The recklessness within the real estate industry continues to amaze me. If a historically low interest rate was the fuel behind the red hot market, riskly lending was most certainly the accelerant. There isn’t a week that goes by that doesn’t leave us with yet another alarming statistic that further illustrates the precarious situation in the real estate market. Just when you thought that the real estate industry was starting to change their tune, an article like this comes out.
Ten Ways To Accelerate Your Mortgage Application
The Feds are out to corral lenders they say are making too many risky loans and the recent bridle on rising mortgage rates likely will only temporarily reign in the trend of higher mortgage interest rates.
You may have some time yet before lenders withdraw some risky loans or tighten underwriting rules, but not much. Meanwhile, mortgage rates can and do turn on a dime — and that can cost you.
Such volatility in the mortgage market behooves you to speed your mortgage application through the pipeline. The faster you get your loan approved, the better shot you’ll have at the home you want.
Other Fed actions, including the Federal Reserve’s ratcheting up benchmark interest rates, likely will pressure mortgage rates to resume their rise if not until spring buying ensues. Last year, mortgage market monitors predicted rates would be at or above 6.5 percent by now.
The best way to deal with so much uncertainty in the mortgage market is the fast way.
Hey, Mr. No Money Bankrupt Credit Risk. Didn’t you hear the gubment wants to take away the easy money? You know that nobody on gods good earth is going to give you a dollar when this thing is over, so you better do your gettin’ while the gettin’ is good.
C’mon now. Hurry it up. It’s your last chance. The door is closing on you. Once the “Fed” tightens the reigns you’ll never own a home. Come on. Why are you still here? Get out there and buy a home now or you’ll never own one.
The article ends with the obligatory “mortgage how-to” in an attempt to instill credibility into a piece that is clearly nothing more than scare-tactic propaganda. Just keep reading this piece over and over. Pay close attention to the wording and tone being used..
“The feds are out to corral lenders …”
“… that they say are making too many risky loans”
“You may have some time yet …”
“… the better shot you’ll have at the home you want“
“Little more than a month remains. “
“The best way … is the fast way”