Mortgage Discussion for the Panhandle area

It pains me almost every day when I hear the negative rumors about the mortgage industry I am in. With all this doom and gloom it is no wonder we have so many homes on the market. Well, I have had it and I decided to write this blog message to say "times are not so bad".

First let's look at interest rates. Today I can lock a 30 year fixed rate in below 5.5%. That is as good as it gets.

Next I hear we have "declining markets" and we can no longer close mortgages at 100%. That is just made up fiction. I am not sure why some mortgage so called professionals go out on the street and tell people this nonsense. I can and do still close loans at 100% with the seller being able to pay closing cost. Best of all this is a conforming loan with rates about 6%. These are the same deals we were closing in 2005 and 2006. Nothing has changed. The game has not changed just some of the players i.e. mortgage professionals that know what they are doing.

Then I hear that credit has tightened and no one can get a new mortgage unless they have perfect credit. That too is wrong. The subprime market has dried up but Fannie Mae, Freddie Mac, USDA, VA and FHA are still closing the same loans they were last year before all this started. They all have changed a little but the same credit can be bought today as was issued an approval in the past years.

I have even been told by realtors that VA and Rural Development (USDA) cannot close 100% deals in declining markets. That is just funny. Government loans have not changed at all.

I go through this rant to explain to everyone that the mortgage business is still strong and you can still buy a house in today's market. I have been in this business for 23 years and this market is not new to me. I have been through it before. The secret is to stay up to date with the changes so no customer suffers. If you need a positive mortgage professional to help in any way please give me a call.