State of the Industry Letter
This is from a lender that I respect, Josh Dutton…
Amidst all the uncertainty surrounding the economy, I’ve had a number of calls from my clients concerning the tumultuous real estate and mortgage markets. As such, I wanted to take a few moments to address some of these concerns and shed some light on the reality of the situation.
The Real Estate and Lending industries are in fact going through a necessary correction. The industries became saturated with fly-by-night companies looking to make a quick buck but short on offering any real value. I want to assure you that I am still practicing mortgage lending and have no plans to veer from my path of providing ongoing, consultative service to you and your referrals. Helping real estate professionals sell more real estate through mortgage has always been and will continue to be not only my profession, but my passion.
Contrary to numerous reports in the media, mortgage funds are still readily available. The credit markets are tight, but it has yet to have any real significant impact on the availability of mortgage financing. Although 100% loans are all but gone, 3% down loans are still readily available, even for buyers with less than perfect credit. Most of the reports you are hearing about the rapidly disappearing mortgage products have to do with loan programs that were very common in coastal areas.
There has never been a better time to purchase real estate. With inventories at a higher than average level and extremely low interest rates (slightly over 6% for a 30 year fixed rate mortgage as of the writing of this letter) this truly is a wonderful time to move-up or purchase a vacation home. For first –time home buyers there is a window of opportunity that has never before existed to take advantage of a $7500 tax credit! I like to call this the “perfect storm” of opportunity. If you know anyone who is even considering purchasing a home, especially first-time buyers, please let me know!
Interest rates may be on the decline in the next few months. Economic conditions are ripe for improvement. Interest rates can and do move swiftly so it is imperative that your mortgage professional have an active management system in place to notify you of market conditions.
From,
Joshua T Dutton
Senior Mortgage Advisor
jdutton@pmglending.com
Office:303.302.3931
Fax: 888.788.9397
www.YourHomeLoanAdvisor.com
Now truly is a great time to buy! Please do not hesitate to contact me with any questions.
Your friend in the Real Estate business,
Shelli Dore
www.ShelliDore.com