Down Payment Requirements,
Credit, and Interest Rates.
Finding Reliable Info ...
Today ... I'm frustrated. And maybe just a tad ticked too.
Because I ran across yet another so-called "expert" of our industry providing totally misleading and incorrect information, via a very large media outlet. This time their message was regarding ... down payment requirements, credit, and interest rates.
3 pretty major and important motivators for home buying, wouldn't you agree? 3 things you definitely want the truth about .. and facts on, if you're thinking about refinancing or buying a home. Right??
Well, there was this article. Its "expert" ... handing-out totally incorrect information about these 3 important issues. There they were providing info on what we mortgage lenders are looking for and demanding from clients regarding down payments. Strongly eluding that a full 20% down payment is being demanded, or we'll not even consider financing a home.
And I say ... WRONG!!!
Now I can write blogs, comment, Tweet, Pinterest, FaceBook, and talk about these topics until I'm blue in the face. I can scream at the top of my lungs that options DO exist regarding all of them too. Believe me, I have!
But I, (at least currently) don't have the forum of a huge media or social media outlet behind me. Nor do I have the "volume" or reach that this particular "expert" enjoys. So I doubt I'm going to counter-balance the incorrect and misleading info that was released to the masses through their article.
There was one positive I found while reading this article. It allowed for comments ... and over 300 comments had already been left. Most were pretty-much denouncing the article's contents as "dribble". And I'm being kind as to my terminology.
It was obvious that the public was completely aware that what they were reading lacked credibility. They were "calling" the author on its erroneous and very misleading contents. They knew they were being shoveled something bad.
But man oh man ... the misconceptions and incorrect info included within THEIR comments was pretty staggering too! And disheartening.
Beyond that? I want to know WHO pronounced the person writing this article an expert? WHO decided that their "dribble" was fact-filled and worthy of spreading?? (Yes, I said spreading.) And has this so-called "expert" actually written a loan, let's say ... in the last 5 years or less??
I'm really left wondering about these things after I read articles such as this ...
Other questions entire my mind too. Like... what end-purpose is being served by passing on this negative, erroneous information? Especially now? During a time when current and potential home owners alike need reliable, valuable, correct facts and info regarding their financing options and credit? Info they can depend on. All served positively. With real hope injected into it?? To what end??
I tell ya, I personally just don't get it. These news articles totally confuse me. They completely frustrate me. And yep, they anger me too. This bad information takes a real toll. It erodes confidence.
I guess the only thing I can do is keep preachin' ...
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