With rates having dropped, I’ve been on the phone a lot lately calling past clients and letting them know that with the lower rates they had a chance to save some money. One of my calls was to a client I’ve known for years. I helped him with his mortgage when he first moved to the Chicago area, I helped him refinance a few times since then and another mortgage when his family moved to a new home. We talked some and I told him about the rates and why this was a good time to lock in to a lower rate.

His answer surprised me. Based on the news he’d heard, he didn’t want to go through all the bother of a refinance. He was under the impression that he might not qualify for a loan, and that banks weren’t lending much money now anyways. This, mind you, was from an A+ borrower, a dream client. He makes great money, carries little debt, has top credit scores and a ton of equity in his home.

I think this says a lot about perceptions and how they can affect the market. When things were riding high the perception was that everyone could own their dream house. I’m pretty sure I got a few calls from hobos who were ready to settle down and buy their McMansion. Now the market has shifted and fear is the dominant emotion.

Times are tight, but lenders are in the business to make money, and they do this by making new mortgages. The guidelines have changed and the underwriters may be a little more careful than they were before, but a good borrower is always going to be able to get a loan. I don’t see that changing anytime soon.

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