Atlanta Loan Source

Don't Believe everything the News Media it Saying About the Mortgage Industry

There is ample money available for those looking for a Mortgage Loan

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The Mortgage Industry is continuing to experience unprecedented change and that is a good thing.  Why?

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1) Mortgage Lender and Brokers are exiting the business in record numbers which leaves the professionals available to help those searching for a competent consultant.

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2) The news media has been largely inaccurate in reporting the availability of mortgage credit.  Actually, there is ample supply of mortgage money available for the traditional borrower.  The difference is that if you are in search of a solution to your mortgage needs, you need to plan ahead.  What a concept! 

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3) Numerous borrowers have been left at the closing table as lenders close their doors.  The good news is that the majority of these borrowers were able to find another lender to close their loan quickly.

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What do you think?  Have you been having trouble finding money?

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Your Friend in the Mortgage Business,

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Jim

To Lock, or Not to Lock...That is the Question?

The answer to this question is very important and really only can be made by you.  The problem is that deciding when to “lock” your interest rate for your loan can be a very confusing decision.  As a mortgage professional, I understand that you want to catch the rate at its lowest point during the time your loan is in process.  However, that is “easier said than done”.  Even professional economists are not able to predict the market with accuracy.

Wallstreet has replaced the traditional bank and now pulls the purse strings of this vast mortgage market via “mortgage backed securities”. MBS’s are traded in the free and open market everyday just like stocks and bonds.  The movement of interest rates in the mortgage market is directly related to the buying and selling of the Mortgage Backed Securities on Wall Street.
 

An important fact to remember about your decision to “lock or not to lock” is that both your commitment and ours are made on the “good faith” of the participants involved.  We feel that a promise made is a promise kept, regardless of which way the market moves after the transaction is made.  Of course, all of us as consumers would like to be guaranteed the very best rate in an excalating market and also have a low rate offered in a declining market.  Unfortunately, the market cannot provide this assurance in the normal course of business.
 

If you choose to “float” your rate, you are at the mercy of the market and your interest rate could improve from the time your application was taken or rise as market conditions deteriorate.

If you choose to "lock", we will keep our side of the agreement and deliver the agreed upon rate so you will not have to second guess your decision.