The mortgage industry is not what it use to be. 100% stated income loans if you had a credit score of 620 or better are gone. Some unscrupulous Wall Street executives made sure they took the mortgage industry to the edge and unfortunately part of it fell off. This has caused both record numbers of foreclosures and additional stress these families are facing.

Some homeowners could afford a home, maybe just not the $399,000. The mortgage industry has a responsibility to educate our customers and build strong lifetime friendships. We must look at the long term goals of owning a home, rather than owning what we want now. Build yourself in the ‘Best Borrower' so you can get the home that you have always wanted, it is really not that difficult. If you make your mortgage payment a struggle, it will only hurt you in the end.

There is something to be said about the years of ‘buyer education' our parents went through to buy their first home. It created financial strength. Often times it took years to accumulate enough money to buy the American Dream. Imagine both the financial commitments and attention to credit that must have had? Did you know that the subprime mortgage industry is really less than 20 years old? It was only recently that the birth of the ‘not so perfect' credit mortgage and ‘now you need less that 20% down' mortgages were born

Ironically, it's these new ideas that have allowed many more people to own a home. The United States has recently achieved its highest percentage of home ownership in our history. Obviously home ownership is great; however, it can show it's ugly face with foreclosures and all the stress it causes as well.

So we would like to offer you the ‘10 ways to be your best borrower in a changing mortgage world'. Everything in this world has fundamentals and building blocks that we can apply if we are to get the most out of them. This guidance will make you a stronger borrower and will get you better mortgage interest rates.

Make your mortgage or rent payments on time and pay them with a check. Banks want to see consistent payments to your bills. None are more important than your current rent or mortgage. Even if their landlord lives next door, pay by a check. Days of a private Verification of Mortgage have gone away. This stability in payment shows a stronger borrower.

2) When building credit, pay on time and avoid high balances. We are looking at buying a home twelve months from now. Pay a little extra every month. Stay away from programs that say "18 months same as cash". Most likely these programs will give you a credit line for the amount of the unit you are purchasing. ie. That large screen TV for the big game. The line is maxed when you buy the unit. New credit opened and then it's maxed. This has many negative effects.

3) Stay in that car for a couple more months. Get in the home and then go after the car. This can really drive your score down.

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