Make no mistake, the 100-plus-year-old mortgage interest deduction (MID) is in play, and the odds are good that it will be a shadow of its former self should the proposed tax reform framework become law. Once gutted, its long-term prognosis will be dim.
If your clients are trying to get a mortgage, there may only be one thing worse than being one of the 143 million Americans whose most confidential financial information was stolen by the hackers who broke into the Equifax credit bureau: trying to get a mortgage if you are one of the victims.
As of Sept. 1, Fannie Mae and Freddie Mac will no longer require appraisals on many of the loans that they buy. Because the two GSEs (government-sponsored enterprise) buy about half the mortgages originated in America, this is big news that will make buying a home easier and less expensive.
How many buyers have you met who walk in your door with a rotten credit rating and confidently promise to fix things up before they apply for a mortgage?