Weichert Financial Services Offers A Variety Of Mortgages

(Friday, February 23, 2007) - Does the current buyer's market
find you longing to act on this window of opportunity, but concerned that a
lackluster credit score will make it difficult to obtain a mortgage?
Well, there's a good chance you can buy a home now, according to
Weichert Financial Services.
"Many people mistakenly believe that if you're not the ideal
borrower, you either can't get a mortgage or can only get one that carries a
sky-high interest rate," said Fred Watkins, president of Weichert Financial
Services, an affiliate of Weichert, Realtors®.
"In fact," he said, "there are many excellent loan products available to
people who may not qualify for what the industry calls traditional
conforming loans. What's more, the interest rates on these non-conforming or
so-called sub-prime loans can compare very favorably to rates on traditional
mortgages."
According to the industry newsletter "Inside Mortgage Finance," last
year approximately 23 percent of borrowers - or nearly one out of every four
- purchased or refinanced their home with a sub-prime loan. Included in that
number, Watkins said, would be borrowers with credit scores lower than what
conforming loans would require, those with high debt to income ratios, and
those who've undergone a bankruptcy.
To help these buyers obtain appropriate financing, Weichert Financial
Services offers more than 20 specialized mortgage programs that feature
relaxed qualifying guidelines for income, assets, and credit history.
Like conforming loans, these programs cover a wide gamut of financing
options. These options include fixed-and-variable-rate loans as well as
interest-only mortgages. In addition to loans that amortize or are paid
off over a 30-year term, some allow borrowers to lower their payments even
more by stretching them out over 40 or even 50 years. There are even
100-percent financing programs that let you purchase with no money down.
What's more, these non-traditional loans don't require the monthly add-on of
private mortgage insurance that's usually mandatory whenever the down
payment is less than 20 percent of the purchase price.
What's critical when considering a non-traditional loan, Watkins said, is
that prospective buyers fully understand the ramifications of the loans
available to them. "Finding out if you qualify is just the first step," he
said. "Just as important is making sure the terms and conditions of the loan
are manageable for you. You want a mortgage that you can comfortably live
with for years down the road."
Watkins advises anyone interested in a non-traditional mortgage loan to sit
down with one of Weichert Financial Services' Gold Services Managers serving
any Weichert, Realtors' office. These mortgage experts can provide a free
credit analysis, explain the pluses and minuses of whatever financing
programs you qualify for, and help you decide which is the wisest choice for
you.
Weichert Financial Services is one of the "Top 100" lenders in the U.S.,
according to the Mortgage Bankers Association, and consistently garners high
customer satisfaction ratings in its customer surveys.
Weichert has more than 18,300 sales associates in nearly 490 company-owned
and franchised sales offices in key markets throughout the U.S. A family of
full-service real estate and financial services companies, Weichert helps
customers buy and sell both residential and commercial real estate, and
streamlines the delivery of mortgages and home and title insurance. For more
information, call Weichert's customer service center at 1-800-USA-SOLD or
visit Weichert's Web site, www.weichert.com. Each Weichert franchised office
is independently owned and operated.

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