Aug 28 2007
Response to “Good Credit? Good Luck” Article
In response to the “Good Credit? Good Luck” article from the August 26, 2007 Post & Courier, there are still a number of reputable mortgage bankers that buyers can contact. Prudential Carolina Real Estate has partnered with Guaranty Bank, (FSB- Milwaukee, WI) doing business locally in the Charleston area as Home Mortgage Choices. They have been Prudential Carolina Real Estate’s lending partner for over 13 years.
This credit crunch that has resulted in cancelled closings, overnight bankruptcies and underwriting changes across the board has significantly increased Guaranty Bank’s business for August. There are numerous mortgage products available and, if you work with a knowledgeable loan officer with the stability of a bank behind them, you’ll be fine. Guaranty Bank maintains a 100% on-time, funded closure rate and has no intentions of blemishing that record now.
Buyers, don’t be frightened. As any realtor will tell you, before you go out looking for a new home, visit a mortgage lender. Get fully approved, lock into a product (to avoid it becoming unavailable later) and set realistic expectations up front for everyone. Guaranty Bank continues to offer 100% financing, VA, FHA, State Housing, Jumbo (loan amounts greater than $417,000) and stated income loans. Granted, last year’s buyer with a 580 credit score, 1-day out of a bankruptcy, open collections and the inability to verify income is out of luck.
Guaranty Bank has an excellent management group, a smart, quick product development team and years of experience navigating through change. They manage cautiously and, in the coming months, will remain competitive and continue to close and fund new loans.
Buyers, please make sure your loan officer is (a) Local – do not go online and try to avoid using an out-of-state lender, (b) Backed by a bank – banks maintain 100% control of your transaction. I suggest staying away from mortgage brokers in today’s market. Each loan that was saved this month by Jason Watkins, the lender in my office, was a loan from a broker and (c) Make certain you use someone you trust. If you don’t have someone you trust, call Jason Watkins with Guaranty Bank at 843-697-8050. He’ll work hard to earn it.
The market is changing and no one can tell you with certainty what the outcome will be, but don’t let the negative media stop you. Talk to your loan officer and find out if buying a home is right for you.
The American dream of owning a home is not lost, only the fantasy of owning the one you can’t afford.
