Opportunities for Wise Investors:
Winds of Change Bring Fresh Air!
Old ideas are our biggest liability:
The 40-year record low interest rate was fun while it lasted. Let's celebrate the fact of healthy growth in our region with property values holding ...and seize the moment!
New ideas are our biggest asset!
It's time to stop being reactive and get creative. People will continue to move, refinance and need sane financing. It really pays to keep up on all the lending changes coming thick and fast now. For example, some lenders accept 10-99 income verification and business records for self employed borrowers. You just need to know which lenders and loan programs will honor this form of documentation.
Credit appetite cycles:
Our economy is experiencing a cyclic shift. Considering the subprime market is less than 17% of the entire mortgage industry and those at risk are a fraction of that fraction, one might say what passes for news is overblown.
Bear in mind: the main reason a homeowner might default on their home loan is still unexpected loss of income or personal crisis, or a combination of the two -not their loan adjusting.
Consumer trends:
Yes, we've conditioned consumers to think they can get into a home for nothing down regardless of credit. We've made if far too easy to hock equity. Lending guidelines are in a conservative swing to protect the investors AND the homeowner. Who wants to set up a homeowner for the trauma of foreclosure?
We can transcend the confusion by responding to what homeowners need to succeed. Some borrowers may need credit repair for their long term well-being. Your Mortgage Planner can help you get in better shape to to refinance or purchase withing 6 months to a year depending on the work needed. Hint: start early!
lnvestor opportunity:
Given the reported 101% increase of foreclosures in Whatcom County, I suspect that many are cast-offs of "nothing down/get rich quick" schemers who thought picking up a few properties would be a fun and profitable exercise. Investment is a job, not a hobby. The current market means no more 'harvesting your equity' but running a very tight ship and keeping your properties performing.
Good news in Pacific NW: Given the reported downturns elsewhere, Washington State is tied with Montana for the 3rd highest property value rise at 9.1% increase in 2006-7.
These combined market forces present an opportunity for serious investors in residential or commercial real estate. Your trusted adviser will help you succeed.
Happy investing!
Old ideas are our biggest liability:
The 40-year record low interest rate was fun while it lasted. Let's celebrate the fact of healthy growth in our region with property values holding ...and seize the moment!
New ideas are our biggest asset!
It's time to stop being reactive and get creative. People will continue to move, refinance and need sane financing. It really pays to keep up on all the lending changes coming thick and fast now. For example, some lenders accept 10-99 income verification and business records for self employed borrowers. You just need to know which lenders and loan programs will honor this form of documentation.
Credit appetite cycles:
Our economy is experiencing a cyclic shift. Considering the subprime market is less than 17% of the entire mortgage industry and those at risk are a fraction of that fraction, one might say what passes for news is overblown.
Bear in mind: the main reason a homeowner might default on their home loan is still unexpected loss of income or personal crisis, or a combination of the two -not their loan adjusting.
Consumer trends:
Yes, we've conditioned consumers to think they can get into a home for nothing down regardless of credit. We've made if far too easy to hock equity. Lending guidelines are in a conservative swing to protect the investors AND the homeowner. Who wants to set up a homeowner for the trauma of foreclosure?
We can transcend the confusion by responding to what homeowners need to succeed. Some borrowers may need credit repair for their long term well-being. Your Mortgage Planner can help you get in better shape to to refinance or purchase withing 6 months to a year depending on the work needed. Hint: start early!
lnvestor opportunity:
Given the reported 101% increase of foreclosures in Whatcom County, I suspect that many are cast-offs of "nothing down/get rich quick" schemers who thought picking up a few properties would be a fun and profitable exercise. Investment is a job, not a hobby. The current market means no more 'harvesting your equity' but running a very tight ship and keeping your properties performing.
Good news in Pacific NW: Given the reported downturns elsewhere, Washington State is tied with Montana for the 3rd highest property value rise at 9.1% increase in 2006-7.
These combined market forces present an opportunity for serious investors in residential or commercial real estate. Your trusted adviser will help you succeed.
Happy investing!