see.\u00a0\u00a0 This chart is courtesy of the Federal Reserve (by way of the Big Picture). Some commentary after the chart: Now for some thoughts: 1. See […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-3830","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4855,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4855\/mortgage-market-week-in-review-on-a-wednesday\/","url_meta":{"origin":3830,"position":0},"title":"Mortgage Market Week in Review – on a Wednesday?","author":"Tom Vanderwell","date":"October 8, 2008","format":false,"excerpt":"Yeah, I know it\u2019s only Wednesday, but when I looked at my schedule for the rest of the week, I realized that I wasn\u2019t going to be in one place long enough or have the time to sit down and write this update, so I decided that I better do\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3251,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3251\/redefining-mortgage-disclosure\/","url_meta":{"origin":3830,"position":1},"title":"Redefining Mortgage Disclosure","author":"Brian Brady","date":"June 21, 2008","format":false,"excerpt":"Jeff Corbett announced that he launched Ratespeed this week: What is it? An anonymous, automated, transparent, mortgage program and interest rate pricing pre-qualification Search Engine widget, thingy. Why is this important? For the first time anyone can transparently access wholesale direct mortgage interest rates and program quotes without having to\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13099,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13099\/its-not-my-fault\/","url_meta":{"origin":3830,"position":2},"title":"It’s Not My Fault","author":"Alex Cortez","date":"August 27, 2010","format":false,"excerpt":"I pride myself with being a fairly understanding person, yes, sometimes to a fault. But I just can't understand how so many sellers are unwilling or unable to accept any responsibility for their current situation. Sure, facing a short sale is not a position in which any one would want\u2026","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3352,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3352\/mortgage-market-week-in-review-fannie-and-freddie\/","url_meta":{"origin":3830,"position":3},"title":"Mortgage Market Week in Review – Fannie and Freddie","author":"Tom Vanderwell","date":"July 11, 2008","format":false,"excerpt":"Okay, here it is Friday afternoon and time to write the \"Mortgage Market Week in Review.\" You know how some newscasts warn you to tell the kids to go in the other room because what comes on next isn't going to be pretty? Well, there aren't any pictures but what's\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2878,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2878\/i-am-not-a-blogger\/","url_meta":{"origin":3830,"position":4},"title":"I am not a blogger","author":"Brian Brady","date":"April 2, 2008","format":false,"excerpt":"This is an article I wrote on Active Rain, about a month ago.\u00a0 I've since deleted it because it was behind the \"Members' Only\" wall and the rules there state you can't \"out\" a private post because of the comments: I am not a blogger. I'm a marketer, a social\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4678,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4678\/mortgage-market-week-in-review-to-bail-or-not-to-bail\/","url_meta":{"origin":3830,"position":5},"title":"Mortgage Market Week in Review – to Bail or not to Bail?","author":"Tom Vanderwell","date":"September 26, 2008","format":false,"excerpt":"Yikes, every week it\u2019s getting more and more challenging to lay out for you what\u2019s going on in the markets.\u00a0\u00a0 Hopefully it will get easier, but I\u2019m not really sure that it will for a while.\u00a0 So what are we going to talk about this week?\u00a0\u00a0 This week it\u2019s about\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=3830"}],"version-history":[{"count":6,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3830\/revisions"}],"predecessor-version":[{"id":3836,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3830\/revisions\/3836"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=3830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=3830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=3830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}