The Official Mortgage Thread
Posted: Tue Sep 09, 2008 11:40 am
Gutentag,
As some of you may know, or may not know, I have worked in the Mortgage industry for the past 4+ years.
I am a software trainer for a IT vendor, primarily for the Mortgage Industry. The product I train for and support is a Loan Servicing Software that helps companies service their loans. I.E. accept payments, track loan histories, print statements, etc. etc...
Primarily this thread is to address any questions any of you (Cyril in particular might be interested in this thread -- future home buyer), and address any current events in the Mortgage industry.
If you think that the Mortgage industry isn't worth paying attention to, I would beg to differ. The country tends to run off certain industry. The most important are the construction and mortgage industry.
If you have been paying attention to the news lately, the US government has stepped in and taken over FNMA (Fannie Mae) and FHLMC (Freddie Mac), to "save" them (so to speak), from going under. Because of this step in, the Stock Market has done real well lately.
http://www.bizjournals.com/portland/sto ... ily10.html
And in other analysts (sorry I dont have links) have also speculated the interest rates will come to a very historic low (even compared to 4-6years ago).
Also be aware, that since the Government has taken over these loans, and will be the ones lending out to people (through FNMA FHLMC), there will not be such hard qualifiers as before. In the past you needed a credit score of 700+ to get loans from FNMA for example.
I cannot give advice on when or what to buy, but I will give my best opinion.
Right now it is a good time to buy, but I'd wait it out until next year, first quarter or second quarter.
Wait for everything to finalize with the government taking over, let the rates drop, and usually with a new presidential administration, changes come to the mortgage industry.
Ask me any questions here, and I'll address them when I'm aware of them
Thanks
As some of you may know, or may not know, I have worked in the Mortgage industry for the past 4+ years.
I am a software trainer for a IT vendor, primarily for the Mortgage Industry. The product I train for and support is a Loan Servicing Software that helps companies service their loans. I.E. accept payments, track loan histories, print statements, etc. etc...
Primarily this thread is to address any questions any of you (Cyril in particular might be interested in this thread -- future home buyer), and address any current events in the Mortgage industry.
If you think that the Mortgage industry isn't worth paying attention to, I would beg to differ. The country tends to run off certain industry. The most important are the construction and mortgage industry.
If you have been paying attention to the news lately, the US government has stepped in and taken over FNMA (Fannie Mae) and FHLMC (Freddie Mac), to "save" them (so to speak), from going under. Because of this step in, the Stock Market has done real well lately.
http://www.bizjournals.com/portland/sto ... ily10.html
And in other analysts (sorry I dont have links) have also speculated the interest rates will come to a very historic low (even compared to 4-6years ago).
Also be aware, that since the Government has taken over these loans, and will be the ones lending out to people (through FNMA FHLMC), there will not be such hard qualifiers as before. In the past you needed a credit score of 700+ to get loans from FNMA for example.
I cannot give advice on when or what to buy, but I will give my best opinion.
Right now it is a good time to buy, but I'd wait it out until next year, first quarter or second quarter.
Wait for everything to finalize with the government taking over, let the rates drop, and usually with a new presidential administration, changes come to the mortgage industry.
Ask me any questions here, and I'll address them when I'm aware of them
Thanks