Press Release
Weichert Financial Services Offers a Variety of Mortgages for Those With Less-Than-Perfect Credit
2/23/2007
MORRIS PLAINS, N.J. – Does the current buyer’s market find you longing to act on this window of opportunity, but concerned that a lackluster credit score will make it difficult to obtain a mortgage?
Well, there’s a good chance you can buy a home now, according to Weichert Financial Services.
“Many people mistakenly believe that if you’re not the ideal borrower, you either can’t get a mortgage or can only get one that carries a sky-high interest rate,” said Fred Watkins, president of Weichert Financial Services, an affiliate of Weichert, Realtors®.
“In fact,” he said, “there are many excellent loan products available to people who may not qualify for what the industry calls traditional conforming loans. What’s more, the interest rates on these non-conforming or so-called sub-prime loans can compare very favorably to rates on traditional mortgages.”
According to the industry newsletter “Inside Mortgage Finance,” last year approximately 23 percent of borrowers – or nearly one out of every four – purchased or refinanced their home with a sub-prime loan. Included in that number, Watkins said, would be borrowers with credit scores lower than what conforming loans would require, those with high debt to income ratios, and those who’ve undergone a bankruptcy.
To help these buyers obtain appropriate financing, Weichert Financial Services offers more than 20 specialized mortgage programs that feature relaxed qualifying guidelines for income, assets, and credit history.
Like conforming loans, these programs cover a wide gamut of financing options. These options include fixed-and-variable-rate loans as well as interest-only mortgages. In addition to loans that amortize or are paid off over a 30-year term, some allow borrowers to lower their payments even more by stretching them out over 40 or even 50 years. There are even 100-percent financing programs that let you purchase with no money down. What’s more, these non-traditional loans don’t require the monthly add-on of private mortgage insurance that’s usually mandatory whenever the down payment is less than 20 percent of the purchase price.
What’s critical when considering a non-traditional loan, Watkins said, is that prospective buyers fully understand the ramifications of the loans available to them. “Finding out if you qualify is just the first step,” he said. “Just as important is making sure the terms and conditions of the loan are manageable for you. You want a mortgage that you can comfortably live with for years down the road.”
Watkins advises anyone interested in a non-traditional mortgage loan to sit down with one of Weichert Financial Services’ Gold Services Managers serving any Weichert, Realtors’ office. These mortgage experts can provide a free credit analysis, explain the pluses and minuses of whatever financing programs you qualify for, and help you decide which is the wisest choice for you.
Weichert Financial Services is one of the “Top 100” lenders in the U.S., according to the Mortgage Bankers Association, and consistently garners high customer satisfaction ratings in its customer surveys.
Weichert has more than 18,300 sales associates in nearly 490 company-owned and franchised sales offices in key markets throughout the U.S. A family of full-service real estate and financial services companies, Weichert helps customers buy and sell both residential and commercial real estate, and streamlines the delivery of mortgages and home and title insurance. For more information, call Weichert's customer service center at 1-800-USA-SOLD or visit Weichert's Web site, www.weichert.com. Each Weichert franchised office is independently owned and operated.