On January 17 of this year, the Consumer Protection Bureau (CPB) released the new rules that apply to mortgage servicers in an effort to protect homeowners from foreclosures.
Just last month, I was able to refinance my home to an even lower rate than what I had in 2008. I am just amazed that I have a mortgage with less of an interest rate than what my parents paid for our home in 1968.
Have you ever heard of the spreadsheet guy? It is today’s modern buyer. He is highly educated, highly motivated, and beyond analytical. This is the guy that goes out to look at homes with his laptop or iPad in hand.
When I came out of college, I got a job selling cars and some of my fellow car salesmen were involved in the old “bait and switch” tactics of selling.
The most dreaded part of applying for a mortgage is all the paperwork. Mortgage documentation requirements are more stringent than ever and every “T” must be crossed and every “I” dotted.
A cash-in refinance is when the new mortgage is smaller than the existing mortgage and the homeowner brings cash to the closing table. In contrast, a cash out refinance is where the old mortgage is less than the amount of the new mortgage and the borrower receives cash back.