Mortgage Bubble Byproduct: Homeowner Education

July 17, 2007 No Comments »

All this talk about the mortgage industry hitting a wall has actually turned into something really positive. The housing bubble and subprime blowout have generated a dialogue about mortgage nationwide, with the surprising byproduct being education.

Through all the stories, blogs, websites, newspaper and magazine articles highlighting the plights of borrowers has come education and the uncovering of what was a very mystifying industry.

Stories about mortgage brokers who charged too much or couples who had fallen victim to the option arm loans out there enlightened other homeowners, helping them avoid such traps in the future.

Blogs like my own have enabled borrowers to research how mortgages work and how key terms are defined before visiting a local broker or a nationwide mortgage lender.

In fact, I’ve even received e-mails from guests of this site that asked that I not share so much, that some things should be kept a secret.

But that was the original impetus for creating this site, to educate borrowers about mortgages so they can empower themselves at the bargaining table.

And I will continue to share what I feel are important mortgage tips, tricks , and news stories to help borrowers save money on their mortgage now and in the future.

Because the solution to this mortgage bubble burst might just be education through an intense discussion charged by the Internet and other forms of viral media that will prevent brokers, loan officers, banks, and lenders from getting away with the same misguidance when the next housing boom strikes.

So next time we see commercials about the new Ditech Sleep EZ loan, the Easy Orange Mortgage, or the Countrywide no cost refi, we’ll be able to dissect those offers and make informed decisions, saving money and possible heartache in the process.

The fact is a mortgage is a necessity for most of the population, not a choice. Most can’t simply avoid one and buy a home with cash.

So instead of highlighting the negatives of this beleaguered industry, why not focus on self-education to make getting a mortgage a positive experience for homeowners in the future?

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