While loans are available for borrowers with good credit the definition of good credit may continue to change. Today, the prime lending rate has dropped to 6.5% from the previous level of 7.25%. Mortgage rates didn’t drop much but with good credit you can get a 30 year mortgage at a rate under 5.5% with a 1% origination and no buydown. For more information on how you can benefit from the current rate environment please contact Kristin Lewis of Tennessee State Bank by email at email@example.com or by phone at 865-908-1212. If you have questions about Sevier County (Gatlinburg, Pigeon Forge, Sevierville, Seymour areas) real estate please contact The Schoenfield Team at 865-436-0444.
A Video Explanation of the Current Mortgage Mess
This video by Mortgage professional Dan Green provides an excellent explanation of how the mortgage industry got into the mess that it now finds itself in. More importantly, it also tells you how the sub-prime lending environment may even affect borrowers with good credit.