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Yeah, I’ve got the typical New Year’s Resolutions - like eat less chocolate, exercise more etc., but I thought I’d share what I’m calling my “Mortgage Resolutions.”
I hope you had a wonderful Christmas and a great time with family. I think I could describe my Christmas as too noisy, too busy, and too fast, but very good. It’s times like Christmas which help reinforce the things that are really important in life.
I thought I’d take a little bit of a different approach this week and rather than talk about what’s been happening this week, I thought I’d share some “New Year’s Resolutions” about 2008 and the real estate and mortgage markets:
1. Since the real estate and finance worlds are in a state of turmoil, I resolve to take the time to remain educated on what’s going on so as to be a valuable resource for customers, Realtors, builders, blownmortgage.com readers and other referral sources who are navigating their way through real estate transactions.
2. As there are a lot of adjustable rate mortgages still “out there” and, as I believe rates could very well drop this year, I resolve to be organized and proactive to help people take advantage of making sure they have the right mortgage for their situation.
3. I resolve to be a “realistic optimist” this year. I’m not going to be one who is a “cheerleader” for the real estate industry or one who says that all is well and nothing is changing in the mortgage world, but I am going to attempt to focus on the opportunities that today’s market does present.
4. In a market with constantly changing rules and regulations, I resolve to remain on top of the changes so that I can provide honest and accurate assessments of what can be done and then stay on top of the details so that the deals get done the way we plan them. This year’s market calls for early and realistic understanding of what can and can’t be done, and I resolve to be able to provide that.
2008 is going to be an interesting year. There will be a a lot of changes and a lot of challenges, but I’m looking forward to it. Have a Happy New Year!
Tom
Great mortgage resolutions. Thanks for the post.
Tom - interesting post, thanks for putting it out there. I’m interested in #2, specifically, and have a couple of questions. Maybe someone else out there is thinking the same way, or perhaps I’m just behind the curve … ENTIRELY possible these days.
Regarding ARMs, why do you think these are still popular alternatives for borrowers? What’s your sense of why these are holding buyers’ attention? And you are the first I’ve heard predict a lowering of interest rates … how do you forecast that?