Need for professional mortgage planning

Stories like the ones mentioned in this USA Today article only means you need to be working with a mortgage professional who can help you like a financial advisor would - looking 5-10 years ahead. A loan is NOT just a loan you should get from just anyone. It is a financial instrument which can make or break your financial future. Tread carefully and work only with professionals with a solid track record.

Also, the fallout from the subprime lending meltdown has not fully trickled through the system yet. Some of the changes you’ll be seeing includes:

a) higher credit score requirements for 100% financing
b) more documentation requirement for income and assets
c) greater scrutiny of appraisals
d) more restrictions on cash-out re-finance transactions

If you have a story you’d like to share please write to me.

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