What’s with these mortgage rates?

The big question on everyone’s mind right now is; what’s with these interest rates? Beginning on Thursday, May 21, rates began to move up, dramatically. They are now a full 1% higher than they were just a couple of short weeks ago. What’s going on, and will they come back down? How many of you procrastinated about refinancing, now think you’ve missed the boat?

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Properly Conducting a Closing

No venture will run smooth without proper preparation and when it comes to something as critically important as a real estate closing, would you want the closing to come off anything less than smooth? More than likely, you would probably prefer that all goes well with the closing and that no unforeseen problems occur. While [...]

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The 2009 Home Buyer Tax Credit at a Glance

There have been a lot of questions recently about the new tax credit for first-time home buyers.  I say “new” because it does differ from the credit allowed in 2008.  Here are the highlights: The tax credit is for first-time home buyers only. The IRS defines a first-time home owner as; 1) someone who has never [...]

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What Do the New Appraisal Guidelines Mean to You?

I’ve been talking about the new appraisal guidelines and what a problem it will be for those who want to refinance.  In a nutshell, the mortgage originator will not be allowed to have any contact with the appraiser.  This means that the person determining the value of your home may not be familiar with your [...]

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The Best Explanation I Have Ever Seen

I found these videos on revolutionradio.org.  Without question (and without the usual “jargon”) these are the best explanations of what has caused our current predicament that I have ever seen.  And it shows why it’s much more wide ranging than just mortgages. Sit down with a martini before viewing: Now get your second martini: As [...]

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The Lull Between Christmas and New Year’s

As you can imagine, not much has happened in the markets the past few days.  I don’t expect much until the New Year.  Lenders are changing their guidelines but rates are holding steady. I have one huge objection to these low rates the lenders are screaming from the rooftops.  Almost no one qualifies.  The banks [...]

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An Old War Horse

Who’s the Old War Horse?  Why, me, of course.  I’ve lived through so many up-swings and down-turns in the market – it’s exhausting.  In the early 80’s when I was a stockbroker, rates were in the mid to high teens.  The later 80’s saw drastic changes in the real estate depreciation laws causing a crash in [...]

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A Dirty Little Secret (that you already know)

When I was a stock broker in the early 80’s, I remember my manager announcing to the entire office that we had to sell a certain stock that day.  Our company had accidentally overbought a specific stock issue and we had to get rid of it, so sell! sell! sell!  Who cares if it fits into [...]

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As If We Don’t Have Enough to Worry About

I read today that over 45 percent of Americans have at least one medical collection on their credit report.  Even though the lenders say they don’t hold that against you, the truth is medical collections can affect your credit score to such an extent that you are unable to qualify for the loan you’ve applied for. Medical [...]

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What Really Happened???

A few months ago, one of my colleagues emailed this slide show to me.  In cartoon, which seems fitting somehow, this will show you how the mortgage mess really came about.  Everyone is busy blaming everyone else.  Let’s face it – there’s plenty of blame to go around.  Now while President Elect Obama and his people [...]

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