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If I'm A Home Owner/Borrower, What Can I Do To Be Pro-Active About These Market Conditions?

So if I'm a home owner/borrower, what can I do to be pro-active and know that I can be a home owner free and clear of this credit crisis?

You want to go over the following with your lender:

- Credit Reviews - the bar for a minimum qualifying credit score has been raised. FICO score is king of the mortgage arena.

680 is the new 620.

700+ with assets are king (especially for those higher LTV's)

- Recast Reviews - when your mortgage adjusts, you want to be prepared and anticipate what your new payment is going to be. You also want to anticipate any open refinancing options. If you don't know what they are, NOW is the time to pick up the phone and call your lender...and if he doesn't answer, you call me! | (323)810-2175 | And if you don't qualify, you want be a part of regular quarterly check-ups so that your taking positive steps towards restoring your credit.

- Freedom Point Reviews - are you living within your means?

Does your mortgage payment allow you to lead the kind of lifestyle ideally desired?

Is your mortgage a part of a greater mortgage plan?

If your answer is "No" to any of these questions, guess what? A mortgage is no longer a transaction done in isolation to help a borrower obtain a home or refinance their current mortgage to lower their interest rate. Instead, a mortgage is a financial instrument utilized to safely, conservatively, and consistently build wealth. And especially in today's market, you need to understand the complexities of your mortgage and what that means for you as a home owner and for your future.

- Equity Review - not that each area has suffered but many areas have experienced a declining market. Home appreciation rates are not what they were in yesterday's market. If you want to be pro-active about your home ownership, you need to obtain a clear indication of what your home is valued at in TODAY'S market. But remember, Real Estate is a localized market so talk to your local Realtor; you can find them here at the Realtors Corner!

Recent Articles of Interest:

FHA and the New FHASecure Plan

Conforming Loan Limit Increase? Maybe Not!

Thank You!

Ricardo Bueno - Mortgage Advisor

WILSHIRE FINANCIAL, INC.

230 E. Union Street | Suite 200 | Pasadena, CA 91101

Rbueno@wilshire-financial.com | Cell: 323.810.2175

Website: www.ricardobueno.com | Blog: www.industry-report.com

Posted by Ricardo Bueno on 09/05/2007 10:55 PM

Comments (10)

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Originally posted at: Ricardo Bueno's Blog : If I'm A Home Owner/Borrower, What Can I Do To Be Pro-Active About These Market Conditions?

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10 Comments on If I'm A Home Owner/Borrower, What Can I Do To Be Pro-Active About These Market Conditions?

SEP

2007

Great Post........thanks

Ricardo - great information! Freedom Point Review is a good one. Thanks for sharing.

Julie: thanks for stopping by. I'm glad you enjoyed this post. Your flyer on your homepage is great by the way!

Rosemary: I'm glad you enjoyed it. Now more than ever I think that it's important for home owners to consider these things.

Wow! 680 is the new 620... that one's going to be tough!

Irina: there are still financing options for those individuals with lesser credit scores, like 660 for example. But they raise the issue of affordability. After all the situations we want to avoid are those where...

Your monthly house payments exceed your annual income.

SEP

2007

Excellent post Ricardo. As one of my collegues put it today, we can get any buyer approved for a loan, the question is whether the buyer can meet the conditions.

thanks for the post.

Ricardo, This is a great post! LOL if the house payments exceed your annual income. That's a good sign huh? :)

SEP

2007

Hey Ricardo great post! Do you mind if I use this info in a newsletter? I'll site your name no plagerism here.

Kate: that's absolutely right. A lot of buyers today aren't able to meet requirements set forth by tighter underwriting standards.

Stephanie: have you written your bio yet? HAVE YOU?

It's unfortunate how we're being thrust into the reality of how many home owners are living beyond their means. And I know it's funny but it's so true in a way. How many Stated Income borrowers were granted a home? And some literally have house payments that exceed their annual net income. Stated Income made it all possible but now we reap the consequences.

Sandy: Thanks for stopping by. By all means utilize the information...I'm glad I could be of help!

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