Mohamed Ibrahim’s Blog

Secured loans (aka mortgages) are long term loans - however from my point of view they are loans. Loans are liabilities on you, since you not only has to repay the debt but also pay interest for borrowing the money. You might see lots of ads around for systems that consolidate loans, eradicate loans, eliminate loans. There’s no magic behind those systems. If you research them on the internet you’ll find a big common fact: you have to use the same income you have now.

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I found a flyer today in my mail box from empire financial titled NO PAYMENTS FOR 6 MONTHS. The flyer read ‘Move your buyers into their dream home without making a mortgage payment for up to the first six months with the buyers’ Bonus Mortgage Program’.

I think it is good that many finance companies are trying to make the secured loan market more innovative. Sometimes to complete sales one is required to keep all those type of programs in the back of his head, although I’m not seeking financing myself - yet my buyers are, and sometimes I need just to point them out to some loan programs that I might know, and they don’t.

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