Houston has been named by Forbes.com as one of the best cities for borrowers...
March 22, 2010
Record-low mortgage rates should be good news for homebuyers, but restrictive lending still makes it hard to get a good loan in most parts of the country. Yet in a few cities, like Kansas City, Mo., Houston, and Dallas, you'll find some of the lowest mortgage rates and the smallest percentage of people with extremely delinquent loans or foreclosed homes.
Because more people in these metros are current on their loans, banks in these areas are more likely to lend--and offer decent terms.
The reason these places are more borrower-friendly is that the local housing markets never saw the cascading real estate price that led to delinquencies and foreclosures. As a result, borrowers are less likely to have underwater mortgages--home debt that is greater than the value of their home--and can refinance their homes more easily. A healthier market means more lending...
Francesca Levy, Forbes.com
Here in Houston, we took our real estate licks during the 1980's, so we never saw the inflated markets common to rest of the country during the subprime meltdown. Our residents still reap the benefits of that earlier correction, in the form of healthy local lending markets. To read the full article from Forbes.com, click here.