Industry News

Keep chin above mortgage waters

Diary of a Real Estate Rookie

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"We were supposed to close today, and our mortgage broker just requested some extra paperwork from the lawyer yesterday. Why didn't she ask for it earlier instead of screwing up our closing?" "The apartment makes sense for us to buy if it saves us $7,000 a month in rent -- do those numbers work?" "If you use a mortgage broker, who pays the fees: you or the bank?" "I heard interest rates were at 6 percent -- how come I got quoted 8 percent on my loan?" These are just some typical mortgage questions -- I'm sure that you hear many variations on these, and many new ones, in the course of a typical month. It's always been a facet of our business, that consumers need money to buy homes, and the industry that supplies money is confusing, and so they turn to us. But I think that these kinds of questions are surfacing now more than ever. For one thing, the underlying information has changed due to the Bush mortgage assistance act. For anot...