The key issue here is that everybody is afraid of the I-word, and that's inflation. |
The lending industry is doing what it can to get a piece of the shrinking pie. You're going to see more aggressive offers in the coming year. |
The mortgage business is becoming a fashion trend. |
The tasks of listing a home, selling a home, packing up everything you own, and moving is not popular during the winter season. |
There seems to be a sense of urgency, especially among first-time buyers. We're seeing people in their 20s and 30s who have the 'I need to buy a home now' attitude. |
Traditional banker that I am I didn't think there would be much interest in this product. But consumers have loved it. |
We did a million-dollar loan for one gentleman who got four round trip tickets on that loan. |
We love debt in America more so than any other country. |
We've seen a dramatic pickup in these loans since rates starting going up, |
What we found is that, rightly or wrongly, consumers are accepting increasingly-higher levels of debt as a normal state of affairs. This may not be a problem in a low rate environment, but with interest rates on the rise, the time is now for all of us to take a step back and ask ourselves if we're doing all that we should to ensure we make smart borrowing and saving decisions. The good news is, for those of us who need to make changes, there are many simple ways to get started. |
[Equity might have been the only thing preventing foreclosure a decade ago, said Hsieh, but these days most borrowers understand the importance of maintaining their credit score.] Studies show that if you're a credit worthy borrower, you will do everything in your power to keep your credit high, ... That in itself is skin in the game. |
[Few people will argue that consumers haven't benefited from these changes.] Keep in mind that 20 years ago you couldn't buy a house unless you had a 20 percent down payment, ... You had three choices of loans, adjustable, 15-year or 30-year. |
[With the report now out, rates could come up even more.] Most lenders will increase rates by a quarter to three-eighths of a percent today, ... Remember, rates move up of a lot faster than they come down. |
[You may be able to get the best deal on rates and closing cots from your current lender.] But don't just call your lender out of the blue, ... See what others are offering and then go to your own lender. They'll dig into their discounts if they feel they are going to lose you as a customer. |