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Rise From The Ash Of The 2008 Crash
Shared From The article Safer Mortgages Rise From the Ashes of ’08 Financial Crash which originally appeared on NerdWallet.
Rise From the Ash of the 2008 Crash
As a result of the 2008-09 financial crisis, in general, mortgages are now a bit "safer" than they were 10 years ago.
The following loan types, now unavailable to most borrowers, were popular during the housing boom in the early/mid-2000s:
After the Great Recession of 2008, here's how we can be 10 years wiser
(See more tips on preparing — and prospering)
How YOU can help top it from happening again:
Know what you can afford
Get pre-approved for a mortgage
Keep debt payments under control
Compare mortgage offers
How affordability standards have changed since 2008
Verify income and credit information instead of just taking the borrower’s word for it.
Cap the maximum debt-to-income ratio at 43%.
Limit points and fees to no more than 3% of the mortgage amount.
This was intended to be a brief overview, for more specifics see the FULL ARTICLE as it appeared in NerdWallet.