Housing Takes an Uppercut! Will it get off the Canvas this Time?

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Is the residential real estate market taking a knockout blow?

WSJ.com reported that borrowing conditions have tightened at this stage of the real estate cycle.  Economists are worried that the housing market might turn down again because of tight borrowing conditions.  Home lenders are more conservative because the GSE’s (Freddie and Fannie) are threatening to force banks to take back bad home loans.  It is becoming a downward spiral.

What can you do if you want to refinance your mortgage or buy a new home?

  1. Find a trusted borrowing advocate to help coach you through the decision to borrow money.  If you decide to borrow the advocate can show you how to maximize borrowing to your advantage and minimize borrowing risk.
  2. Don’t make the five deadly borrowing mistakes including overestimating your future cash flow available to make the new loan payments.
  3. Remember that your home is consumption of shelter and don’t make borrowing decisions as if it’s an investment.
  4. Avoid financial rabbit trails by clearly defining your commitments and borrowing within those boundaries.
  5. Remember, the borrowing decisions you make today will impact your financial legacy for future generations of loved ones and people you don’t even know today.[money walk]

Mortgage credit is tight but you can do things that will improve your chances to land the right loan for you and your home.

Are you having a hard time borrowing money today?  What borrowing conditions are you facing?

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About Michael Shelton

Your Business Coach Facilitating Delegation and Work Group Engagement Michael Shelton has over twenty-five years of business and military accomplishments, including extensive experience with one of the largest, publicly traded real estate investment trusts (REIT). He is a qualified business coach with assignments in cross-functional work group management, strategic planning, unit leadership, joint venture acquisitions, executive education, mentoring, training and merger integration. Michael has accumulated best practices for building committed work groups from more than $4 billion of capital markets transactions and commercial property development. He served as a commissioned officer and helicopter pilot in the U.S. Army, and earned his MBA from The University of Arizona. Michael has served as a major conference panelist and is the author of Cash Flow Rich, Winning Ways to Evaluate and Finance Real Estate. Today, he helps business owners get more work group engagement as President and CEO of Shelton Business Services, LLC in Scottsdale, Arizona. Disclaimer: I don't offer investment, legal or tax advice. Talk to your broker, accountant or lawyer for investment, tax and legal help. I might own stock in the companies I mention on-line. My posts, tweets and other on-line activity are my personal thoughts and don't represent my employer or company.
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2 Responses to Housing Takes an Uppercut! Will it get off the Canvas this Time?

  1. Pingback: Bad Dog Debt: How to Avoid Selling Your Future Lassie Happiness | Pro Borrower

  2. Pingback: Seven Borrowing Resolutions for 2011: The Art of Won’t | Pro Borrower

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