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New Articles:
- Hawaii delays NMLS Mortgage Company and LO Licensing
- Colorado Mortgage Companies must now be Licensed
- The SAFE Mortgage Licensing Act
- California DRE now requires Mortgage Loan Originator Endorsement through NMLS
- Washington Adds Servicing Licensing Through NMLSR
Contact Us
For assistance with mortgage licensing, contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
steven@imlicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
The Property Market
The property market is a somewhat frightening economic landscape right now. Compared to this time last year, homes across the country have decreased in value by a shocking 16.6%, following a further 1.3% decrease in January 2009 alone. Though this may seem like an improvement after the 2.5% decrease of December 2008, but it remains an alarming figure after the relatively slight decrease of 0.9% in November. For all new home buyers it is, of course, making life much easier when putting down deposits and applying for mortgages. However, there are many people who will find the decrease in the value of their property almost debilitating. Anyone who has serious investment tied up in property will be increasingly alarmed by these dramatic price drops and, more commonly, those of us with mortgages and monthly repayments to make could find ourselves in negative equity through no fault of our own.For a homeowner, being in negative equity means that the value of your house no longer equals or exceeds the level of mortgage debt, so effectively they are tied into mortgages repayments which are no longer realistic or reflective of the property’s true value, yet they are binding because of the economic climate in which the contract was signed. Even the falling interest rates don’t seem to be able to ease the discomfort of this new crisis, amongst the general chaos of the credit crunch.
The solution remains indistinct. Of course, the instinct of many will be to stay put, not to buy and to wait for the recession to resolve itself before making any big financial decisions. Whilst this may seem sensible, and to a certain extent inevitable, it is this kind of slump in buying and selling that will in fact exacerbate and extend the recession certainly as far as the property market is concerned. The media hype surrounding the crisis is another dangerous factor, leading many to act dramatically in a time of economic uncertainty.
If you’re thinking of a move or of changing your mortgage policy, the best place to seek counsel is with a financial advisor. Alliance and Leicester offer some solid mortgages and a complete mortgage guide to stamp out any confusion. The best way in which you can help yourself is to keep abreast of the latest developments and follow the financial reports from a variety of sources, not relying solely on just one which may be biased or inaccurate.