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Mortgage Crisis Forcing Borrowers to be Realistic
Lending Matters...
With the mortgage crisis forcing some high-profile lenders out of business it seems homebuyers have since re-thought their borrowing situation and made way for the traditional lenders of old to return as hot favorites.

Tuck Reed, an executive vice president of capital markets at SunTrust Mortgage said, 'we are seeing a lot of customers and a lot of very good loan officers that are simply interested with stability.'

Plus, home buyers have much more realistic expectations and are buying smarter rather than stretching to their limitations, as they have in the past.

SunTrust one of Atlanta's largest lenders financed over $43 billion in home loans last year.

Mortgage - only lenders and brokers who are well established are also a favorable option with borrowers also, especially when adjustable rate mortgages are about to be repriced this year. When faced with the prospect of paying higher monthly repayments many borrowers are looking to refinance.

The draw back here is these loans now have tougher underwriting guidelines with loan lending criteria and standards becoming more refined.

As Jerry Bundy, vice president and metro Atlanta area sales manager to a mortgage firm said,' a couple of years ago you could do a 100 percent financed, stated income loan on an investment property with a 620 credit score, but those are no longer available, It's a fixed rate market now.'

Higher credit scores, bigger down payments and tougher lending criteria are forcing borrowers to be more reasonable and make sounder buying decisions which should see the mortgage market settle in the coming year. 

Source: Paul, P.C (2007) Mortgage Crisis Boon for Banks; available online at http://www.ajc.com

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