My New Blog

I think it is interesting how some people in government think that the interest rates of 4.5% will save the housing market.  The only thing that these rates are doing are helping clients that have a good mortgage payment and equity position get a lower payment.  I think that is great and i am delighted to have the business.  The people that are in trouble or are falling behind on their mortgages or have lost a job or taken paycuts this past year- unfortunately- these people we probably can't help and can't take advantage of these historical rates.  Right now - clients have to have good credit- 700 or above is the "new benchmark".. actually clients with 740 or higher will receive the best interest rates.  Clients have to have equity.. typically 20% is good but 90% might do with a little bit of a rate adjustment.  Lastly- clients must have income that is verifiable.  If you don't pay taxes to Uncle Sam-then don't assume you can get a mortgage- basically from Uncle Sam either.