Hello All:
Did you see the latest news on financing? It seems that a majority of lenders are clamping down on mortgage underwriting causing individuals seeking mortgages to be turned away in droves! Case in point Wells Fargo : Lenders are tightening standards and "raising rates like crazy." Wells Fargo & Co. is charging 8 percent for a prime jumbo 30-year fixed-rate loan that carried a 6 7/8 percent rate late last week.
This a great opportunity for those of us that invest with lease options; we can tap into this market for maximum profit. You see, I believe it will take about a year or so for the mortgage market to shake off and forget about this sub-prime melt down; when they see that their profits have taken a hit because of tightening practices- they will ease.
At that point individuals we have in lease options will be able to exercise their options and get financing.
Until next time be well and let's get out there and make some money!
James Gage
