29
Oct
09

the mortgage zombie

Honestly, I am going to beat this thing in the noggin with a baseball bat until it stops moving.  I swear.

Earlier this week an author sent me an email telling me she was writing a book on investing in real estate and she had some questions about financing investment properties and did I have some time to chat with her?

Of course I had the time.

She had a list of questions she sent me ahead of time so I could do any homework I needed to do.  A couple of days later she called and we had a long talk, probably a 45 minute phone conversation.

We talked about various aspects of financing investment properties from which is better, an ARM or a fixed rate (a fixed), how much should one put down (as much as possible to cash flow and not drain your resources) and what type of term is best for investors (the shortest term that still cash flows and doesn’t hurt the wallet).

It was a nice conversation and the author really knew her stuff and the more we talked the more questions she had for me.

But towards the end of the conversation she asked, “But is there any money out there and are lenders even making loans these days?”

Yes.  For the millionth time.  Lenders are making loans these days.  If we weren’t I would have been out of business long ago.

I don’t know why people still think that people can’t get home loans anymore but they do.  I know for a fact because our little office closed 28 loans in October alone.  And we sold them to various other lenders like Chase or GMAC so we could go out and make even more loans.

But for crying out loud…LENDERS ARE MAKING LOANS EVERY SINGLE DAY THEY JUST HAVE THIS WEIRD REQUIREMENT THAT YOU NEED TO HAVE A JOB AND DECENT CREDIT.

There.  Sorry for yelling, but…for crying out loud….it’s like a zombie movie or something….

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