John Ranco, Sales Director of Gibson Sotheby’s International Realty and President Elect of the Greater Boston Real Estate Board, has made mortgages a key topic in recent sales meetings for his team of 160 sales agents.
“In this challenging market, it is critical for our agents to be knowledgeable about the most up-to-date mortgage guidelines. We’ve invited several firms to talk with us. And, we are excited about some of the opportunities that are on the horizon,” says Ranco.
One key to these opportunities is an influx of cash from the federal government, aimed at filling voids in the real estate financing market. Joe Smith from Countrywide Mortgage said that companies like his may be able to offer much needed financing to future new developments. Currently large new development projects are faced with tougher guidelines and restrictive pre-sale requirements. Smith says that Countrywide (soon to be Bank of America) may be able to improve on the federal guidelines for developers in Boston. This is good news for real estate buyers and the local construction industry.
In addition, Countrywide is able to offer loans to homebuyers with only 3.5% down, in some cases. This is contrary to the recent news reports that indicate an industry-wide halt on attractive mortgages. Smith says that there are still a lot of really great products out there and many with 4-5% interest rates.
For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.
Wednesday, January 7, 2009
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