Here is a guest post from David Silverman, mortgage broker and Senior Vice President of Sherwood Mortgage Group.

Sherwood Mortgage has been in business since 1981. They have several local branches, including one at 437 Columbus Ave, in Boston’s South End neighborhood.

Mortgage loans remain available for those with strong credit

Starting in 2002, when mortgage rates started their descent to historic lows, the industry became flooded with mortgage companies popping up all over the place, due to the unprecedented demand. Banks stood ready, willing, and able to lend, sometimes applying loose lending criteria, while borrowers stood ready, willing, and able to spend, sometimes beyond their means or ability to pay. Mortgage loans became a commodity to sell, in part due to the ease of an automated-process that leveled the playing field.

But, starting in mid-2007, the US housing market and general economy began experiencing a severe “credit crunch”. Lenders’ underwriting and approval processes became much more strict. To many, this was welcomed news.

However, an unintended result is that many people with good (and even, great) credit suffered, unable to access home loans.

Now, the mortgage industry as it existed during the period from 2002 through 2006 is no longer. With the drastic changes occurring today, the underwriting and approval process has gone back to what it was like before 2002, with a higher level of documentation and scrutiny.

Access to credit remains tight, but it is also true that thousands of mortgage loans are being approved in the US, every single day.

If you are considering a purchase of a single-family home or condominium, it is in your best interest to have a trusted mortgage professional by your side, in order to get your loan approved and closed at the best-possible rates and with the most-favorable terms.

More: David Silverman, Sherwood Mortgage