No Exaggeration
There are a staggering number of Florida mortgage customers that will be impacted by the changes in the mortgage industry. Maybe you have heard that twenty percent of all homes purchased nationwide in recent years were purchased using subprime mortgage products. The Florida real estate market is one of the most active in the country and the percentage of subprime mortgages utilized here in the last five years is over twenty-five percent. These subprime products, although not entirely extinct yet, are vanishing at an accelerating pace. What are the implications?
Sorry, No Refinance For You
If you are one of the millions of Florida mortgage customers that purchased homes using a subprime mortgage it is time to examine your situation. Most subprime mortgages have adjustable rate features. The most typical subprime product is fixed for a period of two years before it adjusts. Some are timed to adjust after three years. Do you have an adjustable rate mortgage? Do you know when it will adjust? Will you be able to afford the higher payment? If you used subprime financing to purchase your home and your situation has not improved enough to allow you to qualify for a conventional mortgage you may not be able to refinance. If you cannot afford your new adjusted payment and you cannot qualify for a refinance, what will you do?
The Spillover Effect
Subprime borrowers are not alone in their quandary. As the subprime mortgage market has shut down, lenders that offered creative financing options to prime borrowers have begun to rethink their product line. Stated income programs, also known as SISA, or no-income verification mortgages are in danger of extinction as well. Guidelines are being tightened daily. Of some additional concern are the possible actions of the States who have begun to discuss banning these mortgage products within their borders. This has not occurred in Florida, but given the recent upswing in mortgage defaults, it is conceivable.
The Florida Prime Mortgage Market Impact
I’m thinking of all of the prime Florida mortgage customers, even those with exemplary scores in the seven hundred plus range that utilized SISA or no-doc programs in the past. As a Florida mortgage broker I can attest to the popularity of these products among my customers. I can’t predict the impact of the elimination of these prime products, but at the very least these borrowers will face considerably more paperwork when they apply for a mortgage. In some cases these borrowers may no longer qualify for financing at all. I do expect, however, that mortgage lenders will find a way to continue to offer some form of low-doc financing options to borrowers with excellent credit.
He Who Hesitates is Lost
Do yourself a big favor. Take action today. Take a close look at your situation. Pull out your mortgage note if you need to. Figure out when your mortgage will adjust. Should you refinance right now while there are still mortgage programs that will accommodate your credit and income profile? Call your friendly Florida mortgage broker and have a chat. I promise you that there is some action that you can take today to make sure that there is a reasonable solution tomorrow.
Credit Repair
Credit repair is entirely legal and often underestimated. Most borrowers that are relegated to the subprime category have credit issues. Without exception, every credit impaired subprime borrower can take action to improve their credit and graduate into a prime borrower class. How is your credit? If you have had credit issues in the past it is essential to become pro-active about your credit. Please, please, never imagine that there is nothing that you can do about your credit. Too many people simply give up on themselves. A bit of attention could very well mean a one hundred point improvement in your credit score and a whole new outlook on life. Don’t doubt. Speak to a credit repair professional.
Knowledge is Power
Whatever your situation in life you will always be better off truly knowing the facts as well as your options. Everyday is an opportunity to turn your situation around. Pick up the phone. Call your Florida mortgage broker or a credit repair expert. Ask questions. Almost every reputable financial professional offers a free consultation. Take advantage. Learn something new everyday. You will, without fail, discover that you have infinitely more control over your future than you thought. Invest some time in your own life. That investment will pay amazing dividends.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Tuesday, July 31, 2007
Monday, July 23, 2007
Credit Repair: Renew Your Life
Decide on Success
You have the power to shape your own future. Where do you want to go? What do you want to achieve? What would you like your life to look like one year from now? Or five years from now? If you really decide on success there is nothing that can stop you from achieving your goals.
Write Down Your Goals
One of the most powerful secrets of success is a clear written statement of your personal goals. Writing down your goals will solidify them in your mind. As your goals become part of your daily awareness you will naturally begin to make productive decisions that will lead you towards success. This is the power of the sub-conscious. Take some time everyday to consider the direction that you want your life to take and you will find yourself moving in that direction. When considering your personal goals you should think about every aspect of your life; financial, business, health and fitness, and personal relationships. You will be amazed at the results. The more specific you can be in picturing your goals, the more information you give your sub-conscious to work with.
