CourtesyTony Guaraldi, VP of Mortgage Lending Guaranteed Rate Mortgage
Are Interest Only loans coming back???Well technically they never fully left the industry even after the mortgage market meltdown in 2008, but most people are unaware these programs still exist today. However, there is only a small handful of lenders that offer the Interest Only programs today and they are nothing like “fog the mirror” testto qualify for them as it many people joked about prior to 2008. In fact the Interest Only programs offered today are even more strictin terms of income, down payment, and credit requirements then their principal in interest counter parts. Makes sense that underwriting would be more strict as the lender is taking more risk by not have principal reduced every month.
June 6, 2014 – It was a busyMountain View and Los Altos Broker Tour today! Here are some highlights of homes that I visited. First, three favorites from the Mountain View Whisman Station:
125 HUNTINGTON CT Mountain View – Boasts 16 year new unit with 3 Bedrooms and 2 1/2 Baths, listed for $849,000. with $215 HOA fees – Serenity and pride of ownership, I found the painted soft beach colors very soothing.
121 FREDERICK CT Mountain View featuring 3 Bedrooms and 2 1/2 Baths – The stately column entryway is handsome! This nice end unit means more windows, natural light and lovely views of the greenbelt! Listed for $840,000 with $215 HOA fees.
248 WALKER DR #8Mountain View featuring 2 Bedrooms and 2 Baths, 33 year new. The greenbelt view is inviting, and unit has been nicely updated. Listed for $698,000 with $440 HOA fee.