Making You Richer Online

If you’re on a roll with your 30 minutes, by all means take advantage of the situation, and carry on a while longer. There’s nothing magic about the 30 minute mark. You can make it 20 minutes or 45 minutes. Just make the commitment and focus on the task you have chosen.

Then, in 2006, a slowdown in real estate led to a deterioration of home values, an increase in inventories, and ultimately to today’s tightening of credit guidelines, leaving many investors unable to sell or refinance out of their existing positions. Many Americans who had tapped into their equity were suddenly tapped-out and overextended as home values fell. Foreclosures followed in record numbers and a re-valuation of mortgage bonds and other financial instruments created the credit/liquidity domino effect we’re now experiencing.

The following Commandments did not come from any mountain, nor were they carved on clay tablets, but they have been known for countless years by Mortgage Professionals. Smart marketers have followed these common sense commandments because they know it will lead them directly to The Promised Land.

Borrowers with less-than-perfect credit: Each week it seems lenders are shedding more and more mortgage products. Many lenders have stopped offering No-Doc loans and are reducing all forms of Stated-Income loans. While it might be challenging, borrowers with credit issues need to see a loan expert. Often they have credit repair resources and other strategies to help you reach your financial goals.

Thou shalt continue to feed thy prospect list. Suspects most surely become prospects, who then become your mortgage customers. Your mortgage customers then generate referrals that create more prospects and the cycle begins anew. For thousands of years, this marketing process (also known as prospecting) has governed all types of marketing activities, and it will continue to do so for another thousand years.

Subprime mortgages have now been credited for bankrupting well over 135 lenders and seriously damaging operations at many major mortgage firms. They’ve reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And, as if that weren’t enough, subprime mortgages are also blamed for massive volatility in the stock, bond, credit, futures, and real estate markets here in the US and around the globe. Some say losses in the mortgage securities market alone could reach hundreds of billions of dollars this year.

This means that, for any Americans looking to buy, sell, or refinance a home, they are confronting a very different market from the one that existed just 6-12 months ago.

Thou shalt set aside time to build a web presence and spend a little time each day promoting your site and building your Mortgage Business. The Internet has come of age and you can either join and prosper as a result, or be left behind to ponder your demise.

These ideal lending conditions persisted for several years, supported by high demand, historical real estate data, home prices, and massive trading volume/profits on mortgage-backed securities and other financial instruments on Wall Street.

What does this mean to you and your mortgage?Sellers: If you’re planning on selling your home, be prepared for an even smaller pool of qualified buyers. While some experts predict a settling of this credit crisis over the coming year, tightened credit guidelines and diminishing mortgage products could knock out as many as 15%-30% of potential qualified buyers.

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