Please Mother May I...talk about what's happening in the mortgage and real estate industries

Well to start a new month, I've decided to start a Paleo diet. Wish me luck and I apologize in advance if my blog reads a bit cranky...But you eliminate your cream and sugar from your coffee, starches, legumes, dairy and see how you feel...it changes you... ;)

Did you know reverse mortgages can be used to finance the purchase of owner occupied residential property? Click on the link above to see how the reverse mortgage structure works.

Home prices are still falling, albeit much slower that in previous years. Buyers of some residential properties purchase from 2009-2010 are already underwater. This isn't true for all neighborhoods and you should remember to consult a local Realtor when you want specific market information click here to find our if you are in the black or in the red.

Recently we've been doing a number of purchase transactions and if you are a Realtor or a Buyer/Borrower, work with a licensed mortgage banker who specializes in purchase transactions. Your refinance chop chops out there do not have the experience necessary to faciliate a purchase mortgage or have knowledge of all the additional moving parts. Work with a mortgage banker WITH a real estate brokers license. I don't do Real Estate, but understand the Realtor and Buyer needs better than most.

OK, as we close out the month end and head into May, it's always good to note the big changes out there and the good news bad news going forward. The good news is rates are still fantastic and look to remain near these levels for the near term certainly. And mortgage companies are making good money along the way. So why when money is cheap and profits high would MetLife exit forward mortgage originations and reverse mortgage origination last week. Clearly, the Dodd Frank Act is making those "too large" to fail institutions just too interconnected with the government. And in MetLifes case, why originate when its only 1-2% of their earnings AND have the governement up your craw making decision with and maybe even for you.



So why do I bring this up? The reality is it can be tough for many people to find consistent service, rates, programs. With so many companies going out of business or closing business divisions, the borrower needs to find a single person, licensed, educated, experienced that udnerstands the industry, products, and the details. Today, mortgages are technicall and demand expertise to makes closings smooth.