How much of the devastation caused by the “Housing Bubble and Unethical Lending” practices would have never reached these levels if there were open discussions and proactive education aimed at consumers and professionals for the sole purpose of their protection their well being?
One such proactive forum has began and is developing into the center for both consumer and professional discussions. Founded by industry expert Joe Littell; The Mortgage News Network was founded upon the fundamental principal that, “All Real Estate Financing Information Concerning the American Public, Must be Made Available to the Public”.
Mortgage News Network is an accurate source of information whose purpose is to inform and educate for the betterment of everyone. We are committed to providing resources, assistance and expert data to Consumers and Real Estate Professionals who wish to become increasingly prolific in the Art of Real Estate.
We discuss topics like the one mentioned by renowned money manager Peter Lynch, who explains in the “Ignore the Headlines” article in the February 25th issue of Time Magazine that that the inevitable rise in interest rates may extinguish a borrower’s advantage to get into more house, for a lower rate. A half point worsening to rate on a $220k home could mean $20k+ less that one would qualify for with the same payment. It’s a little more complicated if one is selling their home but if you are buying or refinancing there may be no better time.
Many people will wait to see how others react before they choose to refinance or purchase a home. This is called paralysis by analysis and is detrimental to the individual and the economy. Reason being is that there are thousands of opportunities out there and once the fear of the recession loosens its grip, there will be a stampede to make a move. Hopefully, by then it won’t be too late. Rates may decrease a fraction as may home values but then again, so will the inventory and the quality of the properties as well as the money lost due to renting and lack of tax benefits one gets from being a home owner….
Weigh the pro’s and the con’s and make sure that you talk with an expert who cares about your outcome and will council you with no obligation. The right expert will keep you from losing thousands of dollars and hundreds of hours of wasted time.