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If I hear one more time that this bailout is a good idea…..

September 24, 2008

Contributers, Mortgage Advice

That is the title of an amazing article that my friend Tim Davis of Titan Home Loans wrote.¬† It was a great article that really goes past the surface ‘lip-service’ of what needs to be done and analyzes the actual results if those things were to come to pass…

Here are the poitns that Tim made:

“I think there should be tighter guidelines when getting a mortgage”

I find this an interesting statement, simply from the stand point the ones saying this are not currently trying to get a mortgage. It is easy to arm chair quarterback this thing, but something totally different when you are in the game. It isn’t fun fo ryour LO to call 50 times during the loan because the rules changed and they need more paperwork.
Here is another thing people say…
 
 

 

 

“I think you should have to put money down to buy a house”

Really? What if you are selling your home and NEED to move? Do you feel the same way then? Do you relly care what type of loan the buyer really gets at that point in time?
One the the gentleman at the interview¬† said this…
 
 

 

 

“I think the appraisers are to blame. The appraisal should be completely unbiased”

So I told him about the impending legislation to have appraiser totally removed from speaking with Realtors and loan officers. He thought this was a good thing, so I propose this scenario to him…
Lets say you have locked in a rate for 30 days. Your appraisal is ordered from a National vendor. The loan officer can not gaurantee when it will come in, so what happens if it takes 31 days to get the report in. At that time rates shoot up 1%. Your rate expired, so you have to take te new higher rate, but for pete’s sake your appraisal is a clean as the driven snow…at least until the market crashes again.

These are just some random thoughts that go through my head these days. A lot of people have opinions until they are the ones in the situation. We all like to say we have faith, but faith is not truly tested until we are deep in up to our eyeballs.

I guess the conclusion is we all make the argument depending on which side of the fence we are on at a particular time. That tends to be our human nature. That is why I like he following statement…

Sure the grass is greener on the other side, but don’t forget it still has to get mowed.

Keep your head moving forward and remember, this too shall pass…

 

There are even more I am sure… maybe we can get Coach Tim Davis to come and post what some others might be…

 

Chris

 

 

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