Mortgage Financing for Home Buyers Moving Up - A New Model
by Dan Noble | Discuss » | Contact Dan Noble w/ Questions
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[Steve Leung: I’m proud to introduce this article by my friend Dan Noble, a mortgage expert with 26 years of financing experience. The real estate financing world is obviously a different place now, especially for buyers looking to move up, and Dan describes some of the changes.]
It’s Sunday morning, and the coffee you’re sipping not only smells great but tastes extra good. Your husband has the main section of the paper and you have the real estate section: it’s been your habit since the two of you have been so captivated by all the great deals everybody has been talking about.
Sure enough, once again this week’s paper is filled with even more and now new home builders have joined in big ads.
You’ve had your first home for a little over 4 years and the original plan was to hold it for five and leverage into another, moving up the quality of living scale. Appreciation was part of that equation and although there’s been some recent deterioration in value, the property is worth nearly half again as much as you paid for it. The two of you have secure employment and last year’s bonus was the biggest ever. Your 401k is building and the company matches your contribution.
Life looks really good right now but will it continue, what about all this trash about the economy and the bailout, and what’s up with banks that even you recognize failing, what does that mean with new home financing?
I own a personal finance coaching and consulting business named Satori Alliance. Having 10 years experience selling real estate, 26 years financing it, and 4 years working strictly with real estate investors, please understand THIS IS A DIFFERENT GAME than ever before.
If you think about it, act, or have the same expectations as before you will soon be boarding down a black diamond slope with an avalanche behind you that you cannot outrun! Here are some of the changes that you need to consider.
September 28, 2008 | Filed under: Mortgages, Home Buyers, Home Owners



