I just received an email from my Chase Account Executive regarding Home Equity Lines of Credit. Chase is getting out of that business. Here's what the email announced:
Unfortunately, given the market conditions Chase Home Finance has made the decision to
eliminate the Home Equity Channel. Effective end of day Friday May 16, 2008 Chase Home Equity will no longer accept applications for home equity products.
The long and short of this is that money is still tightening up. You'll want to continue to educate your buyers and sellers with respect to available mortgage programs. Call me if I can help.
I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Think of me as your local expert.
I show up ON TIME. I do WHAT I SAY I'm going to do. I FINISH what I start. If I mess up, I 'FESS UP & I fix it. In the mortgage business, these 4 things are why you'll want to do business with me.
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MIKE, it is an ever changing lender market; isn't it?
I can't imagine how frustrating it is for you in this market-things change daily. It must be nearly impossible to keep up with who is doing what!
Colleen,
It's not impossible, but it does keep us jumping!
Marchel,
thanks for being the first to comment. Can you hear the AMEN!?
Mike in Tucson
Hi Mike. It just keeps getting tighter. Things are changing for sure. My husband has been doing reverse mortgages for awhile now. Seems to be the up and coming market. Thanks for the post!
Hi mIke,,,t o be expected right?
I have seen this over and over again. At one point, there was a website established to just track each lender or mortgage broker as they closed. Chase is #259 on the site. Here's a link Mike if you want to track them. It's very sad. It was great talking with you today, looking forward to putting some things together with you soon. Thanks for the post and this info, we need to stay informed of what's going on inside and outside our communities, both online and off. :-)
Mike - Thank you for the update. I personally have never used the product, I was always too cautious.
Well, Mike, I'd like to hang out and chat.
But I have to go finagle a draw from my HELOC before it disappears.
The changes will continue and we will need to keep our eye on the markets for sometime to come.
Terry,
Keep your head up!
Mike,
Sorry you couldn't stay longer; I hope that line is still available when you get there.
Jennifer,
Cautious is good, especially when the sands of change are shifting.
Brad,
Thanks for being available; we'll put together a good group of Tucsonans and possibly a few from farther north. LOL Thanks for the link.
Anne,
Yup!
Sharon,
Niche markets are good, and reverse mortgages are a product that has a growing market of retirees.
Mike in Tucson
Chase is the bank we use for the Guaranteed Rural Housing Loan program. Thank goodness they didn't tank that!
Just like gas prices, the mortgage industry changes on a daily basis!
Great posts! JENNIFER
Mike - I don't know how you manage to keep up with these constant changes! Seems things change by the hour!