Checking the Real Estate Market

Good morning.



Every morning I check my email for contacts from Real Estate agents, Mortgage companies, Banks, family and friends.



One email I look forward to is from Dustin Maciel of Maciel Mortgage. He provides updates on current mortgage rates, trends and possible increase or decrease of mortgage rates according to what the banks and the government may or may not be doing.



I often find his comments with information that I can pass on to my clients, or discuss with other agents in my office.



Watching the news on a daily basis and seeing what is happening in the stock and commodities market and the banking industry can be confusing. They all say that the current Real Estate Market is headed down. In other words, more difficult for sellers because buyers find it hard to get loans. Buyers that used to qualify easily for a Real Estate loan now find it more difficult, and those who have questionable 'stated' income must now prove income. Those with past credit issues must now prove by longer periods of good credit before lenders will consider them a good risk.

Don't get us wrong. Yes it is more difficult, with banks asking for more information, better proof of income, work history, proof of accounts, better explanation of current and past credit issues, etc. but it is possible to get a loan.



Having patience is important and don't take anything they ask for personally. It is all business, different from what was done in the past, but they feel it is in their best interest to prove to their investors that they are using due diligence in using their money in the Real Estate market.


When your loan goes through and escrow closes, you will, as those in the past felt and know, that you made it. You met their requirements and the home is now yours. A feeling of relief, excitement and wonder.


Congratulations!