Don't get your Head Caught in the Sand

By
Mortgage and Lending with Lend Smart Mortgage NMLS#207208 NMLS 207208

Reality is sometimes hard to deal with.  I recently got back from vacation, and coming back to work has been really hard.  Its hard to comeback after spending a week visiting places I may never see again.  But I realized I cannot live on a cruise ship for the rest of my life, and that I had people I needed to help when I get back.  So now I am back and wanted to get busy right away.  What's funny about being gone, is how quickly life zooms right by you.  Halloween is approaching and then follows the rest of the family holidays, and I am not prepared.  I feel most of us today are really not prepared for things to come. 

Lately,

In my own business of mortgage lending, I have noticed that some of my own clients are not prepared.  They are not prepared to deal with the reality that their Adjustable Rate Mortgage (ARM's) will be changing and they may need to refinance to keep their mortgage payment affordable.  Some need to fix or clean up their credit to make this happen.  I just want to see all my clients be able to refinance and get into better mortgage terms.  Within the next 2 years there will be over 2 million (ARM's) adjusting.  This is a lot of people that may need to refinance to keep their house. 

So if you know of anyone within the next 6 months who has this type of loan.  Please inform them that they may want to consider refinancing their home or at least talk with a Mortgage Professional.

The last thing we would want to see is our clients and friends "Get their Head Caught in the Sand". 

Posted by

Gary Miljour, Licensed Mortgage Loan Originator: 

 

 

 

 

 

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Rainer
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» Bill Burress Nationwide Mortgage Originator
» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

Gary:

Many sub-prime 2/28s were designed for that purpose.  It gave the borrower time to get their act together.  Sometimes they do and sometimes they don't.  The ones that don't suffer badly with rate increases.

Oct 08, 2007 03:29 PM #1
Rainmaker
149,087
Gary Miljour
Lend Smart Mortgage NMLS#207208 - Southern Pines, NC
Mortgage Originator NMLS Licensed in AZ and NC
Bill-  I hope the message gets out to the consumer.  I have been having a much more difficult time putting loans together for clients due to credit issue.  Thinking they will go away is not a great way to deal with this problem.
Oct 09, 2007 10:39 AM #2
Rainer
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Gaylen Thornton
Desert Heritage Real Estate - Surprise, AZ
Gary, very sage advice for everyone, not just those with arms. Thanks for a great reminder.
Oct 09, 2007 12:01 PM #3
Rainmaker
149,087
Gary Miljour
Lend Smart Mortgage NMLS#207208 - Southern Pines, NC
Mortgage Originator NMLS Licensed in AZ and NC
Gaylen, thanks for the comments and chuckle. 
Oct 09, 2007 05:19 PM #4
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Rainmaker
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Gary Miljour

Mortgage Originator NMLS Licensed in AZ and NC
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