There has been plenty of news on the demise of the subprime market and how certain unscrupulous loan officers/lenders preyed on the following individuals:
1. Elderly
2. African-American
3. Low or Fixed Income
4. Women
In my opinion, these loan officers/lenders are a disgrace to the business and make it harder for the honest ones that truly have a passion for real estate and helping others. The best piece of advice that I can offer a consumer is too seek a mortgage broker, loan officer, or lender that is dedicated to educating you on the product that they are selling you. If it seems like they are too eager to close the deal quickly or have a sudden sense of urgency, then they may not have your best interest at heart. 
A good mortgage broker will take the time to thoroughly explain anything that you may not understand. They should also offer a solid contingency plan if you acquire a short-term ARM or other so-called "exotic" mortgage product. A mortgage can be key to systematically building your wealth if used properly, otherwise it can be an equity-stripping, wealth-reducing nightmare.
I think this video from CNN sums up a lot of what has been going on during the last couple of years. Click here to view the video.
United States of America National Debt Clock
Real Estate News
Sunday, April 1, 2007
Seek an "Educational" Mortgage Broker
Subscribe to:
Post Comments (Atom)
4 comments:
The mortgage industry is in for a huge revamp. After the dust clears, I hope that most of loan officers and brokers left will have the same mentality as you, housewealthy.
I agree. I was able to work with a great mortgage broker who took the time to explain everything and even advise me in certain situations.
I definitely plan on using him again. He's that good.
-limeade
p.s. I added you to my blog list.
Thank you very much for your great post. Absolutely very usefull to me. Thank you
Post a Comment