Frank Gageby Blog

Hearing all the main stream news regarding the "meltdown" in the mortgage market makes it seem like all mortgage money has disappeared.  While the market is going through a painful adjustment period, mortgage money is still very much available.

Qualified borrowers who can document their income and assets still have relative ease obtaining financing. 

The segment of the market in upheaval consists of mortgage programs for poorly qualified borrowers.  Borrowers with poor credit histories, sketchy employment, and little or no assets.  Most of these borrowers probably should not have been approved in the first place. 

Simply, we are back to a market where you have to reasonably be able to make the payment.  What a novel idea!

Frank Gageby is a 17 year veteran of the mortgage industry and the President of Castlestone Mortgage in Indianapolis, Indiana.