Posted by MW/VA on 3/30/09 1:01pm
Msg #282663

Good new for our business

According to Source of Title, they quoted MBA as saying mtg. apps were up over 30% last week, and go on to say in another article that preductions are that mortgages will double this year. Whew! I think I'm going to hire a staff.

Reply by Claudine Osborne on 3/30/09 1:32pm
Msg #282670

Hi Marilyn..Good news is always welcome..

Reply by Linda_H/FL on 3/30/09 1:34pm
Msg #282672

Re: Good new for our business...yes

Let's just hope the majority of those applicant qualify and don't fall off the ends of the earth...

Reply by MistarellaFL on 3/30/09 1:48pm
Msg #282676

Qualifying is one of the big issues these days

The other being that the value of the property is not enough to refinance, as the
property's value was much higher (and the current note's value now) when they either purchased or previously refinanced.

Reply by MW/VA on 3/30/09 2:39pm
Msg #282688

There are still plenty of people out there who qualify & didn't max out their equity to pay other debt. I'm doing those kind of signings a lot.

Reply by Shoshana Roller on 3/30/09 3:21pm
Msg #282697

I live in a "declining market". (Phx Area)

I have lots of clients who are upside down and never pulled equity. In fact, they put 20% down when they bought. Their values have gone down by 30-40%.
If I had $1 for every loan app I have written, that never closed, I'd be a rich woman!

Reply by Pat/IL on 3/30/09 5:58pm
Msg #282717

Re: I live in a "declining market". (Phx Area) n/m

Reply by Pat/IL on 3/30/09 6:19pm
Msg #282721

Sorry - Accidential Post. But Anyway...

Interest rates went down in 2003 to just over where they are today. I think there are many people who are sitting on a pretty good rate at this time, with equity in their homes, who will refinance again if it is worth it for them.

Then again, I think there will be many more applicants who will not make it to the closing table because the appraised value will prevent the loan.