What you can expect when going after a bank loan

NACOGDOCHES, TX (KTRE) - Buddy Himes and his wife are standing in their new home, now under construction. "The chandelier will go right here," Buddy Himes said while standing in foyer. They've been around this block before. This is their fourth home purchase. The latest experience is better than the previous. "I did use a national chain before and I experienced what I call a bank holdup," said Himes. "The bank held me up. And with the local bank they're more than willing to work with me and have the loan approved in a very short amount of time. "

This is clearly a marketing tool for community banks. This isn't to say mortgage companies don't put home loan applications under the microscope. "the criteria has changed now and the credit standards have become a little tougher," said Francis Spruiell, president for Austin Bank. "The mortgage companies aren't approving some of the same kind of loans that they approved six to eight months ago. They are looking a credit scores closer," explained Spruiell. Other loans aren't so difficult to obtain. "On in-house loans, commercial loans, consumer loans, nothing has changed," said Spruiell.

The Himes clearly met the qualifications for a home loan. They advise though to all potential home buyers to do the research and not be intimidated by the current economic times. Who knows, you too may easily qualify.

Realtors attending their monthly luncheon are definitely concerned that consumer confidence is down at a time when interest rates are historically low.  "Right now, we have on the market 227 homes in Nacogdoches County, so we've got a good inventory," said Richard Humphreys, Nacogdoches Realtors Association president. "We would like to see consumer buyer confidence up on all products."

The Himes are lucky. They sold their previous home without any trouble. Now they're just eager to get in a new home sometime this summer.

Bankers advise no matter what kind of loan you seek it's important to have a down payment and an excellent credit history. You should also visit your loan officer first, before shopping.