What Mortgage Myths are You Hearing?
Tuesday, November 11, 2008 at 12:38PM Do your clients need perfect credit to buy in this market? Do they need 20 percent down to close? Can anyone still qualify for a good mortgage nowadays?
On October 22, 2008, a panel of lending and economic experts answered these questions and more at the C.A.R. Member Outreach Meeting, "The Truth Behind the Myths.” Speakers included President David Hanna; Michael S. Miller, PhD, Associate Professor of Economics, DePaul University College of Commerce; Joe Caltabiano, Senior Vice President, Guaranteed Rate; and Brian Jensen, Senior Vice President & Regional Manager, Countrywide Bank. The event was attended by 450 guests as well as several members of the media.
The Chicago Association of REALTORS has made video and presentations from this informative event available on our Web site, or simply click on the image below!
You can also read the Chicago Sun-Times article on the event by clicking here.
What mortgage myths are you or your clients hearing? Please let us know by commenting below!
C.A.R. Staff
Reader Comments (1)
Most of my buyer prospects are surprised to hear you can still put down 5 or 10% to get a loan depending upon your credit score.
They are equally surprised to hear that interest rates are just as or more important than price drops when I do the side by side comparison of a 5% price drop versus a 1/2 point interest rate increase--they are the same!
Some other buyer clients are not even considering the loan as an issue. I try and educate them that there are more strict standards and that we need to make sure and discuss those with a lender BEFORE we go out and start looking at properties (as always).