Re: [RealEstate] Still Looking for Hard Money Lenders(Michigan)

Tue, 06 Dec 2005 09:14:29 -0800

I understand, Michael.  I am a realtor and believe me, clients are just getting too spoilt at this time.  Its almost instant gratification that they are looking for.  People with bad credits are getting promises made by mortgage brokers (that was heavy in the refi business when that was booming and have no clue about purchase loans) that do not know what they are talking about.  Its hard being a realtor, too, when clients come to you and say, I have a 534 credit score and so and so told me that they can get me a 100 percent financing, duh!  And worst, looking at their credit score, they have had lates as early as sept. 05, are you kidding me?  I battle with mortgage brokers too.   And seasoned buyers, still want the low interest rates they were getting like 2 - 5 years ago, LOL, aint happening.  When i first bought my home in the 1990s, my rate on 80% putting 20% down, was 8.65%, with 745 mid score, and now, they are complaining that they have to pay 6.5%, LOL.  Anyway, it comes with the business I guess, that is why we are being paid the BIG BUCKS. 

Michael <[EMAIL PROTECTED]> wrote:
That post cracked me up too.

As a mortgage broker, I am praying that rates will go
up and credt requirements will be tightened so that
the American public will stop thinking that they can a
loan for absolutely nothing. This last five years of
low rates and the heavy marketing by banks has got
everyone thinking that if they have a pulse and can
fog a mirror, they can get a 100% LTV, no points loan
with a 480 credit score.It's gotten where I can't
stand to talk to John Q. Public any more.

Michael

--- Mitchell Glass <[EMAIL PROTECTED]> wrote:

> Are you kidding? who the hell is going to lend money
> to you, with nothing as collateral, no up front
> fees? so, you can make all the profit with no risk?
> come on. You need to get a serious mind check.
>
>            
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