Divorce Settlement Screw-Up’s: Exhibit A Test your knowledge of mortgage finance, and answer the following question (aired at a continuing ed class yesterday): If a deed is given from an ex-husband to an ex-wife,** the ex-wife is automatically the sole owner of the real property and the sole obligor on the mortgage. A. True B....Read More
Stepped-Up Security Side Effects Sometimes, you just want to know if the lender has scheduled the appraisal. Unfortunately, in today’s environment of heightened online security, that can mean formally registering at the lender’s “portal”; waiting for a temporary password via text; then navigating an unfamiliar format to find the document(s) you’re looking for. Or, if...Read More
The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English: if the...Read More
Et Tu, Fannie & Freddie? Stocks are breaking records, the dollar’s soaring, and gas at the pump is still (too?) cheap. And, y’know, the economy actually doesn’t seem to be doing too badly. What could go wrong? (at least, in the housing market). If you’re going to be a worrier, anyways, you might as well worry...Read More
Post-Election Aftermath: Stock Market Boom, Bond Market Bust Overshadowed by all the political fallout the last week is the election’s effect on interest rates: up, quickly. According to Edina Mortgage’s Steve Mohabir, subsequent to the election, interest rates for a 30-year mortgage for well-qualified borrowers jumped a huge (“Yuge??“) 50 basis points, from 3.5% to over...Read More
What Bill Gates Did (Reportedly) It’s a beautiful day in this neighborhood, A beautiful day for a neighbor. Would you be mine? Could you be mine?… –Fred Rogers, “Won’t You Be My Neighbor” It’s no secret that new construction can be annoying for the neighbors. The endless procession of contractors, the noise, the debris —...Read More