Where do we stand?
The financial Industry is currently in a no win situation. The current lenders that are still funding loans and selling them on the secondary market have their minds made up that moving forward the quideline restrictions will benefit them in the long run. To be honest there is not a easy solution to fix the problem. It will take a lot of hard work and a lot of time to put the proper checks and balances in place. Based on the current market people don't have a choice but to run and take cover. The unbelieveable part is the phone has not stop ringing. Clients still call requestinig our assistance but unfortunately we have to turn them down because Lenders send out approvals and after the full file is submitted to Underwriting it is stated that we can no longer qualify them for a specific program or the LTV standard has been lowered to 70% across the board.
To the honest working people that still need our assistance we still have a small number of Lenders that are willing to assist you but the problem will be in regards to providing you with a benefit of a lower mortgage rate and payment. This is highly unlikely! If you are familiar with how mortgage rates were in the 80's and 90's I have a feeling that history is going to repeat itself all over again.
For a free mortgage evaluation please give us a call today! 773-563-2285.
Realtors looking to obtain financing for their clients give us a call today! 877-956-9298 ext 4014
Jeffrey Sauls
Senior Loan Officer
North American Home Funding
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