The Power of Good Credit
Your credit report can have a profound effect on your financial freedom. Whatever your personal goals are, chances are good that your credit report will determine the availability and quality of the financing that can contribute to your success. Don’t worry about credit issues of the past. Start from where you are. I guarantee that with the right effort you can have the type of credit that you deserve. Credit repair may be the perfect first step in preparing yourself for a successful future.
Your Credit is a Tool
It is natural as you move towards your goals in life that you feel the need to make yourself as effective and efficient as possible. Your credit report should be as good as it can possibly be. Your credit is a tool that can give you the access and respect that you need in order to achieve your dreams. If you make an informed and focused credit repair effort there will be nothing that can stop you from having the kind of credit report that you want.
The Secret of Credit Repair
Credit repair, to be truly successful, requires a complete understanding of everything that contributes towards your credit scores. It also requires a patient and thorough look at every single bit of data on each of your reports. The most effective credit repair professionals will treat every line on your report with equal attention. You would do yourself a grave disservice by looking only at the derogatory items.
The Power of Specialization
It is true that you can do your own credit repair. It is also true that you can make your own clothes. I have been helping people with credit repair since 1989. I think that the analogy is reasonable. It takes a lot of experience to make a decent looking outfit. I’m sure that if I were to attempt to make my own clothes that the result would be pretty sad looking. Besides, I have other things to do with my time. Did you know that our entire economy is built on the benefits of specialization? Personally, I care enough about my appearance to let an expert make my clothes for me. How important is your credit to you? Do you want to learn the entire credit repair trade from the ground up? What is the best use of your time?
A New Energy
Credit repair can be an important ingredient in moving your life to the next level. You will experience a new found confidence that comes from knowing that your life is in order and you are moving in the right direction. That feeling of empowerment will contribute greatly to your ability to achieve all of your goals. There is nothing like the energy that you will experience when you know that you are moving in the right direction.
Keep Up the Momentum
Review your goals everyday. Don’t let a day go by without considering the direction that you have chosen for your life. Think about what you really want and you will discover that all of the tools and ideas that you need for success will come to you. Pay attention to those inspired ideas and take action on them. Soon you will discover that everything that you have visualized for yourself has materialized. Are you ready? Take that first step right now and nothing can stop you.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
You have the power to shape your own future. Where do you want to go? What do you want to achieve? What would you like your life to look like one year from now? Or five years from now? If you really decide on success there is nothing that can stop you from achieving your goals.
Write Down Your Goals
One of the most powerful secrets of success is a clear written statement of your personal goals. Writing down your goals will solidify them in your mind. As your goals become part of your daily awareness you will naturally begin to make productive decisions that will lead you towards success. This is the power of the sub-conscious. Take some time everyday to consider the direction that you want your life to take and you will find yourself moving in that direction. When considering your personal goals you should think about every aspect of your life; financial, business, health and fitness, and personal relationships. You will be amazed at the results. The more specific you can be in picturing your goals, the more information you give your sub-conscious to work with.
The Power of Good Credit
Your credit report can have a profound effect on your financial freedom. Whatever your personal goals are, chances are good that your credit report will determine the availability and quality of the financing that can contribute to your success. Don’t worry about credit issues of the past. Start from where you are. I guarantee that with the right effort you can have the type of credit that you deserve. Credit repair may be the perfect first step in preparing yourself for a successful future.
Your Credit is a Tool
It is natural as you move towards your goals in life that you feel the need to make yourself as effective and efficient as possible. Your credit report should be as good as it can possibly be. Your credit is a tool that can give you the access and respect that you need in order to achieve your dreams. If you make an informed and focused credit repair effort there will be nothing that can stop you from having the kind of credit report that you want.
The Secret of Credit Repair
Credit repair, to be truly successful, requires a complete understanding of everything that contributes towards your credit scores. It also requires a patient and thorough look at every single bit of data on each of your reports. The most effective credit repair professionals will treat every line on your report with equal attention. You would do yourself a grave disservice by looking only at the derogatory items.
The Power of Specialization
It is true that you can do your own credit repair. It is also true that you can make your own clothes. I have been helping people with credit repair since 1989. I think that the analogy is reasonable. It takes a lot of experience to make a decent looking outfit. I’m sure that if I were to attempt to make my own clothes that the result would be pretty sad looking. Besides, I have other things to do with my time. Did you know that our entire economy is built on the benefits of specialization? Personally, I care enough about my appearance to let an expert make my clothes for me. How important is your credit to you? Do you want to learn the entire credit repair trade from the ground up? What is the best use of your time?
