Every morning I come into the office it seems as though there is more bad news in the headlines regarding the mortgage industry. In Saturday's front page of the Ann Arbor news it read:
"Foreclosures Up 90%" - Geez, like we need to be reminded?
All of the bad news goes against my general nature - I am an eternal optimist. But the facts are hard to ignore - there is some ugly stuff going on out there.
The most recent item that everyone should be aware of is the upcoming increase in rates by Fannie Mae and Freddie Mac - this is going to take place on 3/1/08 and it is going to happen nationwide.
In general, every new borrower is going to be charged an extra .25 discount point. If your credit scores are below 660 (hang on to your shorts) the fee increases to .75 points all the way up to 2.0 full discount points - all depending on your credit score.
In short - if you are going to be doing any kind of mortgage financing - BEST DO IT NOW!!
For those of you who are real analytical I have the actual Fannie Mae release with all of the relevant data if you would like to see it. Feel free to call my office.
Well, regardless of the crummy stuff happening out there in the mortgage world, I'm really looking forward to this year - my oldest son graduates, my wife turns 40 and my sister-in-law is getting married - great year for a lot of parties and family 'shin digs'!!
Speaking of family, you should check out the video I attached over on the right. It's from my trip up north during Christmas Break - my son darn near broke his neck sledding. I'm the first one to go down the hill - he is the second - you won't miss him.
You're sure to laugh watching it, but when it happened I was scared to pieces and I definately won't be laughing when I get his chiropractor bill - OUCH!!
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