In this interview with Dave Pereira, we discuss where are we right now, and if people are still doing mortgages. He says that people are still doing mortgages and the lenders’ industry has tightened up. Lenders are afraid to lend because people are getting laid off and lenders are calling employers within fewer days prior to closing i.e what used to be 10 days to closing is now 5 days or less. The lenders are taking any precautions because there is a big liquidity issue in the industry, they concerned about what the media is telling people to stop making their payments which are causing a liquidity crunch.
To listen to Dave Pereira’s Alchemist Nation Podcast: #19 Mortgage Industry from Dave Pereira – Alchemist Nation Podcast
I ask Dave if he is seeing rates fluctuate with other realtors. He says for the last 2 – 3 weeks, he hasn’t seen volatility for the 17 years he has worked in the real estate industry like in the last 3 weeks. The fed thankfully stepped in and started buying mortgage-backed securities which helped in stabilizing the market. The last 2 weeks and a half have been stable which have settled into a decent range and they’re not seeing volatility anymore.
He says that most lenders are shifting from selling their loans to servicing their loans because that is the big issue with the appetite on the secondary market where nobody wants to buy these loans.
I further ask Dave as far as real estate investments are going, how is his flip project going on. He says that’s on a contract and hoping to close at the end of the month. He just waiting for the contract as he is finishing up a few other stuff, get the appraisal loaded. He continues to say that there are people out there flipping homes and what better time than now to do it right now.
Dave offers 3 pieces of advice to people looking out to invest in real estate.
1) – Make sure you’re saving all your money,
2) – Don’t just take on any new debt or change jobs without consulting a loan officer.
3) – Look at your credit to see if it meets the current guidelines.
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