I read in a Washington Post article two weeks ago, that the biggest losers of wealth in the midst of the subprime crisis are Blacks and Hispanics. The two most targeted groups for the exotic mortgage products, that have helped cause a mortgage meltdown. The media has done a good job of reporting the doom and gloom but out of all this there is a silver lining. There has not been a greater buying opportunity available since, well actually I can’t remember. Just as many that lost wealth, in the wake of the unscrupulous loan officer and fat cat Realtor market; there is the opportunity for that many or more to gain wealth in this market. One of the secret of the rich is to by low and sell high; for the last five years most people have operated totally opposite of that paradigm. And many Realtors and lenders laughed themselves right to the bank.
Speaking of banks I have a situation with one of the biggest participators in sub-prime exotic mortgage lending, that now has several foreclosed properties on the market. This credit fallout is not just the homeowners fault, big lenders and banks like Wells Fargo and Countrywide approved these loans without the blink of an eye, only worried about their fiscal bottom-line. And not the potential of what could happen to the homeowners after their ARMS adjusted and literally knocked them out of their homes (the place where hopes and dreams, family memories, and the cornerstone of wealth used to reside). Anyway back to my situation, I have a pre-approved client that has gone through the process of lining up financing before looking for a new home (the right thing to do). Now that she has found this home, the lender/owner of this foreclosed property does not want to accept her offer until she is “pre-qualified” through their lending department and ultimately try to steal the client and place their loan back on the house. It is so interesting to me that had they verified and made sure clients were truly qualified before they would not have to stoop to such a low level to regain business.
Personally I have decided the next time this happens under the banner of giving the clients a choice, that I am not going to participate in the shameless act. Because my clients are not some MARKET SHARE TRYING TO BE REGAINED or BIG COMMISSIONED EARNED AND ON TO THE NEXT LOAN. My valued services are for a lifetime, because homes are the cornerstone of wealth. I will be my client’s lender for life not just for one loan transaction. When the tax issues needs to be addressed, or identity theft has occurred, or a new baby has been welcomed to the family I will be there to service my clients if we did a loan one week ago to one decade ago, because I believe in the American Dream. And my passionate mission is to empower people to purchase homes, start building wealth, and living the new American Dream! If the people on your team don’t share this conviction then get a new team. No more business as usual, house rich but cash poor clients wondering how to keep their American Dream from being deferred.
Mortgage with big bank worth $100 monthly savings…Mortgage with trusted advisor…PRICELESS!
Showing posts with label home. Show all posts
Showing posts with label home. Show all posts
Friday, February 22, 2008
Tuesday, September 11, 2007
Overcoming Your Fear!
Fear stands for False Evidence Appearing Real! I don’t think we realize how much this can truly impact our personal and business life. I believe fear is the reason so may borrowers have called my office or met with me personally been pre-approved for excellent mortgage programs , viewed several properties with their Realtors but have yet to move forward on actually signing a contract. And basically giving up on their dreams of homeownership!
The external noise of the media and sometimes friends and family members can actually paralyze us from moving forward with our goals and dreams. In most cases, you will have to step out on faith. This simply means that you believe in yourself and that you will be able to make it work. Definitely you must not make foolish decisions but prepared and informed decisions that will help you deal with the unknown. This weekend I was listening to a song that had an appropriate hook “How will you make it if you never even try?”
Of course, I am basing this article on mortgages and purchasing a home, but the information is true for any endeavor we are looking to accomplish. In many cases, we often let ourselves or other people talk us out of doing something rather than into it. Distance yourself from the well-intentioned naysayers who think they are protecting you. But many times stealing away your dreams is exactly what they do.
It is okay to be afraid when doing or starting something new. As a matter of fact it is perfectly normal. As stated by a spiritual leader with the utmost integrity,” Do it with the fear!” How many people would have let golden opportunities pass them by, if they let their FEAR stop them from moving forward? I admit it can be frightening to think about all the different aspects of the transaction with realtor, lender, and title company, etc. Then there is the mound of paperwork that needs to be signed in advance such as the real contracts, inspections, and loan applications. As one buyer put it, you feel like you are signing your life away. Which is relatively true in a reverse way if you don’t sign you could be giving away certain aspects of your financial life such as the opportunity to build home equity that could fund your child’s college education, receive the large tax savings that you definitely deserve, or the opportunity to become debt-free through smart mortgage planning.
I encourage you to use fear as a tool to make sure you are informed and prepared versus paralyzed in your tracks. Meet with your local and accountable real estate professionals, ask plenty of questions, and use their expertise as your safety net. This will only be true when working with lenders and Realtors that you trust. Any Realtor or lender can place an advertisement in the paper or on the Internet. Only work with individuals that come highly recommended and will add value to your Real Estate transaction.
Since way back in the nineties, this is one of the most excellent times to purchase. The difference in this era is mortgage rates, although they have crept up in the last few years, still remain at overall thirty year lows. So if you have the opportunity to buy a home go ahead and seize it today before the window closes. Contact your local and accountable mortgage professional, to start the process or update your existing mortgage pre-approval. Get back out there on the market and purchase your new home today. False Evidence Appearing Real can never win unless you let it stop you instead of stepping out on faith!
The external noise of the media and sometimes friends and family members can actually paralyze us from moving forward with our goals and dreams. In most cases, you will have to step out on faith. This simply means that you believe in yourself and that you will be able to make it work. Definitely you must not make foolish decisions but prepared and informed decisions that will help you deal with the unknown. This weekend I was listening to a song that had an appropriate hook “How will you make it if you never even try?”
Of course, I am basing this article on mortgages and purchasing a home, but the information is true for any endeavor we are looking to accomplish. In many cases, we often let ourselves or other people talk us out of doing something rather than into it. Distance yourself from the well-intentioned naysayers who think they are protecting you. But many times stealing away your dreams is exactly what they do.
It is okay to be afraid when doing or starting something new. As a matter of fact it is perfectly normal. As stated by a spiritual leader with the utmost integrity,” Do it with the fear!” How many people would have let golden opportunities pass them by, if they let their FEAR stop them from moving forward? I admit it can be frightening to think about all the different aspects of the transaction with realtor, lender, and title company, etc. Then there is the mound of paperwork that needs to be signed in advance such as the real contracts, inspections, and loan applications. As one buyer put it, you feel like you are signing your life away. Which is relatively true in a reverse way if you don’t sign you could be giving away certain aspects of your financial life such as the opportunity to build home equity that could fund your child’s college education, receive the large tax savings that you definitely deserve, or the opportunity to become debt-free through smart mortgage planning.
I encourage you to use fear as a tool to make sure you are informed and prepared versus paralyzed in your tracks. Meet with your local and accountable real estate professionals, ask plenty of questions, and use their expertise as your safety net. This will only be true when working with lenders and Realtors that you trust. Any Realtor or lender can place an advertisement in the paper or on the Internet. Only work with individuals that come highly recommended and will add value to your Real Estate transaction.
Since way back in the nineties, this is one of the most excellent times to purchase. The difference in this era is mortgage rates, although they have crept up in the last few years, still remain at overall thirty year lows. So if you have the opportunity to buy a home go ahead and seize it today before the window closes. Contact your local and accountable mortgage professional, to start the process or update your existing mortgage pre-approval. Get back out there on the market and purchase your new home today. False Evidence Appearing Real can never win unless you let it stop you instead of stepping out on faith!
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