With the financial industry hurting in today’s economy, I’m glad that there are more provisions being put into play by the government when mortgages are concerned. But with provisions come prices that we’ll have to be paying with time and work.
So home loans are now going to be work. It’s troublesome when you’re going through the process of applying, hopefully it won’t be hard like applying for a foreign visa, but I think it’ll do its job of truly only allowing qualified applicants.
More on Mortgages to Become More Scarce and Difficult
1. Let’s say that you are shopping for a interest rate for a mortgage, you get out your Sunday newspaper, and go to the real estate section to see what mortgage rates are doing that day. You see 20 different mortgage companies offering different rates saying that since they are a local mortgage lender they can give you better rates. This is a lie.
2. Mortgage rates have nothing to do with where your house is located. Mortgage rates do not care where you live to be exact. They just want to know whether or not you are going to give them a new home when you apply for a new home loan, and you can imagine it for your own situation.
3. Local lenders say local mortgage rates are better than national mortgage rates to trick you to get off of your butt and walk into their office instead of you getting on the internet, then the phone and calling up a couple places. They know its hard for you to walk out of an office saying “no” when everything makes sense. On a phone, it’s easy to just hang up.
More on Top 10 Reasons Why Local Mortgage Rates Are A Joke
There will be a city meeting at Tucson Association of Community Organizations for Reform Now at 6:30 PM, at American Legion Saguaro Post 68, 4724 S. 12th Ave., north of Irvington Road on the west side of the street.
The meeting will discuss how the program can help foreclosure facing families and for those who are expecting foreclosure with the rising interest rates.
We’ve had progress with loan officers needing to be licensed now within the state, it would also be of great help to have the community come up with new bills to make sure that licensed loan officers provide fair mortgages to their clients.
The meeting is tonight so if there are big breakouts there, I’ll be sure to report on it here.
For more information, call (520) 623-9389.
This news just came in. By 2010, all mortgage/loan officers in the state of Arizona will be required to be licensed by the state, so that means nearly 10,000 agents will have to take tests, pass them, and notify the Department of Finance where they will be doing business.
Senator Jay Tibshraeny, R-Chandler, who introduced this legislation said, “This will bring more accountability to the lending industry and is the start of repairing that badly damaged industry.” It’s also interesting to find out that this legislation, and very similar ones, have been rejected 3 times in the past not too long ago. Not only do I believe that licensing loan officers will raise the bar of loan practices, but I think that the quality of indiviuals making deals would be raised too.
Licensed loan officers = less loan officers altogether = higher quality of service = happier customer = improving economical health for the state (long term benefit).
I’m glad to be reading articles about the government stepping in to fix up the mortgage industry; sub-prime, last year, really left the nation in bad shape with foreclosures. If homeowners can refinance without the surprises of sky high rates, or with assistance from the Man to be able to get by, our nation’s problem will calm itself down.
More on Nearing the Resolution of Our Mortgage Problems?
