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Getting The Best LoanA recent report from the Federal Reserve shows that 15 percent of U.S. banks began tightening credit standards at the end of 2006 - the most since the early 1990s.Residential Capital (ResCap), the real estate finance arm of GMAC, tightened standards last month - had the new rules been in effect last year, some 58 percent of subprime loans would not have been approved. While those changes can be alarming, not everyone is at risk. The tightening has occurred primarily in what's known as the subprime and Alt-A markets. Subprime loans are made to borrowers with a poor credit history. Alt-A is not a well-defined category but typically includes borrowers with higher credit quality who don't want to document their income on a loan application. But prime borrowers can still get competitive terms. "There's so much overcapacity in the industry right now that banks are eager to make loans to borrowers with strong credit," says Mark Lefanowicz, president of E-Loan, an online direct lender. Ideally, then, you want to be considered a prime borrower in today's lending environment. There are clear steps you can take to become one. The key is to start working on your financial profile as soon as possible. To get going, follow these tips ..... click here for complete article Need to sell you home, condo or building lot? Visit 888SOLDin9 to talk with our Jacksonville FL 888soldin9 partner about your personal financial situation. Our Jacksonville FL partner, Jim Tallent buys, sells, renovates and rents homes and properties in Jacksonville FL, Duval County FL and Northeast Florida. |