According to a report at CNNMoney today … the stock market is going crazy. It’s really a brain thing that’s happening though… and you needn’t follow the same spiral down.
It seems that the current crisis in subprime mortgage markets could be better news for the average American than first thought. How so? 
For one thing … Rates on 30-year fixed loans dipped last week, to 6.41 percent, according to the Mortgage Banker's Association.
Another feature on your side is the fact that home prices dropped … with fewer buyers currently in the mortgage market.
Who gets a loan and who gets turned away then? It's actually far more than a numbers mix.
No question - there’s always some level of risk when you sit down with any lender. But the winning key is to use your brain to reduce risk and open the bank’s vault in your favor - in spite of a risk or two.
Let’s say you have a fairly decent credit score but little or no down payment. Or perhaps you could scramble a fair to middlin’ bit down, but it’s been a tough year your credit score is at the edge.
Here are five tips to tackle mortgage challenges with more brain in mind:
1. Showcase financial benefits up front. Look in unusual places ahead … ask friends to help you find hidden or unused treasures … and list all key assets on a recipe card to take in with you. When you launch a meeting with your strengths in hand, you also deposit serotonin in a lender’s mind before you begin the meeting and serotonin is what builds trust and confidence to crack a deal.
2. Dress well and take the lead. A confident facilitator can tip a meeting in the favor of a win – simply by steering the conversation toward ways this can work. Reach out a hand to shake as you enter the room, listen well, and address lenders by their names. That stance will engage more interpersonal intelligence in your favor and using a person’s name spikes a sense of well – being in the person’s mind. Not a bad trait for the mortgage windfall you need.
3. Target to win and expect the best from the other side. A clear target and preset expectation will spill over to leaders who can make that new home happen for you. How so? Targets help to create a new neuron pathways toward any goal – or in this case … your new digs.
4. Do the math ahead so that you have numbers at your finger tips. Keep figures accurate and your honesty will likely impress the lenders that you’ll also keep mortgage payments coming in with integrity. Remember, the lender across the table will have a high math IQ ... and will be impressed when numbers show you prepared ahead.
5. Create a precise plan from facts that come with winning details. Check out rates in your area and show that you know what’s out there and that you can meet the challenges. Ask questions that show your interest in meeting mortgage and lending standards.
Oh, and one more thing…. Do come back with photos of the new home you landed – because you met the mortgage lender … with more of your brain in mind. Good luck – we’re all rooting for you!
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