Oct 13 2008
Mortgage Fundamentals
After years of no qualifying loans and loans to individuals who didn’t qualify, the marekts finally shook off those types of programs and returned to the basics of sound lending. Unfortunately there are billions of dollars in mortgage loans that we as consumers will have to deal with. Mortgage Architects and John Vickers did not participate in securing those mortgages for buyers - not because they were not easily available but because people did not understand what they could be facing in the coming years. After learning how these adjustable mortgages could change in the near future, most of our customers settled for traditional fixed rates mortgages. No “pay option ARM’s” or “pick a payment” programs here, just mortgages that required qualifying and reasonable underwriting.
We still offer traditional loans with no points, no origination fees and other reduced or waived fees for law enforcement and firefighters under the “state heroes” program. The benefits of this plan can be viewed at www.stateheroes.com”. Our heroes program began back in 2003 and continues to provide discounts for purchase and refinance loans for qualified applicants.