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Mortgage and Lending with Valley Bank
This blog is for all of you out there that are "misled" by the media.  WE STILL HAVE MANY GREAT MORTGAGE PRODUCTS AVAILABLE!  For instance, we can still do a Stated Income/Stated Asset loan for only 5% down and the rate today was 6.5% with no points or origination fee!  As you can see that is a heck of a rate for not verifying anything except the length of time you have been employed.  We also still have many 100% financing products available.  I am not sure about all of the rest of you out there, but in Iowa, our media has blown this "mortgage crisis" completely out of the water.  Our local real estate board office has numbers that show we are continually increasing average sale price and the number of houses sold is holding steady as well.  Yes, we have experienced some significant changes in the lending arena, and if those didn't happen, we would all be out of work sooner or later.  So, the short term effect is rough, but in the long run, it will be better for everyone.  I am looking into the future and excited for what has to come.  Rates are expected to drop and I hope the public doesn't get scared by all the media talking about this "crisis," because many people could take advantage of the drop.  Another point, a local economist said that over the next year we will have more than $3 trillion of adjustable rate mortgages coming due.  So, us lenders, will stay busy with those!  Lastly, as I said before, we have all experienced some changes in the market, but all in all, it will end up positive.  Good luck to everyone and a great way to solve this foreclosure problem in the future is in the hands of the lender--let's educate the consumer as to what a "pre-payment penalty" is or an "ARM."