Their combined incomes and credit ratings are sufficient to support a mortgage payment and the concomitant real estate taxes, but they have little savings. You sigh and sit back in your chair to consider the situation. While lawyers often view their role in the residential real estate process as checking the contract and orchestrating the closing, they also may fulfill their counseling role by helping clients understand the loan process, especially amid the complexities of today s market. In light of the growing number of mortgage products now being offered, clients may look increasingly to counsel to help them sort through that process. Housing costs are at an all-time high.
Lenders nevertheless are bullish.
Sonoma Valley north of San Francisco, one of the hottest housing markets in the country. Ten percent down will get them a 9 percent loan with only one point if they have a high enough credit rating. And they don t have to state an income or disclose any assets. Then they d only have to put 3 percent down to get the same rate. They re designed to last two years at most, then you sell and move on, or it becomes an adjustable rate loan.