Time to Prequalify Again?

When buying a home on Maui, one of the first steps that people should do is to get prequalified. For many people looking at buying property on Maui, it can be a long term process. I have worked with some clients for over two years before they have purchased anything. If you are actively looking at properties but it has been a while since you have talked to a lender, it is worth taking the time to get prequalified again. As reported in the New York Times, there has been some fallout from the recent subprime loan collapse. Loan standards have been come more difficult. The best loans are requiring higher credit scores and some of the more aggressive loans are being discontinued. This has reduced the buying power of some home buyers. It is worth taking the time to see how you may have been impacted by any changes in loan standards with your lender.