Greetings,

I hope you are well and hanging in there in this ever-changing world of ours right now! 

First off - quick answer for y'all - YES, I am still in business and we are still lending money!   Naturally, I have to follow that up with ‘yes' it is more ‘challenging' to get the money.

Since the latest financial distress of the ‘bailout' rates have fluctuated even more than usual (usual meaning since 8/2007): They go up and down, and in pretty significant amounts, several times a day.

Investors are asking for more documentation from all of us and coming up with conditions we have ‘never' been asked for.

For example, rates just went up, oh .375%, or so in the last 5 minutes since I started writing this - just from this morning's rate sheet.

Right now, a 30 year fixed rate with 20% equity and a credit score OVER 720, is running anywhere between 5.875 - 6.5%.   Yes, that's a bit of a big margin there but that's the way it is.

MY ADVICE:

• Be patient!
• Don't rush a deal along as issues will come up.
• Once you lock in a rate - let it go - that's the rate you are getting.
• Yes, it's possible the rate could drop a smidgen (for a minute) BUT the rate could ALSO increase drastically!
• No matter what - by locking in your rate - YOU ARE PROTECTED!!
• And remember, during this ‘adjustment period' everything will work better if we all work as a team.

Choose your lender based on your ‘relationship' with your lender.  Together, you will ALWAYS get the best rate.  If you choose someone based solely off the ‘lowest rate' that person may not be here tomorrow ;-).

A loose quote from Bo Schembechler was shared with me yesterday from the author of ‘Bo's lasting lessons':

‘Your day is not complete until you help someone who could not possibly pay you back.'

This is how I have always practiced and what I continue to do, even in this time of strain.  The long-term relationships formed are what get us through these tough times.

Please contact me for help on ANY real estate or mortgage related matter.  Reminder - I am entering into my 13^th year in the industry.  I am a licensed Real Estate Broker and mortgage professional with a lot of experience and am in this for the long haul.

ENJOY the day!!

Optimism Today leads to a Better Tomorrow 

Candace B. Pinaud
Leave No Stone Mortgage Lending
a division of Ann Arbor Mortgage Company, LLC.

www.LeaveNoStone.com
734.476.3366
734.661.0379 Fax

22 E. Cross Street
Historic Depot Town
Ypsilanti, MI 48198