Real Estate News, Home Loans and Mortgage America's Mortgage Center, Ltd.

Mortgage Expert, Tim Barnett

Are Loans Impossible!?!

October 13th, 2008 3:08 PM

OBTAINING A HOME LOAN TODAY HAS BECOME IMPOSSIBLE

First, I want to thank you personally for entrusting my team at America’s Mortgage Center on purchase or refinance for your home. It may have been months or years but we are surviving this "Mortgage Meltdown" thanks to you. We have had almost 10 years of successfully helping over 4700 families just like yours. Thank you for allowing us to serve you in the past and in the future.

Many lenders, investors and brokers have gone out of business, filed bankruptcy; changed names or ownership and these changes have been very confusing to consumers.

This Mortgage Crisis is difficult to understand. The truth is; People really want to know what exactly this means for them. The election has created much "Political Posturing" and variance of truths in order to create blame. If you have tuned into the recent media you would be led to believe a person wishing to buy or refinance a home might have a very difficult time doing so, possibly impossible to obtain any financing. Although there is some truth to that statement, for the most part, that simply is not the case. Credit requirements have indeed tightened for those that have had some really tough credit challenges that keep their scores below a 580.

Individuals that have a 580 score or better can still obtain financing for home loans at low interest rates and low down payment.

There are also still 100% loans (No Down Payment) depending on the area and income levels. Veterans have the ability to use their eligibility to purchase or refinance at extremely low rates also with 100% financing. The fact is Mortgage Loans are basically business as usual with a few new credit requirements.

My industry has been bruised by many large corporations, politicians and individuals that have looked out for their own interests. Many of them have made lots of money and left the persons committed to our customers and our business to clean up this mess.

Most these people responsible for this mess have left the business, gone to work in different industries, and some are in jail.

I have been in this industry for almost 15 years; I have survived and thrived through the good times and the bad. This is my career and hopes to be my legacy. I constantly fight for the consumers to know the truth and will continue to fight for you;

My fights have been on Capital Hill in Washington, D.C., in Austin and right here in East Texas. My Weekly Radio Show each Sunday is heard at Noon on 104.1FM.

I am committed to keep you informed. I want to continue to be your Mortgage Guy for your family and kids. America’s Mortgage Center is not going away. We are the oldest solely owned, most experienced company that has been approved to do Government Loans (FHA-HUD) in East Texas. We are financially strong and run a conservative business.

Your confidence may be weak, but the fact is our Current Market is Strong. FACT- People will always need a place to live and as long as they need a loan to assist them I will be there to help.

60% percent of many families equity comes from owning Real Estate. It is still a great investment (Especially with the turn of events in the stock market) America’s Mortgage Center again thanks you for allowing us to continue to help you and your family with your mortgage needs.

Call (903) 232-1800 or Visit Us Online at www.yourloantips.com

Posted by Tim Barnett- Radio Show Host on October 13th, 2008 3:08 PMPost a Comment (0)

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Market Comments. Bear Market? Loans Still Available?

October 10th, 2008 9:56 AM

Have We Hit Bottom Yet? What Does Yesterday's Market Mean?

Many of my customers have been calling and emailing me this week with concerns and fears about the market and how it affects your personal savings and current and future mortgage loans.

I know it is very frustrating to watch your hard earned dollars disappear like a vapor, but let’s look at it from a historical perspective. We are clearly in the middle of a brutal bear market that began on October, 9^th, 2007. Since that time Stocks have declined by a breath taking 41% fall as measured by the S&P 500. Understand that a decline of 20% constitutes a bear market and a 10% decline is considered a “Correction”. The last bear occurred between March 24^th, 2000 and October 9^th, 2002 (Yes, October 9^th…). At that time we saw a 49% drop. Overall, the average bear market lasts for 12.3 months, with the average declining being 32%.

I like to look at history to see were we may be going in the future. In perspective, the current bear market is right in line with the average historical time frame and the extent of the decline is worse than previous bear market averages, but is still slightly better than the bottom made in 2002. Historical data might suggest that may be nearing the bottom. That would pose an argument that you might say, “We are in different times today.”, “We have never seen as much collapse of institutions as we have.” or “There has not been a financial crisis like this”. While that is true, it is always something different and will always be something. The last bear market was driven by September 11^th and fear of terrorism and fueled by the Technology “Dot” com bubble. At that time we had never seen that before either.

As for the date of yesterday’s date, October 9^th ,it is interesting that October 9^th, 2002 was the end of the last bear market and yesterday was the beginning of the present one. While this may just be a coincidence, it will be interesting to see if yesterday’s low will have some significance in stock history.

Mortgage Bonds are not much better. We hope that this morning they will begin trading better. This does not mean that we cannot make loans or there is a “Credit Freeze” on mortgage lending. Simply those rates will have a slight increase. Let’s face it, Rates are still great. When I got in this business I was closing families at over 10% for fixed rates mortgage. (I know I am dating myself) but fact is, rates in today’s market make homes very affordable. There are still programs that allow you to get into a home with less than 3% Down and -0- Down. There is still time to take advantage of these low rates by applying today at www.yourloantips.com .

Some good news today, Oil prices have dropped along with the market making the pain at pump a bit less painful. I actually got excited about paying $3.00/gal this morning.

We have to remain confident in our financial systems. It will recover because history repeats itself. Families will always need a place to live and for most Americans 60% of their wealth comes from their home's equity. America's MortgageCenter is still lending. If you have a Fico score of 580 or better you can still get a Fixed Rate Mortgage at Low Rates. Market Fear has created many great deals on homes in our area, I work with the Best Realtors in Texas that will help find you the a great deal on your new home.

To learn more Insider Secrets about what really has attributed to the failures of these large institutions and how the recently passed “Bail Out Bill” affects Texans listen to my Weekly Radio Show on 104.1FM or on the web at listen.yourloantips.com.

Thank you for the opportunity to be your Mortgage Expert.

Posted by Tim Barnett- Radio Show Host on October 10th, 2008 9:56 AMPost a Comment (0)

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