How do you feel about the state of mortgage loans right now?

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I’m in the mortgage business, and I’m curious how the general public feels about today’s rates and ability to get a decent loan.

6 Comments
  1. Reply
    sophieb
    April 29, 2011 at 10:48 pm

    since some mortgage loans got people in trouble recently and caused their homes to be repossessed, I’m not to happy with the mortgage businesses right now.

    Mortgage loans are still not provided to everyone who wants to own a home. I don’t know the answer to that. Maybe that’s just the way it is.

  2. Reply
    vinster82
    April 29, 2011 at 10:54 pm

    I’m a Realtor in AZ I think getting a mortgage now is easier than it has been in ages but the industry is giving them to too many people who will default and it is already becoming very bad news, around here at least. Foreclosures are on the rise.

  3. Reply
    Noah M
    April 29, 2011 at 10:55 pm

    Rates are still historically low but people have short term memory and compare them to the rate of 3-4 years ago. Mortgages are like any other loan, if you do your homework you can find a good deal. If you just listen to one person and don’t do any research you are liable to get ripped off. Unfortunatly, most people take the easy way out and get a bad deal by just taking the first offer made to them and taking a mortgage brokers word as gospel.

  4. Reply
    Dave C
    April 29, 2011 at 11:21 pm

    I’m not in real estate or in the mortgage business… just an average Joe. I have a 5/1 on my house at 4.3% and have a couple years (in year 3 of 5) before I have to think about doing something.

    My perception is that the rates are going up… although they are still “low”, but to me rates don’t seem low. I’m hoping the economy is improving such that the rates go even lower.

    What is interesting is that 5/1 ARMS have equivalent interest rates as a 15 year mortage and close to a 30 year mortgage.

    I hope the mortgage industry has tightened up the loan process so there’s no more debacles similar to the subprime fiasco. In terms of government bailouts, the government should NOT bailout anyone. It was bad business decisions made by greedy people. The gov’t shouldn’t bailout businesses.

    Alas, I doubt the mortgage business has tightened up on their loan practices since it’s all about the money since lenders make money writing the mortgage and then selling the mortgage to another company. If people default, then it’s the problem of whoever is holding the papers. The original lender made their money, sold the mortage and they wash their hands of it. It’s all kind of sleazy.

    That’s just my impression of the current state of mortgage loans.

  5. Reply
    waltdawg3
    April 29, 2011 at 11:56 pm

    Its really not getting a decent loan being the problem. Its the way you get taken advantage of on how you get your loans. Like balloons and arms ect.. Getting in a home is easy if don’t have any revolving credit and can put 4 percent down. Its the way they get you in which is the basic cause of all these foreclosures in the U.S.. I know that here in Indiana just in Marion county there are over 1,376 foreclosures every month and rising because some people aren’t ready for a house just yet but most case the banks don’t help you out when you get behind. They lie to you and egg you on to get more money out of you until they put your house in a sheriffs sale and the next thing you know you got people out on the streets. If everybody applied for a loan straight from their bank or any bank instead of having a real estate agent or the home builder do it for you there wouldn’t be so many upset people losing their homes from people like real estate agents and home builders like Beazer and C.P.Morgan ect.. So the answer to your question is it sucks!

  6. Reply
    scarlet
    April 30, 2011 at 12:54 am

    my sister said she might quit her job,she is very unhappy with peoples choice mortgage,she works very hard every day and sshe hardly gets any money

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