Yes, I dream a lot, hence the name for my blog: “I’ve been thinking”
My articles are not based on lots of research, just my experiences in life and work. My hope is that someone will find it some day and find an idea that helps them n their career and life in general.
One idea I am developing is a speaking platform whereby I can share stories and things I have learned with people starting out or people on their way hitting roadblocks. It seems that every time I start to think that my ideas are old or not needed, I hear something that tells me to keep going.
One of these is personal finance and mortgages. I heard someone say the other day that the US government has over 50 programs to train people in financial literacy. I have no idea on who does these or what they talk about, but given the mortgage crisis I see the need for improvement. Especially in the area of home mortgages that have frustrated many people lately. Home ownership can be a tremendous joy, or dismal pain.
Most of what I have seen is the “how to” get a mortgage programs. There is a place for those but I would propose something a little different. Mostly in the area of analyzing risk in getting a mortgage. There are many:
• Risk of variable rate increasing
• Risk of home value decreasing
• Risk of costly repairs on home
• Risk of not honestly evaluating whether you can afford it.
• Risk of 2 incomes needed to make a payment
I’m not sure lenders would want me doing a class like this for prospects, although it may eliminate misunderstandings and defaults if the borrowers really understood what they are doing. In the old days we used to have to seemingly talk a mortgage banker into believing we understood what we were doing and how we were going to pay for it. We hated it, but it helped our decisions.
My class would not just be about how to get a mortgage, it would deal with the risks; what they are, how to manage them, and to determine if one is really prepared to enter into a loan like this. As on objective player I would ask hard questions that mortgage marketers don’t ask because their objective is to make mortgages. Mine would be to make lives better!