Hello, my name is Wayne Whitfield; I’m Senior Vice President and Director of Mortgage Banking here at AB&T National Bank. I’ve been in mortgage banking for 40 years concentrating in the area of residential and commercial real estate.

Throughout my career in mortgage lending, I’ve seen the real estate market go through and weather ups and downs from the late ‘70’s and early ‘80’s when mortgage rates were double digits to the current market with rates at historical lows. Looking back on the most recent cycle, we saw real estate prices climbing at an unusually rapid and unsustainable pace. Then in early 2007, the bubble burst and values began to erode. Sales declined and nationally, foreclosures increased. Now, as we move into 2011, we see signs that values may be stabilizing and we may have found the bottom.

The silver lining in all of this is that, as I mentioned earlier, we’ve seen a sharp drop in mortgage rates and the combination of low rates, lower prices make it a very opportune time to buy, build or refinance your existing mortgage. The time is now to take advantage of lower prices and lower rates.

There are numerous financing options available including conventional, FHA, VA and USDA to mention a few. Regardless of the loan program, I can’t stress enough the importance of the basics when it comes to applying for a mortgage loan. The number one thing is credit history. Know your credit score. Know that the lender will rely heavily on your credit history and generally looking at the credit… looking for a credit score of 640 or greater. There are programs that will allow for a small or no down payment, but obviously the more cash, the more savings you have, the better that is.

Employment history and stability cannot be overlooked. We will walk you through the process and give you the guidance you need to make an informed decision concerning the mortgage process. Now is the time to take advantage of current pricing and lower rates.