You've Heard it Before .. The Only Thing You Have to Fear, is Fear Itself. It's True With Mortgages Too!
Right now, you can't escape the headlines and deluge of information regarding mortgage interest rates. The rates themselves are big news ... let alone all the information and controversy swirling about the state of home buying, home buyers, home owners, home lenders, and home builders.
The other day, I read an article online that related the opinion that the extremely low rates that we are currently experiencing are going to waste. The jist of the article was that because of fear, the fallen prices of homes, unemployment, and other various components ... Americans are just not capable or willing to take advantage of these current low rates.
That is a terrible shame ... as being able to take advantage of these rates could turn lives around.
I can understand the fear being felt ... as a substantial portion of we Americans are all in the same boat. Our country's finances have touched ours. And I can understand that fear even more, if you personally have taken a financial hit by losing a job, benefits, financial loss, housing loss, or more. Those are cold hard facts ... and unfortunately, there ARE many that cannot be helped because of a variety of reasons. To say otherwise as a mortgage lender, would be a lie.
But for those lucky enough to NOT have suffered these losses - or - for those that have not sought advice or guidance, I ask ... what exactly is it that prevents you from doing so?
It is a fact ... mortgage lenders cannot charge you for simply asking them questions or seeking their advice. So, why not do so?
Whether you think you are currently capable - or - whether you are currently contemplating buying or not should NOT be the deciding factor in seeking a mortgage lender's advice or guidance right now. Especially with mortgage lending being as challenging as it currently is, the process of buying or refinancing should be started way ahead of time. This is definitely so for those that have never purchased a home before or borrowed money. The process of knowing, or pro-actively improving your credit should be taken right away.
Also, the knowledge and protection of your credit should be accomplished at least once per year. A reputable mortgage lending professional can do that for you. The establishment of good credit, whether it be for the first time or correcting past actions, takes time. Delaying this step until the time when actually entering into a purchase or refinance can be very stressful and costly in time and money. 
Contacting an experienced mortgage professional with credit expertise and background way in advance of any actual lending application makes good sense ... and good cents. Again, taking this path to good strong credit and preparing for a future purchase or loan is free. (Keep in mind, the actual credit report may not be free.) And also important, you are establishing a healthy working relationship that will benefit you down the road when you DO want to take action towards a purchase or refinance.
If you are in need of advice, counsel, assistance, guidance, and hard information ... contact me now. Do not wait. Do not hesitate or be fearful. I want you to contact me with your needs and questions. It is the wise action for you to take.
Together we can explore your financial realities, organize the most beneficial course for your credit and finances, establish a plan to meet your financial needs and goals, monitor your progress, and keep you steadily improving and moving towards your successful end objective. As your mortgage lender I will work with and support you every step of the way.
Credit and lending decisions and their resulting actions need not be hard or scarey. Working with a professional mortgage lender that offers the best in advice and expertise ... and can deliver you to a successful financial and lending outcome, is extremely important. Contact me today and let's get started ...
Click here to go to my website .... or contact me for the assistance and information you need now.
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Skype! 630-219-1316
I have another bad headline....A double bottom.....double dip...
I don't really want to read anymore..
Earl: Oh I'm hoping they're wrong on that one. Trying to stay upbeat ... and ignore it to some extent. I do what I do ... and fearing what is coming will only drag me down and it won't change much of anything. I'll deal with it, if it comes. What choice do we have? Hang in there Earl ... we'll pray we all are okay moving ahead ...
Gene
Gene: I agree. While there is turmoil now is an excellent opportunity for those looking into a first home or moving up. The combination of low rates and low prices makes for a great time for those interested to get active. You will never catch the bottom or the top...by the time the news is widely disseminated the perfect opportunity has probably already passed.
Gene, there are a ton of great deals out there today! I wish more people would take advantage of them instead of waiting and watching.
Gene - As a mortgage gal, I am working with mostly buyers right now; I've only closed one refi this year and I currently have one more I'm getting ready to submit. Most of the people that contact me about refinancing are simply not in a position to refi right now. As for my buyers, most are first timers and most are highly motivated and aggressive about buying. For many of my buyers, finding a suitable property (the key word here being "suitable") and getting into escrow has become a full-time job.
However, having said that though, I do have a few who are of the waiting and watching nature. I just spoke to a client yesterday who told me that his Realtor is cutting him loose (it's his 2nd Realtor in the past 14 months). He was asking me for another Realtor referral. Good grief! Do I really want to put another Realtor through seven months of driving this couple around while they nit-pick to death every property they see. Hmmm...
Think I need to have another one of my "come to Jesus" talks with him.
Doug: You're probably right. We're probably sensitive to this news because we work within the industry. But I'd be happy if the ones in the middle reacted very well ... and took action. You and I know it's important, I just want them to know it and take advantage of it too. We'll keep working on it, right?
