Sorry I have been away for so long but I am back and ready to Blog each and every week again and sometimes more if you need it.
I was in Disney Land this past week with my family and I couldn't help but realize that it really is a magical place. I was there for an entire week and each day I was excited to go (tired but excited). I think that being around so many people that were having fun and checked their worries at the gate was refreshing.
Every day now I am asked the question "Is this mortgage market killing you? Is that hard that there is no money to lend?" Initially I would give in to the depressed feeling and go along with the questions when asked, nod my head and agree. But the truth is, the mortgage market is NOT that bad. I had 2 loan closings while I was in the Magic Kingdom last week and they both closed in less then 2 weeks start to finish! The conservative lenders that I have always worked with and will continue to work with are doing just fine and have billions of dollars to lend, and they are eager to lend it.
It is true that our economy is really struggling right now and that home values have receded, but again every market it cyclical and all economies have corrections and down turns, this one is just a lot bigger then most.
The banks that were greedy and engaged in buying junk bonds or sub-prime mortgage backed securities are toast or are losing billions every year, but there are a handful of lenders that never looked at a sub-prime loan and they are reaping the rewards for being conservative in the face of all the other banks that were turning huge profits there for a while.
It is true that I can not get any one with a pulse a loan. I never did anyway. Chances are the loan officer or company you got your last mortgage from is no longer in the business. I say that based on the 1000's of people and companies who have failed to renew there licenses this year.
Now more then ever it is really important that you work with a loan officer that uses cutting edge technology and has maintained relationships with the lenders and banks that still have billions of dollars to lend.
The bond markets have been soaring these past few weeks as foreign investors are dumping billions of dollars into US Bonds as they are still seen as one of the safest investments in the world. This is giving investors nice returns (7%) year to date on one of the bond funds, it also drives the yields down on long term bonds which is awesome for mortgage rates that are down to 6% and below on some programs Apr of 6.255%.
I have also been working very hard to roll out my commercial financing programs which will include financing for apartments 5+units, offices, medical buildings, franchised hotels, warehouses, storage units, gas stations, raw land and much more.
Give me a call today if you are looking to refinance or purchase this month or next, now is a great time with rates being low and you can skip your December payment!
Talk to you soon,
Stetson Lowe - Utah Mortgage Insider - www.utahloantips.com - 801-655-5111
