Most people don’t know that a mortgage is more than just buying a house. Yes, a mortgage is what you get when you buy a house but there is more than one kind of mortgage. When you are making a purchase and your credit is perfect and your income is stable you can line up a mortgage no problem through a bank. Here is the problem, most of us dont have perfect credit or amazing income/ work history. Sometimes there is some dressing up to do on a deal before it is brought to a lender like a bank or someone else. Also there are second and third mortgages, equity take outs etc…\


This is why we use brokers.


Now, with all these different types of mortgages and all these options its ok to feel a little out of the loop. Not everyone is expected to know everything about mortgages. You dont go to the doctor and know what he is going to do before you walk in the door for surgery. The biggest advice that we can offer to anyone is “ask a ton of questions!”. Weather you are talking to us or someone else, make sure to ask about all of your options.


Here are a few reasons that you should be thinking about mortgages right now.


1- ETO: This is an “Equity take out”. This means that you take out a second or third mortgage on your home depending on how much value you have in your home. A lot of people are doing this right now as the economy is slow and bills and debts pile up fast. You already invested in your home and you can leverage that if you like.


2- Buyers market: Right now with the way the economy is housing value in a lot of areas is going down. Now, you need to realize that it does not go down a ton over night and the person that you are buying off of may not get that their house is worth less than it was. Either way its a good time to buy right now and with the right circumstances you could find a good deal. \


3- Flips: There is always a market for flips. If you are someone who has done flips a lot then you know there is very few times that flips are a bad idea. When you do a house flip the idea is to buy a house, increase the value and sell it for a profit. That has no bearing on weather the housing market is up or down. Its such a short time frame the economy and housing prices don’t effect it a ton.


As you are looking at your financial options don’t forget about the value that you have in your house. you have spent your hard earned money and if you need to leverage that for something then we can help. Also, we have a very good house flipping mortgage program that lots of people are already taking advantage of.



That is why you should be thinking about mortgages in a down economy. Mortgages are more than just buying a house :)