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 captcharwp007
Joined: 29 Aug 2009
Posts: 31
0.11 Dollars($)
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smithsussane
Joined: 18 Sep 2008
Posts: 10038
Location: Alaska
920.62 Dollars($)
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Garysnober
Joined: 17 Mar 2009
Posts: 450
15.29 Dollars($)
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lovegreg77
Joined: 03 Sep 2009
Posts: 34
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Garysnober
Joined: 17 Mar 2009
Posts: 450
15.29 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12372
Location: bloomfield, ct
57.76 Dollars($)
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Posted: Mon Sep 14, 2009 12:15 pm Post subject:
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well it is number six thousand, so i thought i might be able to make it a tiny bit special. i signed on here back in the fall of 2007, hoping to make a mark by helping people. based on lots of the feedback i've received, i have achieved that goal. i plan to continue to do so as long as i am able.
a lot of things have happened in the last 2 years in this mortgage industry, most of which have been troubling and unfavorable to borrowers, lenders, owners, municipalities, and the list goes on.
a couple of years ago, we could sit down with a client and actually have some assurance that what we proposed to do for them would work. in 2009, we find that much of what we did in 2007 and 2008 isn't valid any longer. it didn't used to cost a borrower a premium to have a credit score below 700 - hey not too long ago, 700 was viewed as stellar. now it's just okay. back a couple of years ago, a person with a sub-600 score could still get an approval without it having to be the exception to the rule, though we'd want some good compensating factors to toss into the mix.
now, sub-620 is a rarity in the industry; and most of the "mainstream" lenders have no ability to help those with that kind of score. it's kind of funny that i get emails from one lender (known to be sub-prime) whose offerings are no better than mine for the riskier borrowers. it would serve no benefit for me to send those people to him, other than making money for me and him.
one of the worst things to come out of this last couple of years is the struggle we've all had simply for dollars and cents just to get by. sure, there are many who are still making a killing (see aig et al), but for many of us it's been a vastly different economic scene.
and here's more wonderful news (?): we have likely not seen the peak of foreclosed properties on the market. sometime within the next 12 months, we'll (perhaps) begin to see fewer new foreclosures coming on the market for sale. if they were out there now, we'd be in even worse shape overall. we are probably looking at 2012 or later before that all shakes out from the last couple of years' loan defaults.
for first time homebuyers, it's still a good time...prices are low, rates are low, and there are other benefits available as well (tax credit - we pray it continues; downpayment assistance programs in many states, and more).
one final note: for all of us in this community, it would be a very good move to contact our congressional leaders and encourage them to extend the first-time homebuyer tax credit that we currently have in place. if they see fit to increase the benefit or alter it in other ways that would be stimulating to our real estate markets, so much the better. but it's very important that we take a stand with our legislators and let them know that we feel this is an important issue that needs to be resolved before december 1 when the current program expires.
'nuf said for now, but you know me...
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12372
Location: bloomfield, ct
57.76 Dollars($)
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12372
Location: bloomfield, ct
57.76 Dollars($)
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suyog
Joined: 23 Sep 2009
Posts: 53
9.38 Dollars($)
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chancedwards
Joined: 23 Sep 2009
Posts: 1
1.00 Dollars($)
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memories
Joined: 12 Oct 2009
Posts: 16
3.87 Dollars($)
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