Mortgage Rates at All-Time Lows. So, Why Can't You Get a Loan??

[Mitch Messer]

If you are currently applying for a mortgage or HELOC, or are involved in a purchase transaction where someone is getting bank financing, or if you just want to understand how the mortgage lending ecosystem really operates, you need to check out the following excellent (and scary!) blog post:

http://financeonthefrontline.c...

No sales pitch, no product, just pure information.

Be sure to visit all the links cited in the post; there is some serious wisdom to be found there.

Don't be afraid; be informed!

[Keith C.]

@Caleb Heimsoth how can it be a great buying opportunity?

Has anyone lowered there asking prices yet ?

have banks started foreclosures on default loans ?

Are borrowers 90 days plus overdue yet and likely not able to catchup to payments as occurred in 2008?

We are in middle of the first inning of a 9 inning game - let’s see what happens in next 6- 9 months - what programs and money actually were delivered!

Are borrowers making timely payments !

Are sellers holding firm !

Are hard money lenders liquidating assets from borrowers who are months behind!

I wouldn’t start buying just yet - there too much uncertainty,, why do you think most Non QM lenders pulled the plug,

If your credit score is under 650 today it will be very hard getting a mortgage . What do you think that pressures places on sellers who just lost 45% of the their buying pool?

I’m on the sidelines cheering for All of US but betting on no one ,, Yet