Now Is The Hour – Part 2

Saturday, June 27th, 2009

Bulgaria Realtor

Hi there!

“Now is the Hour – Part 2″? What in the world do I mean by that? Well, think about it – if the first part talked about properties, this part has to be an update on financing, right?

Right!

What’s starting to happen is that the banks are starting to suffer from the lack of new funds and new sales – why? Restrictive to prohibitive terms for new mortgages. Remember what I did write in Now is the Hour – part 1?

“Bulgarian mortgage lenders have put the stops on the business with limits as to how much they will lend (typically 40% of the buying price, maximum), and also with really restrictive interest rates – 12-15% plus the Interbank rate plus signing fees, depending on the type and life of the mortgage.”

Well, there appear to be a few Bulgarian banks out there that are not satisified with their returns at those levels. What’s happening? They have dropped their interest rates by 50% or more, and are willing to go to 50-55% of the market value of the property (in extreme cases even 70%). This is still not like the glory days 2-3 years ago, but it will certainly help out the real estate market.

So, welcome to “Now is the Hour – Part 2″! :-D

It really IS the time to start choosing what you really want and start organising your purchase plans! For the names of the banks presently involved, see the Focus Information Agency article at http://www.focus-fen.net/index.php?id=n185477.

Ciao for now

Craig
for
Bulgaria Realtor

Jimmy Craig Websites

P.S. Remember, you read it FIRST on
Bulgaria Realtor!

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