The Truth About Mortgage is an outstanding blog dealing with mortgage news and analysis that I haven't seen gathered up in one place anywhere else. The recent turmoil in the credit markets has been written about extensively in the Wall Street Journal, but the WSJ doesn't gather the articles together in chronological order the way this blog does.
If you haven't been reading about the problems besetting the mortgage industry, then this blog is a great place to start. It offers easy to understand posts about all aspects of the issues. The first time I visited the blog I found three posts that immediately caught my attention. For example, if you're refinancing and planning on using a "no documentation" kind of loan, think again.
I’ve heard from several sources that stated income loans, also known as “liar’s loans” may become a thing of the past as lenders continue to tighten underwriting guidelines...I hadn't read this anywhere else. While the WSJ gives you the details of the financial problems of the big lenders, The Truth About Mortgage translates into information you can use to make decisions.
Unfortunately, stated income deals have led to a good chunk of the problems we are seeing now, largely because applicants overstated income and lied about job positions to qualify for homes they truly couldn’t afford.
This was an easy ppp to write. The Truth About Mortgage is that good.
... Maybe it's just the way I was raised, but I can't imagine voluntarily getting a mortgage. (Let alone THREE as I've heard of!)
ReplyDeleteIsn't that kind of like selling your house and then renting it back?
Man, are you hardcore! Even Dave Ramsey, Mr. Debt-is-Evil says a mortgage is the only loan he approves of. :-)
ReplyDeleteTo be honest, in San Diego, there's no way you can buy a house without one. I could see buying a house with cash in the Dakotas, but not here.