A New Energy
Credit repair can be an important ingredient in moving your life to the next level. You will experience a new found confidence that comes from knowing that your life is in order and you are moving in the right direction. That feeling of empowerment will contribute greatly to your ability to achieve all of your goals. There is nothing like the energy that you will experience when you know that you are moving in the right direction.
Keep Up the Momentum
Review your goals everyday. Don’t let a day go by without considering the direction that you have chosen for your life. Think about what you really want and you will discover that all of the tools and ideas that you need for success will come to you. Pay attention to those inspired ideas and take action on them. Soon you will discover that everything that you have visualized for yourself has materialized. Are you ready? Take that first step right now and nothing can stop you.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Tuesday, July 17, 2007
Florida Mortgage: Just Another Cycle
Do you remember the NASDAQ stock market boom of the late 1990s? In March of 2000 NASDAQ hit its high of 5100. Stock market investors were thriving. Hundreds of thousands of people across America had quit their jobs to become day-traders. Many more had invested their savings and were celebrating the dream of certain wealth. By March of 2000 the mania had infected everyone from buttoned down Wall-Streeters to young Americans buying stocks for the first time.
But there were concerns. The Chairman of the Federal Reserve Board, Alan Greenspan, popularized the phrase, “irrational exuberance” in a speech in 1996, asking, “How do we know when irrational exuberance has duly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?” His phrase would be echoed over the next several years, often angering investors who clearly wanted to keep the NASDAQ gold rush alive.
Within thirty-six months of its peak, NASDAQ had shed three-quarters of its value wiping out innumerable stock portfolios in its wake. Many of the victims could afford a little pain, but many of those that saw their savings evaporate would experience the meltdown as an irrecoverable setback. At the time of this writing NASDAQ has fought its way back to 2700, still nearly fifty percent down from its high of over seven years ago.
There are many parallels between the high flying high-tech stock market of the 1990s and the Florida real-estate rollercoaster ride of recent years. From 1990 until 2000 there was a reasonably steady near-ten-percent annual rise in Florida real estate values. By 2001 price appreciation was in the double digits. By 2003 Florida mortgage brokers, like myself, could barley keep up with the activity. All of our Florida mortgage clients seemed to be talking about getting rich in real estate.
In Mid-2005 Alan Greenspan, expressing concern about the U.S. Housing market said that, “at a minimum, there’s a little froth in the housing market, and it’s hard not to see that there are a lot of local bubbles.” The media picked up on the phrase, and before long we were all hearing about the real estate bubble. The local bubbles in the Florida market were most obvious in areas like Miami, Ft. Lauderdale, and the Port St. Lucie area, but other Florida mortgage brokers that I speak with were expressing concern about the fading affordability of home prices in all areas of the state.
In June of 2004 the Federal Reserve concerned about lurking inflation tapped the brakes with the first of seventeen quarter-point interest rate hikes. In December of 2006 even the most die hard real estate optimists were facing reality. The Florida real estate market had shifted from overdrive into reverse. As it stands today sellers are struggling. And in spite of continued low Florida mortgage interest rates, buyers are affected by the gloom and are hesitant to jump in. And of course, many of the potential buyers are sidelined sellers waiting to be liberated from their current home.
I’m not really a contrarian, but I’m thinking that the pessimism that we are observing in Florida is a clear signal that we are near the bottom. In my observation the moment that all indicators point one direction we are about to go the other way. I think back to the final days of the NASDAQ mania. I remember feeling a bit ill one day after a particularly young and innocent mortgage customer asked me to check my computer for the price of the dot-com stocks in his IRA. The ship had sailed, everyone was on board and I could smell the iceberg.
As a Florida mortgage broker I speak to people all day long about real estate. Recently I’ve noticed that many of the long time optimists have given up. You know the old saying about it being darkest before the dawn? I say that the sun is on the way. My intuition may be a bit questionable, but there is some common sense at work here as well. The markets are driven by psychology. Prices are always highest at the peak of demand – and high demand always sustains an inflated sense of value. Prices are lowest when demand is the least – and when demand is down sellers lose their belief in value. By the time that everyone is perceiving value in Florida real estate again the prices will be far less accommodating. Time will tell…
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
But there were concerns. The Chairman of the Federal Reserve Board, Alan Greenspan, popularized the phrase, “irrational exuberance” in a speech in 1996, asking, “How do we know when irrational exuberance has duly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?” His phrase would be echoed over the next several years, often angering investors who clearly wanted to keep the NASDAQ gold rush alive.
