You have a Responsibility

You Have a Responsibility!

The federal government is once again getting involved in the mortgage lending sector. They haven't done well in the past when this has happened. They create regulation to help the consumer that has been so far over the consumers head that it confuses everyone.

There are many who believe that the reason the mortgage industry is in the current mess is because of the mandates that were imposed on the industry by congress to increase homeownership. (Here is one article and if you want all the detail go here and there are many, Google them) There is regulation already in place that should have prevented the mortgage melt down if the government had not imposed additional requirements that made banks lend to borrowers who were not credit worthy or could not afford their mortgage loan.

I have been in the mortgage business for over 20 years and I have also seen the greed that added to the problem. But... none of this could have happened if the consumer had taken responsibility for their own best interest.

I designed this blog to help educate anyone that is looking for a mortgage loan. This will help you decide if you really are ready for home ownership or to refinance your home. You will understand what type of loan you are getting and if it is best for you. Do not depend on the government, your loan officer, or anyone to tell you if you can afford a home until you have done your home work.

Remember do not sign anything you do not understand!