What you think about failure of mortgage industry?

Question

yea, i post question. what is your answer?

and what you think about this site:

http://www.getlowratemortgage.com

I post question and what is your answer?

and what you think about this site:

http://www.getlowratemortgage.com...

Answer 1

People got in over their head. They heard "No Money Down," "Get Rich Quick," and "Adjustable Rate Mortgage." Well when you play with snakes, you will get bitten. We as a country (USA) spend $1.24 for every $1 we make. Credit is killing this country. Our Country owes money! Trillions of dollars worth of loans are out there. Who's gonna foot the bill? Our kids and grandchildren. That is a shame. Spend less than you make...

Answer 2

I believe that the problems in the mortgage industry right now are due to lenders just like the one you showed in your question ... the Internet is great for a lot of things, but borrowing money certainly is NOT one of them. When you are thinking about buying a home, do yourself a favor and use a local lender (either your bank, credit union, etc.) or a mortgage lender that you can actually see in your neighborhood. Another part of the problem is that Wall Street wants money to flow into stocks and bonds and away from Real Estate as an investment. It's definitely a double-edged sword.

DO NOT get sucked in by using people who say they will give you a great rate over the Internet. More often than not, they are scams and can't complete the transaction on time, which screws up the title companies, the buyers, the sellers, the Realtors, and everyone else who is trying to get the deal done under the terms of the contract.

When you buy or sell a home, you probably use a Realtor that you deal with face-to-face ... make sure your lender operates the same way!! There are plenty of reputable lenders out there to choose from!

Answer 3

First off, the web-site is NOT a lender. It is a lead generation site. Lenders and brokers buy the Internet leads as a way of reaching a customer base. The real estate broker who answered your question seems to think that Internet lenders are evil. However, the actual lenders who buy leads from these sites are big and small, good and bad.
Regarding the failure of the mortgage industry, there has been no failure of conforming 30 year fixed rate loans with fully documented income and assets. These programs are still offering excellent rates. The "failure" came from greed all around, investors, lenders, brokers, buyers and sellers all wanted to take advantage of the run up in market values. The run up in values can be blamed on an extended period of low rates. Greed set in when everyone wanted to find ways to make it EASIER. Guidelines changed and EVERYONE looked the other way. Including the Fed.

Answer 4

I think it proves too many Americans can't or don't read the paperwork they sign.

Also they are overly obsessed with McMansions (many of which are hideous on small lots , but hey )

And I feel sorry for them, Not .

On the plus side , I should be able to pick up some extra property on the bargain side !

>