The president of the National Association of Realtors, Pat Vredevoogd Combs, talked about the importance of each an every REALTOR to ensure that they are working with their buyers to make sure the lending package they are receiving is one that works for them and will allow them to enjoy their home for as many years as they choose.
It really is important that buyers investigate the loan packages that they are offered to make sure that they are doing all they can to protect the equity in their homes. There were quite a few subprime lending delinquencies which the market is now truly feeling and I can’t say that it is a bad thing. The mere idea that these lenders are in a delinquent status implies that the loans they offered were not quality loans. The real loser in these instances is the buyers since ‘delinquencies’ in the subprime lending equals foreclosures. Real people losing their homes—not a good picture. I realize this is along the same lines as the article I previously published here, but it is something everyone needs to be aware of.
I listed in my other article some items to look for and of course, use a REALTOR. This is one of the, if not the largest asset you will ever own, make sure you take care and investigate.
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