COST OF PAYROLL TAX CUT IS REAL - 12/23/11 03:42 PM
COST OF PAYROLL TAX CUT IS REAL

HOORAY!!!!!!!!!  It appears the payroll tax cut has been extended for two months. The bad news is as I mentioned in an earlier blog the Senate bill had provisions for increased fees at Fannie, Freddie and FHA to "pay for" the tax reduction. The House has agreed to this.
As an example on a FHA loan the monthly MIP is 1.15%. To pay for the tax cut, it would go up 10 basis points to 1.25% a month. On a $100,000 loan this makes the monthly MIP $10.00 more, $120 more annually, and … (1 comments)

PAYROLL TAX CUT - 12/20/11 04:37 PM
PAYROLL TAX CUT

This week we are met with a Senate bill that antes up a two month extension to the payroll tax cut at the expense of homeowners!
The bill continues the reduced payroll taxes to particularly the middle class and extends unemployment benefits to others. It moves on to the House where hopefully it will NOT pass.
If the bill does pass the way it is now, then give the home owner who refinances next year, or buys a home a big hug.
Orchestrated by Kentucky's own Mitch McConnell it grants a mere two month extension … (2 comments)

payroll tax holiday - 12/14/11 12:03 PM
PAYROLL TAX HOLIDAY
 
Just when you are beginning to wonder if they will EVER get it in Washington, they come up with something new. The payroll tax "holiday" is under pressure to be extended.
The President and most Democrats and Republicans agree extending the payroll tax holiday would be a good idea. The problem is how to pay for it.
The President believes putting an extra $1000 a  year in the hands of the citizens would be a good thing especially in this economy. Who are we to disagree? Who couldn't  use an extra $1000?
The Dems want to … (0 comments)

CINCINNATI ZOO FESTIVAL OF LIGHTS - 12/13/11 03:52 PM
CINCINNATI ZOO FESTIVAL OF LIGHTS
My family and I went to the Cincinnati Zoo Festival of Lights Monday night. As expected it was a lot of fun. We have a little one who was comfortably warm with layers of clothing and a blanket.
If you are expecting to see animals, there will be minimal sightings. Some of the "houses" are open such as the reptile house and manatee. The polar bear was sleeping, which was disappointing. There was a random sighting of a lynx. One of the handlers had an owl out.  I'm sure at different times there are different experiences in this regard.
… (0 comments)

WHO IS RUNNING THE CFPB? - 12/09/11 01:12 PM
WHO IS RUNNING THE CFPB?
Since the senate failed to confirm either Elizabeth Warren or Richard Cordray as director of the CFPB (Consumer Finance Protection Agency), then who is running it in the absence of a director? In the interim the acting director is Raj Date. His resume includes Capital One and Deustche Bank.
I wonder when I read that what he thinks now and thought then about his employer's credit card activity?
As this drama goes on and on in Washington, it makes me pause to consider the persons who are employed by the CFPB, the rules they are writing, … (1 comments)

How Reliable Is Zillow Data? - 12/06/11 10:27 AM
How Reliable Is Zillow Data?
I am working on a mortgage loan refinance and thought I'd look to see what data is out there regarding value. It is not uncommon that home owners don't have a good fix on what their values are. Sure, they know what their taxes are annually, and what the neighbor says they sold for.
In some areas I have a pretty good idea of value, and on this particular home I was thinking the value would be at least $165K to $170K. In this process I looked up the Zillow accounting for value. Zillow shows it … (7 comments)

WHAT AM I GOING TO MAKE MYSELF DO TODAY? - 12/02/11 11:47 AM
WHAT AM I GOING TO MAKE MYSELF DO TODAY?

I have that conversation with myself some days. Inside I'm screaming, "you can't make me!" but I KNOW that to be successful I must make myself do something I may not really enjoy.
Some things come easily like sending out thank you cards/letters, along with applicable information.
I know blogging is a good thing. I know actually getting the newsletters in the mail is a good thing, heck, even paying the bills is a good thing. We don't enjoy every aspect of a task and we often put off doing them.
… (0 comments)

HARP II (HOME AFFORDABLE REFINANCE) CHANGES - 12/01/11 06:50 PM
HARP II  (HOME AFFORDABLE REFINANCE) CHANGES
Changes were announced last week for HARP II (Home Affordable Refinance). I am including a link to the FannieMae website. It details the changes and has a Q&A section that is worth bookmarking. Many of us will need to refer to it frequently.
How will the HARP II changes affect those seeking to refinance a home mortgage?  
There are several changes, some won't go into effect right away, and as always, it will vary somewhat from lender to lender.
For instance, a big change is lifting the limit on the LTV (loan to value) … (0 comments)

What Will The 2012 Northern Kentucky Real Estate Market Look Like? - 12/01/11 05:19 PM
What Will The 2012 Northern Kentucky Real Estate Market Look Like?
 
It is that time of year when Realtors and Mortgage Loan Originators begin planning for the 2012 real estate market. We'll take time to analyze our results for this year, measure that against projections and attempt to come up with a plan for 2012.
For many 2011 is turning out much worse than 2010. The reasons are varied. We've seen many changes in the lending industry this year. It has been difficult for us to conduct business with constant changes. The biggest difference in closed loans is two fold. … (0 comments)