My New Blog

Just closed a 2nd home refinance at 4.875% with no points.  Have to remind my friend Art that the rates for investment properties, especially low "Loan-To-Values" with good FICO scores are the best I've seen in some time.  To be specific, if your interest rate is above 5.50% you should really consider refinancing ...

The new government mandated Good Faith Estimate is quite the debacle and I believe it makes things even more confusing for the end user, the consumer.

The HVCC that came about last year is pretty ridiculous also.  Just closed a deal where the lender requested a drive by appraisal.  Client paid for it and the value came in low, $490,000.  Client had to pay for a 2nd appraisal from THE SAME APPRAISER which came in at $600,000.  We need to revoke the HVCC.  It seems to me that all this government regulation should be Pilot Studied and evaluated BEFORE applying across the board.  Come to think of it, all new government regulations should be better "Pilot Studied" and tested thoroughly before implimentation.

If you're in the high 5's or on an adjustable, the writing is on the wall.  You better get your refinances ready to go NOW.  Mortgage backed securities are in a sort of limbo right now ...

We should write our Congress-people to revoke the HVCC.  The first thing one notices professionally is that the price of an appraisal has gone up.  Second;  Appraiser's are erring on the low side.  I really don't see any way that HVCC has been to anyone's benefit.  You've removed competition and a lot of motivation, then deliver an inferior product for increased cost.  I wrote Obama awhile ago about this.