Stealing from your Children?
The western workforce of 630 million was largely protected for years and then the 2.5 billion workers in the east willing to work for $80 a month instead of $15 an hour, came onto the scene almost overnight and fundamentally changed the economy of the United States from one of production to the service industry. However, being that this generation in the US is the first to be less educated than their parents, they were ill equipped to make the transition so they have therefor become the first generation in the US to make less money than their parents. A big part of the problem has been the borrowing and spending habits of the previous generation and the government. Living beyond their means and financing social programs and lifestyles that the next generation will have to pay for, they have literally stolen from their own children.
5.9 Magnitude Earthquake shakes VA
Felt as far as NY and Rhode Island. The Pentagon was evacuated as a precaution.
Mortgage Rates at Record Low
In case you have had your head under a rock, mortgage rates have hit a record low again after the stock market tanked. Please give me a shout for a free mortgage review and quote. I have a lot of clients that are refinancing 30 year mortgages to 15 years and not having their payments go up.
Mortgage Rates at Record Low
In case you have not heard, MORTGAGE RATES ARE RECORD LOWS one more time. If you missed out last time, you better act quick and contact me now. wadec@farmingtonfg.com
FHA Loan Limits to Decrease
Traditionally, FHA has set the maximum loan limit in each county in the US based on the median house price in that county. For the last three years, in an effort to mitigate the effects of the economic downturn and the sharp reduction of mortgage credit availability from private sources, Congress has temporarily increased FHA max loan limits to propped up amounts. Congress could step in and do that again later this year but the general sentiment at this point is that they won’t. The effect would be that FHA loan limits would likely decline in 669 of the 3,334 US counties or county equivalents that are eligible for FHA mortgage insurance. This decrease would take effect for FHA Case #’s ordered on or after October 1, 2011. For the Metro Nashville area, it would drop $39,200 from $432,500 to $393,300.
Why you are wasting your time when Mortgage Rate Shopping
Would $2000 difference in closing costs affect your decision as to which lender to use for your mortgage? If so, you really can’t shop for a mortgage until your are ready to lock in and you know YOUR EXACT credit score.
The difference between a 679 credit score and and 680 on a $200,000 mortgage is $2000 dollars in closing costs or around .125 to .25% difference it rate.
Don’t believe me? See the matrix taken from Fannie Mae’s site below.
Check it out on Fannie Mae’s Site yourself or read about it on another professional’s site below.
My point, if you don’t know your exact score, you really need to pick a mortgage professional that is a trusted adviser and let them help you navigate the mortgage process.
LLPL
