I wanted to post this topic because it has become a great concern in my personal business and it concerns me greatly. I have had several clients recently and with a mixture of working on their credit and the lower interest rates, broorowers that never thought they had a chance to own a home in the past are now looking to purchase. They have taken the time to educate themselves about their credit and have set forth a plan to execute the steps needed to get them that home of their dreams. My concern is that when the borrower that has always considered him/herself "un-lendable" in the past is notified that they can be financed, they become very emotional and feel the need to jump at the first home or mortgage that is presented to them. There is this huge fear out there among consumers that they must act now or lose this chance of a lifetime to finance a home. I have had instances recently where borrowers have gotten a "green light" from my staff to begin the search for housing and come back within the first day wanting the " house of their dreams" which needs to be closed on in one week! All of the detailed planning and concerns for a good program and rate are thrown out the window and my borrowers are asking me to "just get whatever you can I don't care about the rate". This is buying with emotion and I have been there myself. I am sure that FLA-TAN would agree that there are lenders out there that prey upon these emotions and end up taking a client for a lot of money while giving them a terrible product. I have had several Realtors "push" my clients into thinking that if they didn't close soon then the house will be gone and there will not be another around like it. Now I have nothing against Realtors, don't get me wrong, but the majority of the Realtors in an office are Part Time or unsuccesful and because of this are not always in tune to what YOUR needs are and are more concerned abotu a quick cure for their ailing wallet. (BTW I would love to hear some posts by some Realtors on here). I suggest to stay focused and avoid buying with emotion on your purchases. Stick with your plan to shop lenders, demand great service from whomever you deal with, and remember that for the most part the only person that is concerned with your well being is .........you. I am not sure if this post was for you guys or me but I needed to say it..thanks
