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 kenl314
Ranked Lender
Joined: 12 Apr 2006
Posts: 52
Location: Brentwood, NH
21.38 Dollars($)
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 Posted: Tue Aug 19, 2008 6:04 am Post subject: mortgage products availability- question |
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Hello all- This is for the other lenders and brokers out there. A quick marketing/ research type question.
How many different/ varying mortgage loan products were in existence back in 2006, vs. today's market?
As we all know, the available products to us and our customers has declined- but I want to be able to put a number on it a bit more accurately. Anyone have a good weblink or some other data?
Thanks,
Ken L.
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For some interesting insight, please check out my Blog @ http://homequitybuilder.mortgagefit.com
Or visit my website at www.homequitybuilder.info |
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Bailey
Guest
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| Posted: Tue Aug 19, 2008 7:50 am Post subject: |
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| I have found we have just about the same number of products, but the LTV and FICO parameters have changed so much that it is practically impossible to use the programs. I think the only products I am aware of completely leaving our line- up are stated income interest-only products. The old 100% programs are still around, but they are now 95% - 97% programs. At Bank of America, we still offer some stated-income loans but must have high credit score, good reserves and a lot of money down. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Wed Aug 20, 2008 10:43 pm Post subject: RE: change in mortgage products since 2006 |
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Hi ken,
There have been lots of changes in the market ever since the credit crisis. Loans like the interest-only mortgage and option ARMs are no longer offered to those with bad credit. Above all, it's tough to get a conventional mortgage if you don't have a 650-680 credit score.
Thanks |
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