Within thirty-six months of its peak, NASDAQ had shed three-quarters of its value wiping out innumerable stock portfolios in its wake. Many of the victims could afford a little pain, but many of those that saw their savings evaporate would experience the meltdown as an irrecoverable setback. At the time of this writing NASDAQ has fought its way back to 2700, still nearly fifty percent down from its high of over seven years ago.
There are many parallels between the high flying high-tech stock market of the 1990s and the Florida real-estate rollercoaster ride of recent years. From 1990 until 2000 there was a reasonably steady near-ten-percent annual rise in Florida real estate values. By 2001 price appreciation was in the double digits. By 2003 Florida mortgage brokers, like myself, could barley keep up with the activity. All of our Florida mortgage clients seemed to be talking about getting rich in real estate.
In Mid-2005 Alan Greenspan, expressing concern about the U.S. Housing market said that, “at a minimum, there’s a little froth in the housing market, and it’s hard not to see that there are a lot of local bubbles.” The media picked up on the phrase, and before long we were all hearing about the real estate bubble. The local bubbles in the Florida market were most obvious in areas like Miami, Ft. Lauderdale, and the Port St. Lucie area, but other Florida mortgage brokers that I speak with were expressing concern about the fading affordability of home prices in all areas of the state.
In June of 2004 the Federal Reserve concerned about lurking inflation tapped the brakes with the first of seventeen quarter-point interest rate hikes. In December of 2006 even the most die hard real estate optimists were facing reality. The Florida real estate market had shifted from overdrive into reverse. As it stands today sellers are struggling. And in spite of continued low Florida mortgage interest rates, buyers are affected by the gloom and are hesitant to jump in. And of course, many of the potential buyers are sidelined sellers waiting to be liberated from their current home.
I’m not really a contrarian, but I’m thinking that the pessimism that we are observing in Florida is a clear signal that we are near the bottom. In my observation the moment that all indicators point one direction we are about to go the other way. I think back to the final days of the NASDAQ mania. I remember feeling a bit ill one day after a particularly young and innocent mortgage customer asked me to check my computer for the price of the dot-com stocks in his IRA. The ship had sailed, everyone was on board and I could smell the iceberg.
As a Florida mortgage broker I speak to people all day long about real estate. Recently I’ve noticed that many of the long time optimists have given up. You know the old saying about it being darkest before the dawn? I say that the sun is on the way. My intuition may be a bit questionable, but there is some common sense at work here as well. The markets are driven by psychology. Prices are always highest at the peak of demand – and high demand always sustains an inflated sense of value. Prices are lowest when demand is the least – and when demand is down sellers lose their belief in value. By the time that everyone is perceiving value in Florida real estate again the prices will be far less accommodating. Time will tell…
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Tuesday, July 10, 2007
Credit Repair: Act Now
There is a Lot at Stake
Are you a sub-prime borrower? Chances are that you have had credit issues in the past. There are many reasons for you to make credit repair an immediate priority in your life. There are also many reasons that you might hesitate. Credit reports are not fun to read. Past credit issues are not fun to think about. But there is a lot at stake. Consider hiring a credit repair professional to help you through the process. You can regain control over your own life.
Sub-Prime Financing an Overview
Sub-prime mortgage financing has gotten a bit of a bad rap recently as home values have moderated and borrowers have been unable to escape the inevitable rate increase that is built into the vast majority of sub-prime mortgages. There has been a fair amount of financial hardship blamed on the sub-prime mortgage industry. But there is more to the sub-prime market than meets the eye.
The Benefits
Did you know that over 20 percent of all mortgages originated from 2004 through 2006 were sub-prime mortgages? The sub-prime mortgage industry was developed to accommodate the enormous number of Americans that, due largely to bad credit, could not qualify for traditional home financing. Home ownership is a legitimate and valuable financial goal. And sub-prime financing made it possible for an amazing number of Americans to own homes.
Reality Sets In
Are you facing an interest rate increase? It is true that the sub-prime market has largely evaporated. But there is still hope. Forget the mortgage market and turn your attention to yourself. It’s time to become very proactive about your own credit report. And it is absolutely essential that you act immediately. Please don’t neglect this advice. I am well aware that a large number of people with credit issues feel completely helpless. The thought of consulting a credit repair professional may seem pointless. Nothing could be farther from the truth.
