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Financing in 53226 : Real Estate Advice

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  • Home Buying5
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Activity 3
Wed Sep 28, 2011
answered:
Best person to answer that is your accountant. If you don't have one, do a phone or live chat inquiry with your tax preparer software provider.
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Wed Apr 28, 2010
Linda S. Cefalu answered:
Cliff,

I'm sorry to say that in part you are correct. There have been many dishonest people involved in the housing crisis. And if you are a victim of that, I want to take a moment to apologize for them, since I'm reasonably sure you will not get it from the actual perpetrators. Keep in mind that much of the housing crisis started in a place where agents and lenders really had little to no control. If you want to blame someone, blame the mandates that gave anyone cart blanche' to obtain a mortgage as long as they were living, breathing and stood upright.

When the government said every American has a right to own a home and put into place the following, down we went:

To see the different types of loans that the lenders were required to offer, check out my Blog Post. I am going there to enter this information as I think it might help clear up many of the comments and questions we continue to get on this subject.

Linda



That said, please stay with me a moment. When you go to a bad doctor, you don't write them off as all bad or any professional for that matter.

But............please don't put all of us in the basket. Pull out the few bad apples instead.

I sat in closings and begged my clients not to go through with the mortgage terms that were presented to them on the day of closing after being told, "We have a slight problem. We couldn't get the loan we told you about, but the good news is that we can still close." I was shocked and a bit nieve. But I want you to know that the MAJORITY of agents and lenders that I have worked with are honest and do very much care about their clients.

It might help to know that as a direct result of some of the actions of a few, there have been several laws put into place to once again protect the consumer. And I for one am getting really weary from having to jump through all the hoops and have 3 inch thick files because of those actions.

And lastly, let me point out that when an agent offers referrals to a client, their reputation is on the line, so we don't do it lightly. If you have a trusted agent, chances are you'll have a trusted lender. And "Realtors" as you put it are held to a much higher standard than an agent. So................next time you are in need of service, whether it be to buy or to sell, find yourself a Realtor® and check them out thorougly before signing anything!!!
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Tue Apr 13, 2010
answered:
Donna and Dick, you are slightly incorrect here. The upfront MIP did you up, and it went up to 2.25%. However, the monthly MIP is lower than what PMI would be if you are anything over 85% financing, so when you say their MIP is higher, that is a bit misleading. There is no up-front PMI on a conventional loan.
Other than that, the answers you have received are correct.
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