Future of 30-Year Mortgages at Risk?

[Joseph Burkeson, CMI]

What impact would this have on our profession?

Future of 30-Year Mortgages at Risk?

Proposals to phase out Fannie Mae and Freddie Mac may make 30-year fixed-rate mortgages harder to find, housing experts say.

There is a lot of uncertainty about the process of phasing out Fannie and Freddie and how it will affect mortgage products, Barry Zigas, the director of housing policy at the Consumer Federation of America, told The New York Times.

Excerpt: http://www.ibtimes.com/articles/1197...es-at-risk.htm

[Michael Roberson]

Good riddance.
The average payment difference in a 30 vs 15 year mortgage is about a few hundred bucks a month. (nowheres near double)

I want to ditch my 30 year and go to a 15. Total money paid is so considerably lower, its not funny. Im all for lowering my cost.

[James H. Bushart]

Originally Posted by jburkeson1

What impact would this have on our profession?

Looks like we will be working for more discriminating clients who can benefit from a complete, accurate and unbiased inspection report.

[Gary Farnsworth]

............and agents that may be more professional and banks and lenders who will really understand what it takes to serve the client.

[James E. Braun, CMI]

Gary is funny!

[Aubrey J. Kahn]

Mike, you can always overpay and state that all over-payments are to to go to principal. I paid off my mortgage in 12.5 years that way.

[James H. Bushart]

Banks are paying much more attention to the governments lending rules.

Last year, I might have gotten two or three requests down here for VA/HUD engineer certifications for foundations....and I have had five since last Friday. Now that they know that can't pass the paper off on someone else without accountability, things are different and more "i"s are being dotted and "t"s are being crossed.

I like it.

[Christopher Currins]

Originally Posted by jbushart

Banks are paying much more attention to the governments lending rules.

Last year, I might have gotten two or three requests down here for VA/HUD engineer certifications for foundations....and I have had five since last Friday. Now that they know that can't pass the paper off on someone else without accountability, things are different and more "i"s are being dotted and "t"s are being crossed.

I like it.

That's exactly what they've been doing, having appraisers sign off foundation certs, while performing the appraisal, for hardly no extra charge.

[James E. Braun, CMI]

I have been noticing also, that some appraisiers have been nothing but whores lately.

[Joseph Burkeson, CMI]

Originally Posted by jbushart

Looks like we will be working for more discriminating clients who can benefit from a complete, accurate and unbiased inspection report.

Or... maybe Martians will land that eat terrorists and piss gasoline?

[Nick Gromicko]

With all the printing going on, inflation is going to go through the roof. Take out a 50-year loan if they'll give it to you, and pay it back with toilet paper (U.S. dollars).

Don't pay off any mortgages, try to refinance and borrow as much as you can to buy hard assets (gold, silver, raw land, heavy equipment, etc). U.S. dollar going down the drain.