Why it might get a little easier to get a mortgage (and how you’re paying for it)
Comments(32) If you saw any news last weekend you had to hear about the federal takeover of Fannie Mae and Freddie Mac. If you didn’t, you still need to know what it means because it will affect the whole economy. Here’s a quick rundown: Fannie Mae and Freddie Mac are companies that make it possible for millions of people to buy homes by purchasing mortgages from banks. Banks use that cash to do more mortgage lending. But so many people are behind on their mortgages, Fannie and Freddie have been taking one big financial “L” (that’s a loss, get it?).So after some background power moves over the weekend, the feds announced they were stepping in to take over both companies so they didn’t fail, which would have the potential to tank the entire economy since Fannie and Freddie own nearly half the mortgages in the entire country.So what’s that mean to you? First, the feds will put up a bunch of money to allow Fannie and Freddie to lend more, which should be good for some borrowers. Its been hard to get a mortgage because banks didn’t want to take the risk, so Fannie and Freddie having more money to buy mortgages will help. It should also mean banks will lower some interest rates on mortgages, so if you’re looking to buy a house soon, it could get cheaper — but only if your credit is good.On the other hand: once again, you’re paying for the bailout with your tax money.
The mortgage debacle has been a slow motion train wreck only heading in one direction. WIth the bailout I think Mae and Mac will have a bit more money to lend but qualifying is beyond tight. Not just credit rating, bigger down pmts are required and banks are not lending additional funds over purchase price for renovations.
Sigh…and yet I’m still trying to buy. Someone please hit me with a brick
It may be easier to get a mortgage, but I can’t see why you’d want one right now (for a purchase).
There’s no doubt in my mind that prices are going to continue to drop, as they’re still at unsustainable levels.
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