Should I buy a new home or refinance?

February 11, 2009 · Print This Article

You may be wondering if now is a good time to get a new Nashville home loan for a refinance or to purchase another home. The answer is that it depends on your financial circumstances. With all of the guideline changes, mortgages are harder to qualify for these days. Just yesterday, one of my investors will only allow people with a credit score of 640 and above (this is a national lender). While rates are still at all time lows, you really need to think about the pros and cons that are associated with a new home loan.

One of the pros of getting a new Nashville home loan is that it’s currently a buyer’s market. With a ton of new and existing home for sale, you are in a better position to negotiate the lowest price. Later this year this will not be the case. With a potential tax credit and the usual influx of people buying new homes in the summer, it will probably be a sellers market. This will allow the seller to have the upper hand. Since he/she will know that someone else may be here soon to look at buying his house, they will not be willing to negotiate on price or pay any closing cost.

Another positive in getting a Nashville home loan to refinance your property is that there are a lot of different loan choices out there, especially if you have good credit. A mortgage banker can tell you what types of loans you qualify for, whether if its a conventional loan, FHA, VA Loan, or any other type of loan that you qualify for. Working with a good mortgage banker opens up all of the possibilities that you have available.

Some cons about getting Nashville home loans or to refinance Nashville property are that if you have poor credit or are self-employed, it may be harder these days to qualify for a loan. This is why it’s crucial to work with a mortgage banker to make this decision. We will be able to steer you to a program that fits your criteria and if your case is really difficult, I will provide some suggestions for making it better.

To get started on you new loan, give me a call at (615) 942-2210 or apply for a new loan, go to here Home Mortgage Nashville .

Written by Terrence Askew