Will the mortgage situation improve?

[lasm97]

Do you think home sales will improve within the next 4-5 years? How deep are we in the hole? Will getting mortgage loans continue to be horrible in the years to come? My husband is in the mortgage industry and his income got affected really hard, meaning NO closings in the last 4 months so NO money coming in!!!! Should he start looking at a career change? Or would a second job in the meantime suffice?

[Rusty Potato]

No doubt that the mortgage industry is in so serious trouble... Countrywide (also my mortgage holder) is laying off several thousand employees in the production end of the business... but as serious as it is right now, the industry will bounce back... time is the key here. As for home sales, it's a buyer's market for now...

[joy]

No one knows where the bottom will be... but I think things will turn around in 2010.

The population is growing, there are a lot of foreigners buying in the USA, and there are a lot of people that will need a place to live.

We have a correction going on, and it will probably be 10 years before we see a "boom" but the usual, steady growth should be back in a year or so.

[Lew-V]

i agree with the 2010 estimate. i also am in the mortgage business. i am back to working sales. not much different, but trying to increase the income possibilities.

[Gonetodocs]

Originally Posted by lasm97

Should he start looking at a career change? Or would a second job in the meantime suffice?

The proverbial words of a quintessential 80's band "The Clash" Awesome.

Ok sorry about getting off topic but I am a mortgage broker as well and understand the situation fully. One thing to remember is that the mortgage industry has so many niches that you can make money during interest rate decreases and also during interest rate increases. Not a lot of people will point this out.

The basic concept of Mortgage Brokers is that we provide money and look for the least expensive, highest quality products to help our clients acheive their goals. If you can find somone that needs to acheive a financial goal and needs money to do it then you've got a client. Bottom line is that now we just have to look a little harder to find people that need money, and of course more importantly qualify for it.

The general consensus (the masses) will always follow what the newspapers are saying and try to take that to the bank. The newspapers btw are saying jump ship if you are a broker. Well a mortgage brokers' largest asset is his faith in his ability to drum up new business when everyone else in his office is complaining that the qualified buyers aren't falling out of the sky. So it gets a little tougher then trade in the "Benz" and the "Beammer" for a Ford and a Chevy and suck it up until the good times come back.

Support him in everyway you can and tell him everyday (if you have to) that you trust that he will find a way to turn his business around and take care of his family (you). Your support could be the missing link but I don't know that much about you. Don't need to either; but talk with him if he shows signs of uncertainty and build him up during this time. It will make you both stronger and probably bring you two closer together. Now that's is really awesome.

He spent a lot of effort and time away from his family (you) learning this career and the true professionals will stick it out and make it happen.

Good luck and wish me the same, because No one is invincible.
Keep the faith and smile because something good is going to happen to you today so keep an eye out for it.

Sincerely,
Gonetodocs