| Most mortgage brokers and loan officers in
the mortgage business right now are panicking. They are worried about where their next
check is going to come from, now that the purchase market & sub-prime re-finance
(refi) markets have collapsed relative to their recent highs.
When faced with adversity, most professionals in the
mortgage business fail to ask themselves good questions that will lead to progress even in
a down market. Instead, most panic, and ask:
- Where is my next check going to come from?
- Where can I get my next purchase deal?
- Where can I get my next sub-prime deal?
A lot smarter approach, is to ask entirely different
questions of yourself when faced with a "crisis." For example ask yourself,
"now that the purchase market & the sub-prime refi market have collapsed relative
to their recent highs, what loan types or niches are immune to the current ‘mortgage
meltdown?'
When you ask yourself this kind of "good"
question, instead of the prior "inferior" questions, you get much better answers
like:
- Reverse mortgages
- A-paper ARM resets
- FHA streamline refi's
How Marketing Reverse Mortgages Will Help You Survive the
Real Estate Market Downturn
Reverse mortgages are not "risky" loans in the
eyes of investors. The borrower's ability to repay the loan does not matter. The security
in the loan is the borrower's property, and income and non-subject property real estate
assets are simply not an issue, and need not be present in any amount or quality for the
loan to perform just fine.
In fact, the loan doesn't have to do anything to perform.
It's an automatic success for the investor. And, as such, this loan product and this
niche, is an automatic success for the mortgage broker, banker, and loan officer. Or, at
least as close as we can get.
How ARM Resets Will Help You Stay Afloat in a Sinking Real
Estate Market
A-paper ARM resets market is another perfect choices for
mortgage professionals, as so many investors during the recent refi boom got themselves
into ARM products. Now they need to get into a fixed rate. Or, even if they don't need to,
they think they do. Their fears are being fed by the media, and even those with years left
on their fixed-rate periods think they need to lock in a rate for 30 years.
How Marketing FHA Streamline Refis Will Help You Achieve
Higher Profits Even When the Real Estate Market is Falling
The FHA streamline refis market is another good choice for
mortgage brokers, loan officers and mortgage bankers. Why? Because even though so many
sub-prime lenders & investors have left the playing field, FHA is expanding.
It's hugely popular with both political parties. It simply
has no political enemies. Remember, voters love the idea of the government helping
families buy, refinance, and work-out their existing loans via FHA-insured financing. So,
it's not going away, it's getting bigger. And as it grows, so can your mortgage business.
You Have Choices, So There is No Need to Panic
Let others panic when times get "tough." Then,
when they've left the room, or the business altogether, sit down with a yellow legal pad.
Write down the best questions you can think of. Then write down 5 or so answers to each
well-worded question.
I think you'll find that good questions, provide you with
good answers. And your problems will quite literally solve themselves. |
