Who is IndyMac and what does that mean to you?
IndyMac Bank was the largest lender to Alt-A borrowers. The mortgage giant has in effect gone out of business. The Bank will still be operating but under Federal supervision and will no longer be issuing mortgage loans.
Unfortunately, this means a tighter credit crunch in the mortgage industry and possibly higher rates for Alt-A borrowers. What is an Alt-A borrower? It is the average American, the one who does not have perfect A1 credit.
There will still be loans for Alt-A borrowers but they may be much harder to find and more expensive in regards to interest rates and loan fees.
In the near future, other Alt-A lenders will either come to fill in the gap or they will follow IndyMac’s lead and leave the business as well.
July may be the best time for you to purchase a home, before all the fallout from the exit of IndyMac as a mortgage lender, occurs.
IndyMac and You · Real-Estate.ExplainedOnline.Net Said:
on July 14, 2008 at 11:04 pm
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