September 27, 2010

Interested in how local home purchases were financed?

Posted to Jeremy Page

The financing for a real estate transaction has become more difficult as lenders are realizing more and more foreclosures.   In today’s real estate market, it is very important to not only work with an experienced hard working REALTOR® but also a lender. The lending guidelines are changing constantly. I have several great lenders I work with on a regular basis and provide their contact information to my clients. Using the right lender can not only be the difference between a smooth or rough transaction, it can also be the difference of successfully closing on the home.

The latest information has become available from a survey of home buyers and sellers commissioned by MIBOR. The survey was based on transactions between July 2008 and June 2009.

- 92% of home buyers used some type of financing to purchase their home
- The typical buyer financed 94% of the homes purchase price
- 25% of home buyers reported they made some sacrifices to purchase their home (i.e. spending on luxury items, clothing and entertainment)
- 34% of 1st time home buyers said the mortgage application and approval process was “somewhat more difficult than expected”
- 8% of 1st time home buyers said the mortgage application and approval process was “much more difficult than expected”

If you have any questions or need a good lender send me an email at

Posted by:  Jeremy Page

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