Mortgage brokers, mortgage agents, and mortgage lending

We have all saw several stories in the media about how the housing market has been difficult. Let me share with you what I have seen makes the housing market particularly challenging at this time.

   1) Without a doubt and you probably guessed it, interest rates are at the top. The raising interest rates affected more than just home buyers. Other people lost jobs that are in the real estate and mortgage industry due to a lack of work. Builders had a reduced number of building contracts.

   2)  Consumers who were selling their condos or other property to upgrade or downsize ran into a situation of not being able to sell their property. Why you ask? The market appears to be overpriced. Once over priced, there were very few people that would walk through the consumers initial properties. Consequently, consumers who made a contingent offer on their first home selling lost the new property because the home did not sell.

   3)  Mortgage Fraud. I have to add this in because when the market takes a difficult turn such as this, it seems as if mortgage fraud has really reared its ugly head. Faulty loan applications, inflated appraisals and even false incomes. This is what some mortgage brokers and lenders have done. This takes a toll on the consumers as they seek to become home owners. For some, purchasing a home is the first major investment. This might discourage someone from purchasing a home again.

  If any of these factors fall into your particular situation, timing will solve two of the factors. For the mortgage fraud you must be careful when choosing a mortgage broker or lender. Do your research and make sure they are reputable.