DO YOU HAVE A LEMON OF A LOAN?
HOW ABOUT SOME LEMONADE?
Have you noticed the commercial breaks on local Christian radio stations are filled with advertisements for mortgage companies? It appears that a main industry in my county is the loan business.
My name is Eric Stuckey, and I am a loan broker. I have been a loan broker for over ten years. (Sounds like a confession at AA, does it not?) It seems many borrowers have found that they now have a “lemon” of a loan. Much like a bad car salesman may get you to purchase a faulty automobile these borrowers have a loan that simply does not work as they thought. I hope you’re not one of them.
If you are, then the plan “You could just wait a few years for your value to go up, and then refinance into a better, more stable loan product” may not work. Interest rates are rising and so may your payment. My father used to tell me that the old axiom, “what goes up, must come down,” was especially true in business. Markets do not just go up; eventually you will hit a ceiling. But this time, I have noticed a difference. Because our culture is so wrapped up in materialism and instant gratification, we have become willfully blind of tomorrow. During the mortgage boom, I could qualify you for many loan products that you simply could not afford to pay monthly. So-called “stated income, stated asset” loans allowed many to overstate your true income and financial situation in order to get into the home loan that you wanted. While not realizing it, mistruths may have been presented. Wanting more than we can afford is everyman’s challenge and temptation. Loan brokers were also tempted. Make money at any cost. Unfortunately, many borrowers are now cleaning up after the mess of brokers greed. If you’re in this boat, you’re not alone. There is help.
Regardless of why you’re in the situation you find yourself, it’s time to make a wise evaluation of your home situation. Do I buy instead of rent? Do I refinance or sit tight? Should I begin using my home equity as part of my retirement plan (reverse mortgage)? These represent some of the many questions that people ponder and where they may be misled. Laws are changing and being implemented as I write about protecting the consumer. Whatever you do, do it as unto the Lord the scripture tells us. It also urges us to get wise counsel. If that’s what you’re looking for then give Turning Point Mortgage a call. Let us come along side you and provide that counsel you’re seeking. We’ll shoot straight with you. You can find us on the web at www.turningpointmortgage.com or call us toll free at 800-893-8502.
Eric Stuckey |
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We
do, however, speak a message of wisdom among the mature, but not the wisdom
of this age or of the rulers of this age, who are coming to nothing. 7 No,
we speak of God's secret wisdom, a wisdom that has been hidden and that God
destined for our glory before time began.
I Corinthians 2:6
It
is written: "I believed; therefore I have spoken." With that same spirit of
faith we also believe and therefore speak
II Corinthians 4:13
On
the contrary, we speak as men approved by God to be entrusted with the gospel.
We are not trying to please men but God, who tests our hearts.
I Thessalonians 2:4
Jonathan,
David's uncle, was a counselor, a man of insight and a scribe.
I Chronicles 27:32
Ahithophel
was the king's (David's) counselor.
I Chronicles 27:33
"To God belong wisdom and power; counsel and understanding are his.
Job 12:13
And
I will ask the Father, and he will give you another Counselor to be with you
forever - the Spirit of truth.
John 14:16-17
