Mortgage Bubble Byproduct
All this talk about mortgage hitting the 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 led astray has come education and the uncovering of what was a very mystifying industry.
Stories about 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.
“Mortgage tips” 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 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 mortgage so they could empower themselves at the bargaining table.
And I will continue to share important mortgage advice and tips, news, and tricks 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 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. We 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 and increased governmental assistance to make mortgage a positive experience for homeowners in the future?