Damon: My wife just read that Roanoke was on the Top 25 cities in which to retire! Kudos for your area! Hope the extra recognition draws attention to the beautiful mountains and homes that surround you and are nearby. We seriously are considering it ourselves for retirement as we fell in love with your area when our son attended VMI. We flew into Roanoke all the time during that time. Now is definitely the time to act if at all possible. Keep hammering away at it Damon. They'll find you ...
Gene
Donne: I've tried to step it up some on "urging" strongly ... for lack of a better terminology. Obviously there is a fine line ... but our being definitive about the wisdom of taking action or not is extremely important. Part of what they rely on us for is our expertise and advice. Being reluctant to supply that does them a disservice.
Somehow I don't see you having that problem, Donne. I'm sure your customers understand that and rely on you heavily.
Gene
This is so true. It is sad that at a time when prices are down and mortgage rates are historically low, people are not taking advantage. They are too scared. And, as long as unemployment is high they will be slow to move. But, as you say, it doesn't cost to talk to a mortgage professional, and real estate is always the best investment.
Jane: You sum it up well ... very sad. I'm trying to get this message across by hammering it home. At least try. Pick up the phone. Get started ... do something. Hopefully it helps and some take heed the message ...
Gene
Gene - LOL Yep, you got that right, I typically have no problem educating my clients and propects on the realities of our market here in Los Angeles & Ventura counties. For some, the kinder and gentler approach is sufficient and that is my preferred method of education.
But for others, they do need the proverbial whack across the nogging a couple of times before they finally get it. I can do that too but certainly don't enjoy it as much. Those are the ones that have a tendency to drain the joy out of my job as well as the energy I need these days to just close a loan.
On another note, like Jane mentioned, I am seeing a lot fear from prospects and clients these days regarding their employment. So many prospective home buyers are absolute paralyzed with fear about losing their jobs and the thought of taking on one of the biggest financial responsibilities in their lives is absolutely frightening.
With the rate of unemployment as high as it is and people losing their jobs everyday, losing a job is a very valid concerns for many people. Rest assured Gene, some of the people who have purchased a home in the last year, are probably going to be unemployed next year if things don't start getting better. JMHO
Well written and easy to read. Thanks Gene!
Donne: I read all the news too ... and I can't help thinking that some of the fear stems from the incessant drone of news being read and re-read and then hashed over and re-read 100 times in a 24 hour period. Who wouldn't be scared hearing that we SHOULD be scared out of our wits?? I think it just makes it all a million times worse and fear breeds more fear.
Calling a mortgage lender to discover what your personal reality is ... is just plain smart. Then you learn what you have .. and don't have ... to work with. You also learn what needs improving, if there are problems. Who couldn't gain from that?? And who couldn't gain from reducing their monthly obligations if over-stressed?
Again, you don't know until you try. You don't move forward unless you're willing to take the first step .. and that's contacting a lender. I know I'm preaching to the choir here ... but we can take control and try to seek the help and guidance we need ... or we can be paralyzed. One just doesn't seem to make any sense ...
Hopefully the phone starts ringing now ... right?
Gene
Michael: Thank you! I appreciate the re-blog ... and the nice compliments! Hope it contributes to your clients in some way ...
Gene
The hype is all that we seem to feel today, hang in there and stand your ground Gene!
David: Definitely takes it toll ... no doubt. I long for the days where news what at dinner time and bedtime ... and the Star Bangled Banner came on around 1 AM.
Hope Atlanta is holding its' own for you David ... and that we all see improvement soon.
Gene
Great advice, there will always be something on the horizon to worry about. Sometimes great opportunities come your way & it's not always the best time (according to you) but it really is.
Lyn: Eliminating options or possibilities before investigating and researching them doesn't make sense and doesn't serve anyone well. Taking the time to find out the FACTS does. You, I, and all of us within the industry need to keep preaching that ... FACTS are king ... Have a great weekend, Lyn!
Gene
Gene, Great advice. I've always believed the best time to buy is when you want/need to and can afford to. Life conditions over market conditions. But the current low rates is certainly a good reason for many buyers who have been sitting on the fence. As far as markets go the best time to buy is when everyone else isn't and prices are low. At open houses, I've been giving out a Benefit of Owning vs. Renting 5 year comparison sheet that a mortgage broker customized for me. It is on excel so I can change the rent, mortgage and tax amount to work for all my listings.
Mitchell: I really like the sound of your comparison sheet. Nothing speaks louder than hard cold facts and numbers in black and white. I would think this a great tool. And you're right, the correct combination of "life" needs to be in play for someone to consider buying. Everyone needs to start the process somewhere ... and in the best financial shape possible, so why not get advice and assistance far in advance .. and for free?
Thanks for writing ...
Gene