How to think about how to buy a house

Seth Godin wrtoe this article that I wish I had written!

obama asks for public input into mortgage refurm measures

So, here's your chance to let your legislatures know what you think of your recent purchase or refinance mortgage experience -

Is the rural housing bill important to all of us ... yes!!!!

H.R. bill 5003 "The Rural Housing Improvement Act" introduced today to resolve the projected funding shortfall with the Guaranteed program.



Key provisions of the bill:





It is said to be a short bill of approximately 21 sentences in length.

Key to passage of the bill is the fact that it will result in the program being self-funded with no increase to the deficit.

Self-funding will be accomplished by increasing the guarantee fee from 2.0%. Expectations are for an increase to 3.44% or 3.5%. The 3.44% number is said to be the exact figure based upon 2009 performance, but it may be rounded up to 3.5%.



Going forward, the USDA program administrator will have authority to raise or lower the guaranty fee based upon loan performance from the prior year. For example, 2010 performance is looking better than 2009, so if that pattern were to continue, one could expect to see the guarantee fee reduced next year.





The combination of these provisions is expected to enable USDA to avoid future funding shortfalls.



The bill is in committee now and was introduced by Shelley Moore Capito, the ranking Republican on the committee. Barney Frank is the ranking Democrat on the committee. We are not hearing of opposition to the bill. The House version of the bill has been provided to the Senate so that one consistent version can be approved by both and forwarded to the President for signature.



The goal is for the bill to be passed before current funding is exhausted.



Now is the opportune time to contact your congressmen regarding your support for immediate passage of H.R. bill 5003. It sounds as if there is little doubt about the bill's passage, but the most urgent challenge is to get it to the top of the priority list for approval and Presidential sign-off.

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Home sellers and buys benefit $$ from seller buy downs

Don't know what that is? It is a financial position that really works, really saves the seller a loss of income, the buyer real money in monthly savings and tens of thousands of dollars over the life of the loan - I can show you the real cost/save benefit ...

As a single woman do you have different financial needs than a single man?

As a single woman - of a certain age - I was under the impression that all people who worked in the financial industry - lending and investing were created equal - and as a newly single woman - I needed to listen to their advice. What I found, with the men I worked with was - they did not understand what I needed to know from them - which was everything! As a single woman - I can tell you that if you are seeking financial advice regarding - anything - but especially mortgage information - you owe it to yourself to make sure the person asks you the following questions - how long to you plan to stay in the property, what is going to happen to your income in the next 2 - 5 years, what is going to happen to your status - are you going to start a family? Are you going to have parents who might need extra care? Why - because if your largest debt - your mortgage is not one that meets all your needs - today and for the next 5 - 30 years - you will lose a great deal of money. How do I know this? Before I was in the industry - I had a mortgage that over an 8 year period cost me about 70,000 more than it should have - because my loan officer took the application information asked me what kind of loan I wanted - and did not take the time to ask me a single question about my future plans - and because I was sure this man was a professional - I took the advice - and the loan. I will do all I can to make sure this does not happen to you!

Why is it taking so long for my mortgage to be approved?

Because your debt will be sold to Freddie and or Fannie - the banks cannot afford to keep your mortgage debt - and the two major purchasers of your debt from Freddie and Fannie told the US government, if you want us to purchase your debt - you will guarantee our rate of return on the debt we purchase from you - no matter what. So if you default on your mortgage, the US government still must pay the people who purchased your mortgage debt. The US government can also require the bank - the originator of your mortgage - to buy back the mortgage debt if you default on it - the goal of the banks is to make a profit and sell their debt. The banks are making absolutely sure that your mortgage application and paperwork is in 100% compliance with the Federal Government Guidelines - so they never have to buy back your mortgage debt. It's not you, your paperwork or your mortgage broker, person - it's the economy!