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The cost of a mortgage ....

April 17th, 2008 at 05:59 am

It has been a while since I have written on my blog. I'd like to say it was because I was busy working, but the housing market is still slow and interest rates on mortgages are going up. Another obstacle I face in my business, is the cost of poor credit is going up. Fannie Mae is now charging extra closing costs in the form of points to people with scores of 720 or below. In light of this, now I will be writing more government loans like Federal Housing and Veteran loans who do not penalize people who have had credit challenges. Even our State Housing Program changed all terms of financing; going from 100% financing to 95-97% with stricter underwriting standards; things are changing daily.

Regarding my credit situation, I have not been able to negotiate any more settlements on my credit cards and the balances are growing. I only pray daily that something will happen to give me hope soon. I hate to think of the alternatives if I can't work all this out.

I'm preparing my house for sale; I've owned it for 26 years and I have mixed emotions about selling, but we can't continue with two houses. I've been fortunate to have a good tenant through the winter in our smaller home; without a tenant I don't know what we would have done. The rental house is smaller and much cheaper to live in and with things the way they are, we need to downsize.

This is a very scarey time in our economy; I'm watching heating fuel, gas, groceries and housing cost soar and I wonder how my youngest son will ever be able to live on his own. I believe we are in an official recission and I wonder were we will go from here?

Well I can't solve the worlds problems today so I guess I'll go outside today and rake the lawn. We still have some snow out there but I'll work around it.
I hope everyone is enjoying this nice week up through the east coast.

5 Responses to “The cost of a mortgage ....”

  1. merch Says:

    All I can say is your moving in the right direction. You're doing what you can.

    Keep working your plan.

  2. sagegirl Says:

    Hang in there. And do not lose hope. My hubby is being laid off, effective tomorrow. I worry about meeting our mortgage payments, etc. We have come up with a plan to drastically cut discretionary spending. And I have been praying a lot--not for a windfall or anything. But for God to show me how to weather the storm and for strength to do what needs to be done. Have faith and hang in there. Let us all know how you are making it. We can support each other. Smile

  3. Broken Arrow Says:

    Really glad that you've got business at least. Smile

    I have heard from various sources that real estate agents are actually kind of busy lately, because there are so many buying opportunities right now, people who have money are actually making moves.

    About the only real losers in this situation are sellers in general... since they have to settle for a substantial cut.

    It's too bad I'm in no shape to buy a home or some kind yet.... Because, I'd love to get in on the action if I could.

    Take care.

  4. Maria Says:

    I agree with you that it feels/looks like a recession. Many deny it but time will tell. I also don't think this will be a short one. I am doing all I can to get our little family out of debt and in as good a financial place as we can be.

  5. big cheap papers Says:

    Thank you for the detailed information about the house renting. You are very talented and creative. Best wishes!

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