Ever get the feeling that the deck is stacked against you. This Jan 31, 2012 article in the Seattle Times, Page 3, “Freddie Mac bets against struggling homeowners” justifies that feeling. If you’re self-employed, have less than 20% equity in your home, and currently have a mortgage interest rate in excess of 6%, don’t expect relief anytime soon. If you’re a …
OUR FUTURE BANKERS
Here they are, our State Representatives. “The Cop”, “The Mom in Tennis Shoes”, and “Whatever, I Need to Work Somewhere”. I’ve tried to locate the email addresses for these folks on-line to no avail. What they offer is a form on their respective pages to be filled out, along with a message, and sent into the ether with the hope that …
Left Out In The Cold?
The help that the Federal Government has pumped into the economy may take a awhile to help home-buyers and those seeking to refinance. The Sunday Seattle Times included an article by Jeff D. Opdyke and Jane J. Kim of The Wall Street Journal. Very good insights as to why we are not seeing conforming 30 year fixed rate mortgages drop to near 5% …
The Mortgage Professor
Jack Guttentag, aka “The Mortgage Professor”, is a syndicated columnist to the Seattle Times. He has often referenced his website: http://www.mtgprofessor.com/Default.htm. Today, I finally decided to pay a visit, as I am considering the alternatives available to me for refinancing my current Jumbo mortgage. There is a lot valuable information there. It is more important than ever to thoroughly research …
Mortgage Mess: Light at the End of The Tunnel?
Jack Guttentag, aka “The Mortgage Professor”, provides some interesting insights into the mortgage market meltdown in his Sunday Seattle Times article “It’s Time To Expand Role of Mortgage Insurance”. Parts of his article are characteristically dry and difficult to read, but the essence of the message is there. If there is a bright spot in this deluge of not-so-good-news, it …
Rex Agreement: Avoid This Like The Plague
You would think that with the mortgage mess still unsorted, the last thing we would see is another exotic home equity product from a financial institution. The Rex Agreement has to be one of the most abusive instruments I can image. It’s just like taking your home equity to the pawn shop. According to the Sunday Seattle Times article: 1. …
More Waiting For True Jumbo Relief Required…..
Further exasperating the jumbo loan picture is the idea that Wall Street is going to segregate the new Fannie Mae and Freddie Mac loans that exceed the former conforming limits. This is going to limit the interest rate relief originally sought by the increased conforming loan limit initiative. Read this article from the Associated Press.
Fed Help Not Really Enough For King County….
Daniel Billett of Response Mortgage in Seattle plans to refinance as soon as the new loan limits are confirmed. The Saturday Seattle Times featured a cover story by Katie Hafner of the New York Times concerning the Federal stimulus packagerecently signed into law. (For some reason, the Seattle Time’s on-line version is not available, so this link takes you to …
Watch For Miscellaneous Fees i.e., Check Your HUD Statement
I mentioned in a previous post that home buyers/borrowers will need to be on their toes as lenders will be trying to maximize profits from each transaction, at least in the foreseeable short term. The only way to know what you are being charged is by carefully reviewing your HUD [“Housing and Urban Development”] statement that you receive from your escrow …