BOSTON, July 9, 2009 – The Massachusetts Bankers Association (MBA) today introduced a new web site designed to clear up confusion about the availability of mortgage credit and encourage consumers to invest wisely in residential real estate. The new site, www.MassBankMortgages.com, provides an overview of the current real estate market, differentiates local banks from some of the non-bank real estate companies and mortgage brokers that caused the subprime mortgage crisis, and offers consumer resources, including mortgage and home-buying tips, and links to obtain rates and shop around for the most suitable mortgage.
Perhaps most importantly, the MBA site points out to consumers that there is plenty of money and credit available for qualified borrowers and first-time homebuyers at Massachusetts banks, and interest rates are still at historic lows.
“Many people might be surprised, but our local banks are experiencing higher loan demand,” said Daniel J. Forte, president of the MBA. “There has been a flight-to-quality as consumers increasingly recognize that our local banks never steered off course and are still the most stable, trustworthy and reliable source for homeowner credit.”
www.MassBankMortgages.com
MassBankMortgages.com was developed by the MBA as a resource for consumers who may be a little bit unsure about the current real estate market and, in particular, unsure of where to find a reputable lender. The site is divided into major sections that include What You Should Know About Bank Mortgages and What You May Not Know; At Massachusetts Banks There is Money to Lend; What Caused the Crisis and Will it End Soon?; Mortgage Points to Ponder; Links to Massachusetts Banks; and Resources.
“Loan growth and deposits are up,” said Forte. “That’s because our local bankers are experienced lenders who never changed their lending standards prior to the crisis and haven’t had a need to do so recently. Our banks want a long-term relationship with every customer. If a loan is not appropriate for a customer, our banks will work with that customer to help move them in the right direction to qualify for a loan. The marketplace and borrowers are wiser today and should appreciate the fact that it’s not about one loan; it’s ensuring the borrower succeeds in a deeper financial relationship. There has never been a better time to search for that perfect home or refinance your existing mortgage. Interest rates are still at historic lows and it is a buyer’s market. We’re confident that MassBankMortgages.com will make it easier for consumers to obtain the best mortgage.”
The Massachusetts Bankers Association represents approximately 200 commercial, savings and co-operative banks and savings and loan institutions in Massachusetts and elsewhere in New England.
Massachusetts Bankers Association, Inc.
73 Tremont Street, Suite 306
Boston, MA 02108-3906
Tel: 617-523-7595 / Fax: 617-523-6373
http://www.massbankers.org
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