What's New In Mortgages For 2010??

As we approach a New Year, be prepared for more stringent lending standards. The new Good Faith Estimates to be released in 2010 will be another step forward in protecting the consumer against predatory lending practices, especially the "Bait & Switch" tactics used by many unscrupulous lenders during the peak of the mortgage boom. I personally am glad to see this type of regulation. However, other tighter underwriting guidelines will have a negative impact on the availability of credit and only exacerbate the issue of a weak economy in my opinion.

In general, new home buyers would be wise to take advantage of the combination of low house prices, historically low interest rates and government funded subsidies through tax credits, but take an ultra conservative approach that allows you to pay-off debt, including home mortgages, at expedited rates.

Stay tuned for the launch of my program in 2010, THE BIG PAY-OFF, as our country reconsiders the definiton of weatlth & debt in the New Economy.