I had the good fortune to work with Steve Smith of Eagle Home Mortgage in Scottsdale, Arizona last year on a transaction and we have stayed in touch since then. When I asked him if he was interested in writing a little something to help consumers understand what is going on in the mortgage market right now, he was happy to do so.
Steve, who has been in the industry over 27 years, says today's market is simply forcing lenders and borrowers to go "back to basics" and work from the fundamental three "C's"- Credit, Capacity and Collateral.
Frequently, we hear nothing but bad news about the mortgage market and the perception is that no one is able to get a loan these days. Not so, says Steve. According to Steve, the vast majority of applicants qualify for financing in today's market.
To read Steve's article entitled What is the State of the Mortgage Industry?, please click here.
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