Credit Repair Can Save Your Life
I have provided credit repair services to people for a very long time. I speak from experience. Almost without exception people are amazed at the impact that a competent credit repair professional can have on their credit scores, the content of their credit report, and on their ability to completely transform their financial life. When I say that credit repair can save your life I am totally serious. It can also save your house. It can save you tens of thousands of dollars. It can bring you confidence and the long lost knowledge that you have control over your own life.
It’s Your Life
I know that you do not want to be dependant on the availability of sub-prime financing. It is time to take action. The first step is to consult a credit repair professional. You might be surprised to hear that your past credit problems are probably not the sole, or for that matter, the largest factor in your low credit scores. There are a terrible number of errors ranging from subtle misreporting to obvious redundancy that plague consumers and damage their credit scores. The first step in an effective credit repair program is to identify every single one of these issues and eliminate them. But there is more.
Credit Score & Credit Content
Real credit repair requires an intimate knowledge of the impact that every item on your report can have on your credit score. A credit repair professional will make sure that everything that can be done to improve your scores is being done correctly. You cannot afford to ignore anything. The impact of a competent and complete credit repair effort is amazing. Innumerable people start credit repair programs with a skeptical attitude and end up as true believers.
You Have the Power
You have the power to transform your own life. Please don’t believe that because you have made late payments in the past that you are destined to live a life of financial gloom. If you take action to repair your credit you will discover a whole new world of possibilities. Just put one foot in front of the other. Seek the advice of a credit repair professional. When the time comes to refinance your mortgage you will discover that you have more choice than you ever thought. You can make it happen.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Are you a sub-prime borrower? Chances are that you have had credit issues in the past. There are many reasons for you to make credit repair an immediate priority in your life. There are also many reasons that you might hesitate. Credit reports are not fun to read. Past credit issues are not fun to think about. But there is a lot at stake. Consider hiring a credit repair professional to help you through the process. You can regain control over your own life.
Sub-Prime Financing an Overview
Sub-prime mortgage financing has gotten a bit of a bad rap recently as home values have moderated and borrowers have been unable to escape the inevitable rate increase that is built into the vast majority of sub-prime mortgages. There has been a fair amount of financial hardship blamed on the sub-prime mortgage industry. But there is more to the sub-prime market than meets the eye.
The Benefits
Did you know that over 20 percent of all mortgages originated from 2004 through 2006 were sub-prime mortgages? The sub-prime mortgage industry was developed to accommodate the enormous number of Americans that, due largely to bad credit, could not qualify for traditional home financing. Home ownership is a legitimate and valuable financial goal. And sub-prime financing made it possible for an amazing number of Americans to own homes.
Reality Sets In
Are you facing an interest rate increase? It is true that the sub-prime market has largely evaporated. But there is still hope. Forget the mortgage market and turn your attention to yourself. It’s time to become very proactive about your own credit report. And it is absolutely essential that you act immediately. Please don’t neglect this advice. I am well aware that a large number of people with credit issues feel completely helpless. The thought of consulting a credit repair professional may seem pointless. Nothing could be farther from the truth.
Credit Repair Can Save Your Life
I have provided credit repair services to people for a very long time. I speak from experience. Almost without exception people are amazed at the impact that a competent credit repair professional can have on their credit scores, the content of their credit report, and on their ability to completely transform their financial life. When I say that credit repair can save your life I am totally serious. It can also save your house. It can save you tens of thousands of dollars. It can bring you confidence and the long lost knowledge that you have control over your own life.
It’s Your Life
I know that you do not want to be dependant on the availability of sub-prime financing. It is time to take action. The first step is to consult a credit repair professional. You might be surprised to hear that your past credit problems are probably not the sole, or for that matter, the largest factor in your low credit scores. There are a terrible number of errors ranging from subtle misreporting to obvious redundancy that plague consumers and damage their credit scores. The first step in an effective credit repair program is to identify every single one of these issues and eliminate them. But there is more.
Credit Score & Credit Content
Real credit repair requires an intimate knowledge of the impact that every item on your report can have on your credit score. A credit repair professional will make sure that everything that can be done to improve your scores is being done correctly. You cannot afford to ignore anything. The impact of a competent and complete credit repair effort is amazing. Innumerable people start credit repair programs with a skeptical attitude and end up as true believers.
You Have the Power
You have the power to transform your own life. Please don’t believe that because you have made late payments in the past that you are destined to live a life of financial gloom. If you take action to repair your credit you will discover a whole new world of possibilities. Just put one foot in front of the other. Seek the advice of a credit repair professional. When the time comes to refinance your mortgage you will discover that you have more choice than you ever thought. You can make it happen.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
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