Mortgage Money Available

I just recieved this from Meredith at Mellinium Financial and wanted to pass it along:

Good Afternoon,

After having a conversation in the gym, I realized that I should send an email to give everyone an update on the current mortgage market. Let me tell you about the conversation, the gentleman asked me, “So how is the Mortgage Business? From what is going on in our economy looks like there is no money to lend.” I thought it was a joke at first, but then realized he was DEAD serious! Following you will see my response based on my daily experiences in the mortgage industry.

First off, there are 100% Financing Options still available for Purchase Transactions. We are signed up with several banks that are lending up to 100% and consistently asking for our business. Please contact me if you need additional information.

Secondly, banks are lending money on Cash-Out Refinances. This means banks are allowing borrowers to extract equity from their property to pay off debt, complete home improvement projects and buy new real estate.

Next, the 30 year fixed rate today is 5.75%!!! Since 1971, there has only been 31 months where the 30 year fixed rate was under 6.0% that means, in the last 444 months, rates were below 6.0% only seven percent of the time. Looking 27 years ahead, if there is only a seven percent chance to receive an interest rate in the 5’s, and the time is now, would you buy real estate or refinance your existing mortgage?

Of course the Underwriting Guidelines have tightened within the past year. Mortgage Approvals greatly take in consideration borrower’s credit score, credit history, credit activity within the past 12 months, occupancy and income reported to the IRS.

As always, if you have any questions or need additional information regarding mortgages or just want an update on the mortgage market, please do not hesitate to contact me.

Talk to you soon,

Meredith