Credit Crisis? Not For Everyone

Another day, another batch of Gloom-and-Doom stories in the news.  Remember to keep a level head -- the media's job, in part, is to sell newspapers and capture eyeballs.  Using the word "crisis" repeatedly is one way to meet that goal.

One fact to keep it all in perspective:  There are still BILLIONS of dollars being lent to homeowners every single day.

There is still a very low default for borrowers willing to submit tax returns, W-2s, bank statements, and other financial data along with their loan application.  This represents the large percentage of American homeowners and is why the mortgage "crisis" is not so bad for most people.

The credit market troubles with home loans are more "inconvenience" than "crisis" and, so far, are limited to those that are self-employed, are highly commissioned, have poor credit history, and/or are unwilling to document their financial world to a mortgage lender.

If you are feeling in any way overwhelmed, reach out to your loan officer for advice and opinion.  You'll get better perspective from an industry insider than an industry reporter.