Tony Grego here at Sagamore Home Mortgage. Working to be Central Indiana’s #1 Mortgage Broker Blogger! 

Home Mortgage Rates Rise this Week

I have been posting all week that we have hit bottom and now Freddie Mac reports that Home-Mortgage rates have rose for the first time in five weeks. Why?
It is about supply and demand. When demand is low, rates are low. Since the rates have gone up it can mean only one thing. Demand is higher. When demand is high I get to help more folks get a mortgage and you get to help those folks buy a house.

Mortgage Brokers scramble to retain business, reassure public of ethical standards amid bust

The International Herald Tribune reports that since April 2006 more than 26,000 mortgage brokers have been put out of work. It has reduced the National number to just less than 140,000. What does that mean to us? Well we brokers that are left are getting busy. So when you select a broker you need to be sure that they can handle you or your clients with the professionalism and integrity that you deserve. It also means that turn times will increase so let’s make sure to discuss this before making turn time promises we can not deliver.

Beazer Homes exits Mortgage Business

Homebuilder Beazer Homes USA Inc said today that it will no longer originate mortgages. Instead they will offer their buyer’s mortgage services though Countrywide Financial Corp. 

Isn’t that the pot calling the kettle black? Last I heard CW was being bought by BOA and half of the company is bailing. How ‘bout that. I can just see this meeting now at Beazer. Well let’s see how we can save some money. First let’s dump our mortgage division. Someone than speaks up “what will we do to get our houses financed and keep our clients happy?” Good questions then you hear “how about Countrywide?” Beazer board then says “well I guess we can cut a good deal for ourselves since they will be out of business in about a year”

What happens to the customer here? Bad service, bad pricing, and bad everything else. Folks, do not join a sinking ship. If you want my help call me. If I don’t serve your area I will try to find you someone. But only use Countrywide as your last resort. Too much risk!

FBI putting more resources into mortgage fraud probe

FBI Director Robert Mueller said Thursday that the agency is committed to investigating and prosecuting companies involved in mortgage fraud and other violations in connection with home loans made to risky borrowers.

Folks as our market gears up for a great spring remember that most of the rules have changed with lending. You should meet with your preferred brokers and find out just what is available for your clients. The biggest challenges that we will face this spring will be with buyers under a 680 mid credit score, folks that have a hard time proving income and reserves, 100% financing, investment properties, and seller carry backs. Remember that since late 2006 over 222 lenders have gone out of business (reporting on mortgage im-plode) and more are ailing. While 2008 will be great just make sure that we are all on the same page. Call or email if you have any questions. I would be more than happy to take a look.

Survey Finds that Real Estate Agents are Optimistic after Fed’s Rate Cut

Leadtorealty.com surveyed its agents and brokers and found that the vast majority, 83% expected their business to improve this year as a consequence of rate cuts. Current 30 year mortgage rates are already at the lowest levels since the summer of 2005.

As I keep on repeating. It is going to be a great year but we need to start now. When you’re done reading this blog (and commenting, I hope) you will pick up the telephone and call someone, anyone that you might have talked to in the last couple of months about buying a house and set an appointment to show them some. You can do it. It is the right time.

As you can tell I am very, very excited about this market and the direction it is going to head. We need everyone’s help to make it work. In just the short time that I have become a “rainer” I have learned so much and will continue to learn everyday. I also want to be a source of help with your mortgage needs and questions so come back and visit often. My goal is to become Central Indiana’s #1 mortgage blogger and I need your help, support and feedback. Let me know what you want to hear and I will find the answers or the help we need. Also, you will never see me post negative news. You can get that from your favorite talking head. I am here to help, not hurt.

 
Happy Selling!

Tony Grego – Indiana Mortgage Broker

*The disclaimer. These rates are illustrations of what you might qualify for. Not everyone will be approved. Please contact me for details. While I can’t promise you will be approved I can promise to provide you with a FREE, no obligation, financial analysis to see what you may qualify for.