Money for Nothing and Your Checks for Free

The Catch-22 of today’s real estate market is that the home prices and interest rates are at historic lows; but roughly 33% of Americans don’t have the credit history to buy and only half of the country has the FICO power to get the best rates.

You’ll Be Dead in the Water without Your Flood Insurance

By the way, this September 30th deadline was provided by virtue of an extension to the National Flood Insurance Program Extension Act of 2010, (H.R. 5569) that Congress passed on June 30, 2010 and is retroactive to cover the lapse period from June 1, 2010.

BUT, since it has already expired twice this year and it doesn’t look like our elected officials have learned their lesson, we have no way of knowing what October 1st will bring.

So if you’re feeling lucky, give it a spin; but I would strongly suggest stepping it up and getting this piece of your real estate transaction done!

Closing Costs Gone Wild!

In my opinion, it would be hilarious if it weren’t so tragic; the answer to the original problem was to force everyone to have appraisal management companies. I understand the need for appraisers to have independence from those in loan origination roles, but there has to be a better way that benefits the consumer. Why not enforce the USPAP regulations that appraisers supposedly hold themselves to in the first place?

So with all that being said; why it is that the evil mortgage brokers are the scapegoats? And what color is the sky in their world?

Mortgage Proof and Barbarians at the Gate

I know that borrowers sometimes feel like their privacy is being invaded, but if you deal in a cash only business and have no paper trail to show where the money came from, (then trust me on this)…the underwriter will kick you to the curb.