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Tips to Survive The Mortgage Crisis

August 21st, 2007 · No Comments

CNN’s Gerri Willis recently did a great piece on what to do during this mortgage crisis and she has four tips:

  1. Know Your Lender-make sure the lender you are dealing with can provide the loan they promise and get a signed commitment letter
  2. Minimize Risk-try not to wait more than the typical time of 30 days to close your home because your loan program may not be available anymore if you wait too long and find out if your loan is backed by Fannie Mae or Freddie Mac
  3. Keep Making Payments on Time
  4. Don’t Give Up-Mortgages such as Jumbo loans are hard to come by and can not be backed for Fannie Mae or Freddie Mac but they are out there

Here is the link to see the VIDEO on “Surviving the Mortgage Meltdown”

Tags: Mortgages · Real Estate Tips