The Sandberg Team @ Ponte Vedra Key Realty
Real Estate Sales & Service in Nocatee, Ponte Vedra & Jacksonville, Florida
5 Tips to Help Keep Your Home Loan on Track After Application
So you’ve found the perfect house. The offer has been accepted! And you just made formal loan application for your mortgage. Nothing left to do now but coast to the closing, right?
Well…sort of. While you’ll naturally want to start planning for your move, and thinking about all the things you might need to buy for your new home, there’s one very important thing to think about.
It’s Christmas Eve. For those of us of a certain age, the only banker that could ever come to mind on this day is George Bailey. But in 2010, you’ll be forgiven if that’s not the first banker’s name that comes to mind, and if “warm and fuzzy” is not the feeling that wells up in your heart.
Wall Street, of course, is still much on our minds this year, especially as Main Street sees more and more distressed properties on the real estate market. Many homeowners are trying to do the right thing and hold on to their homes, and they’re asking the banks for help. But red tape seems to be the fashion trend at the banks this season, rather than red holiday gift bows.
Unless you know where to look…
Like the in-laws or that old friend from high school, the economic downturn has been an unwelcome guest in all of our homes for some time now. And I’m starting to wonder if part of the issue isn’t our own timidity.
I was talking to a mortgage banker friend of mine here in Jacksonville recently who put this thought into perspective for me. For instance, she showed me an excerpt from an article in Time magazine:
“But the US economy remains almost comatose…. Unemployment is still high; real wages are declining…. The slump already ranks as the longest period of sustained weakness since the Great Depression.
That was the last time the economy struggled under as many “structural” burdens, as opposed to the familiar “cyclical” problems…. The structural faults … represent once-in-a-lifetime dislocations that will take years to work out. Among them: the job drought; the debt hangover; … the banking collapse; the real estate depression; the health care cost explosion and the runaway federal deficit.”