I read an article in the Miami Herald this morning, it made me laugh, not with happiness but with sarcasm! The author likened the mortgage process with getting drilled at the dentist or, as I can also liken it to: getting a colonoscopy…either end is painful!
Now I don’t mean any disrespect but the process is beyond belief for over 60% of those prospective homeowners applying for a mortgage in the post housing bust regulations. Many homeowners found the paperwork overwhelming and a daunting task even for those that had been down that road before. Granted, back in the days of the the housing boom, if you were barely breathing or comatose, you were eligible for a mortgage. Now, the requirements have gone beyond what is absolutely needed to qualify for a loan. Thereby many are being rejected.
We need to find a happy medium so the American Dream is a possibility for our prospective homeowners. Owning a home has you vested in your family, your community, and country. Homeowners vote, become more involved, their children do better in school, higher percentages attend college, less teenage pregnancies and I could go on. So a physical, dental exam keeps you healthy, so too does vesting in our communities!
My Fellow Realtors….be good to each other.
Until Next Monday…