Did you hear this...?

This year has been a challenge for those working in the mortgage industry. In case you didn't know it, the end is here! No more banks lending money to the average person like you and me. No more tapping into your equity to pay some bills, send your kids to college or remodel your house. No more homes are being built, bought or sold. ...or at least that is what they (whoever "they" are) would like you to think.

Did you hear this during the last couple of weeks???
Home loan demand surges as interest rates drop
(USA Today)

Mortgage Applications Rise Last Week Despite Market's Problems
(Yahoo.com)

Mortgage applications climb
(Mortgage Bankers Association)

The reality...builders are still building, home buyers are still buying, homeowners are still refinancing, etc... Now that is not to say that it hasn't gotten tougher on the people in the mortgage business and the consumer. It definitely has.

The mortgage brokers and bankers have definitely had a lot to overcome. More stems from the bad news in the media than anything else. Keep in mind, I am referring how this relates to you getting a loan, not all the complicated behind-the-scenes financial stuff that makes the system work (and yes, there have been some huge bumps in the road that have driven many businesses out of business). For a while there, all you were reading was that rates were about to go through the roof and it would be impossible to get financing. Simply not true.

The consumer has to be more responsible with their finances in order to secure a loan. Get that credit score up & pay off that debt and you'll likely be fine in your search to obtain financing for a home. You can't just walk up off the street, with bad credit and no income, and get a mortgage like you used to. However, their are still mortgages that fit just about everyone...at very good rates!

Just this week, more doom-and-gloom could be found right here in our backyard. An Atlanta darling, Homebanc, effectively went belly-up and closed mortgage operations (sold/migrated some to Countrywide). Newspapers telling everyone had bad the industry is.

Well, things are tough but there are still some very good mortgage brokers that are there for you...the consumer. We do have some advantages that have shielded us in these rough times. You see, brokers partner with dozens & dozens of banks, lenders and other financial institutions that lend you the money to finance your home. If one goes out of business...say Homebanc for example...that's OK, a broker typically has dozens of additional resources to make sure you have the best loan program at the best possible rate.

In close...don't always believe the hype. All you have to do it call a mortgage broker that you trust and talk to them about your scenario. You'll know for sure in just a couple of minutes if you indeed can still build, buy or refinance that home!