WHAT'S GOING ON IN THE MORTGAGE INDUSTRY??

Here are a few basic facts:

• The Sub-prime market has had a meltdown, and it is affecting a much broader base in our economy than anyone predicted
• Many of the people affected so far are the people who already had credit problems to begin with, but got home loans anyway, because it was so easy and required little cash
• There are also a lot of good-credit borrowers, who got into attractive Adjustable Rate Mortgages, thinking that if the rates started climbing, they could simply re-finance
• BUT, re-financing is dependent on good credit, and equity in the home, so as values decline, it’s harder to qualify…PLUS, the fallout from the sub-prime market has made all the lenders tighten their guidelines considerably.  This combination is contributing to a rash of mortgage delinquincies and foreclosures.
• On the other hand, if you're one of those who's been able to retain a good credit score, and you've saved some money for a decent downpayment...it's a fantastic time to shop!

The financial landscape of our country is changing dramatically.  There are no clear answers at this time.  The best thing you can do is listen, read and educate yourself; then find a professional you can trust.  I would be happy to help you in that process.