I got an e-mail recently from Dave Erickson, past president of the Washington Association of Mortgage Brokers, who wants prospective homebuyers to know that there's mortgage money out there and rates have been going in the right direction for borrowers. Here's his e-mail:

Did you know? Rates have fallen around 1% for a 30 year rate over the last couple weeks.

If you do the math, a 1% drop, from 6.375% to 5.375%, on a 300,000 mortgage reduces the payment by $191.70. At 5.375%, $191.70 buys an extra $34,233.90 in house. Compelling, isn’t it? Add to that the 10-20% price drops which have already occurred and it’s really compelling. It is a great time to buy.

Cindy, also I’d like to try to counter the common perception that it is hard to get a mortgage these days. It simply isn’t true. If you have income that can be verified, okay credit, and aren’t buying over your head, there is plenty of money readily available to you. I recently have gotten multiple approvals for debt ratios over 50% for first time buyers.

Let’s not dissuade those first timers who are on the border of affording a home of their own. When rates go up (they certainly will) and when values start back up (they always have and will again), these people may be out of luck.

So, what I'd like to know is this: Have you gotten a loan recently? How long did it take?