Mortgage Trends

Mortgage and Lending with Capstone Mortgage, Inc.

What is going on in this crazy market?  It seems that it is getting harder and harder to find borrower's that actually qualify for a loan.  I quess we were all a little spoiled over the past few years.  The market was good.  There were loan programs available that virtually anyone could be approved for.  That's all changed.  It seems that there is plenty of blame to go around for the weak economy.  It appears that this down turn in the market is going to last a while.  I quess the real question is...what do we all do to survive?

I believe we all have to do our part to begin to change the attitude not only in our industry, but in our country.  We are constantly bombarded with "bad" news.  The media is having a field day in reporting just how bad everything is.  While there is truth in that, the reality is that there are still homes being sold, there are still loans being made and there are still people refinancing their homes.  Sure, the programs available are not as abundant as they once were.  Credit scores are being adversly affected by available credit limits being cut.  There are lots of reasons we can wallow in the sorrows of the changing economy.  If we allow that, we are only contributing to the problems.  Instead, why don't we decide to follow the simple rules of the Laws of Attraction.  Let's begin to focus on creating a positive atmoshere.  Let's concentrate on building a synergy of positive thinking people working together to change our industry.  I know that individually we can't change what our government, Fannie and Freddie, or the big lenders do.  But, if we can slowly change our own thinking, focus on the positives and not all of the negatives have constantly thrown in our faces...maybe we can help turn things around.

From what I'm hearing from the many brokers I talk to everyday, FHA is still going pretty strong.  USDA loans seem to be working pretty smoothly in the areas they are available.  We are still able to offer non-conforming loans for those people that don't qualify for conventional, FHA or USDA loans.  We even have a bank statement program for self employed borrowers with business liscenses.  The bank statement program requires a 650 credit score and can be used for the purchase or refinance of a primary residence.  It's great for those people that can prove their income by providing 12 months of personal bank statements.

If you are looking for other business opportunities to supplement your income, feel free to visit my website at 

Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

It sure is a crazy time, and I too remember the good ol days!  Hopefully next year will be better on many fronts, including the mortgage industry crisis.  I also hear FHA is still strong and a good option.  Have you found alot of first time home buyers taking advantage of the $7500 Fed credit?  Only a handful of my buyers here have!  Crazy!

Nov 19, 2008 01:20 AM
Dan Chambless
Capstone Mortgage, Inc. - Hoover, AL

you know, I haven't seen a single one.  Of course, I'm only dealing in the non-conforming market at present.  Thanks for the comment

Nov 19, 2008 01:44 AM
Paul Chavez
Earth Origins Realty - Albuquerque, NM
Albuquerque Realtor, NM EcoBroker, and General Contractor

I am all for the creating the Laws of Attraction.  I am sending intention right now as I write this!  I definatley think that an overcast of fear is reinforcing this slowing economy.  I am all for living within our means.  And I am all for creating a sustainable, thriving economy. 

Nov 19, 2008 01:48 AM
Dan Chambless
Capstone Mortgage, Inc. - Hoover, AL

thanks Paul!  Here's the intention back to you!

Nov 19, 2008 01:50 AM