The Top 5 Mortgage Mistakes that Caused the Meltdown
New online class exposes the 5 major mistakes that led the current mortgage crisis and what people can do to protect themselves and stay out of trouble in the future.
PR9.NET February 17, 2007 - Seattle, WA - The current mortgage crisis is being felt in pocketbooks around the country. What part of this is the lenders fault? Foreclosures are at record levels, debt is now a greater worry than terrorism. People struggle to make ends meet. What part of this is the lenders fault? What part of this is the mortgage brokers and loan officers fault? What part is the borrowers own fault?
"People made decisions about their mortgages, about their financial future, based on incorrect, incomplete, and misleading information", said Bob Pessemier, President of Money Metrics.
And they are still making mistakes. Research shows that 85% of home loans have inflated interest rates, which means most people are paying more than they should. Financial strain and sometimes foreclosure are the result.
"This means that 85% of mortgages were sold to borrowers who did not know enough to protect themselves and get a better loan", added Pessemier.
The most common mortgage mistakes people make involve:
1. Believing the sales and marketing pitches
2. Not understanding Par and Rebate and interest rates
3. Credit Report Issues
4. Not getting a qualified financial analysis
5. Not getting pre-approval
Making an informed decision requires solid information, not deceptive marketing and manipulation. That means people need to be educated. "There have been limited resources where people could get the truth, where they could find out what was really going on with their loan, what all the moving parts were doing and how they would impact the borrower down the road", Pessemier said.
Chairman Ben Bernanake of the Federal Reserve recently said "Financial education is clearly central to helping consumers make better decisions for themselves and their families". Money Metrics agrees and has been teaching classes that address these mortgage issues and more for over 3 years.
They have just announced that an online class is now available so more people can get the information and education they need. The classes normally cost $25/person but are free to the public until October 15th.
For more information or an interview please contact Bob Pessemier. Direct line: (425) 373-4045 Email: email@example.com. More about the classes at http://www.top5mistakes.com.
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About Money Metrics
Money Metrics provides financial education resources and online personal money management classes.
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