Helping borrowers with their financing has always been my career. I love to help people get into homes. However, lately, everyone is trying to get something for nothing. Rates have gone up, values have gone down. If they wanted to buy and get 100% financing, they should have months ago. You tell a prospect that times have changed and they think you are trying to put something over on them. They don't want to give you any information, they did it before.....now we need all types of documentation. I did not make the rules, I did not raise the rates and I did not lower the house values. But of course, I am to blame. Well now I have changed. I told a customer yesterday they need x,y and z and they said they could not get it and I said you can't get a loan. 2 hours later, they sent me the information.
Borrowers had been pamered to the point if they looked concerned about anything you said the mortgage company would change programs. That is what got us in this mess. Borrowers who could not afford the house but "loved" the house.
We all have been the beneficiaries of a prosperous market, but now it is time to tell the borrowers the real deal. If they have high DTI let them know they cannot afford that property. Our markets will get better, we will be a strong piece of the economy, but until that time, we all need to be in the present and not the past . The good old days are gone. Let's look to the future.