ltrealtor1As a real estate professional, it’s disheartening to see home owners (many of them new), in peril because they are in loans that they cannot afford. In our local market, this is less about declining home prices than it is about consumers being approved for loans that just didn’t fit their needs and their incomes. The blame has been passed but the bottom line is this: WORK WITH A PROFESSIONAL MORTGAGE BROKER. I mean, look at what’s been happening:
Consumers using the internet to select loan products; lured in by teaser rates and “no points”. Just dumb. This is high finance, people. Use a professional mortgage broker that is interested in your long term financial well being and can advise you on what you are buying. Why sacrifice your future to save a couple bucks on a loan product. A good mortgage broker can find a loan product that will BENEFIT you, not get you in trouble down the line.
Blame the mortgage industry itself? eh… Sure, they were lending without much scrutiny. But the demand was high for homes…and consumers drove this frenzy, whether or not buyers could really afford what they were buying. Supply & demand. If the consumer is not willing to sit down & plan with a professional prior to signing on to a loan…well, buyer beware.
Please, know what you can afford, and when. If you need referrals to professionals, get them. A good Realtor will have several that are trustworthy and skilled. Do your homework, ask questions, and use the internet for less important purchases.
