With all of the changes on the horizon, I wanted to pass on some interesting facts to keep in mind about lending today. If you are in the market for a loan, here are some things to consider. This is a great email from Rudy Benitez at Lion's Gate Mortgage.
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Hi Friends,

Happy early Valentine’s Day to you all and I hope you enjoy the weekend. I am writing to you today to inform you on what has occurred this week within the financial market that will directly affect our business. I will keep it simple my friends.

-Some of the most prominent lenders (i.e Chase, CitiGroup) have agreed to halt foreclosure proceedings completely, under the pressure of federal law makers. How does this affect us? With foreclosures being firmly halted, this should help raise consumer confidence numbers and allow folks struggling to get back on their feet. With higher consumer confidence, this generally gets buyers “off the fence” so to speak and into the buying market. This halting is huge news and may bring forth a larger buying boom within the next few months. The adverse effect for those of us that work primarily in REO’s is the number of foreclosures hitting the number should drop over the course of the next 24 months. The link below has a very short and simple article with additional info.

http://www.mortgagenewsdaily.com/0213200_jpmorgan_citigroupmoratorium_foreclosures.asp

-Rates dropped significantly over the past 9 days. However, rates were back on the rise today as of 1:42 PM. Please remind your buyer’s that rates are still in the 4-5% range on 30Year Fixed Mortgages, but rates historically climb during the summer months. Time to buy is now so to speak.

-Reminders: starting next month many lenders will begin allowing more than 4 financed properties. Also, come spring many lenders will mandate that their preferred appraisers only be used on their purchase/refi transactions.

Also, please keep in mind that I am currently closing over 99.2% of ALL OF MY SUBMITTED LOANS. Simply put, if I have the privilege to work with you I will get the loan closed. If I cannot do it due to “red flags” on the file, I will tell you immediately in order to avoid unnecessary grief for you and your clients. Thanks so much for the referrals and support….I sincerely appreciate it.

Rudy Benitez
Senior Mortgage Consultant
Lion's Gate Mortgage
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Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!