As crazy as it may sound, deposits are causing some problems with loan approval in this time of more stringent guidelines for mortgage loans. Whether it's here in the Beach Areas or anywhere else, the story's the same... Having the funds in your bank account isn't enough anymore. In fact, having the funds for closing in your bank account isn't enough any more. In fact, sometimes having reserve funds in your bank account isn't even enough any more. It's true. Lenders are scrutinizing bank statements like never before...especially any deposits outside of your normal paycheck deposits. There is a … (2 comments)
money: How Is Your Mental Accounting?
- 04/18/11 01:38 AM
The foreclosure situation of the past few years has some people taking inventory of how they're handling their finances like never before. Have you thought about how you spend your money? Have you thought about how you spend some money as opposed to how you spend othermoney? I saw a great article by Tara-Nicholle Nelson that makes some great points about how we spend our money and how that has contributed greatly to today's economy. A mindset was created where people thought they had money when they didn't...and borrowed against it. It's what Nelson calls "mental accounting," which is how we each intuitively look … (3 comments)
money: Annie Says: Waiting Only Leads To Fear...And High Blood Pressure
- 03/16/11 04:27 AM
I saw an article a couple of days ago on CNNMoney.com that really made me bristle. It concerned the reports and predictions of an industry bubble-spotter and said, among other things: Home prices are near their post-bust lows. The government reported that January saw a double-digit dip new home sales Robert Shiller, co-founder of the S&P/Case-Shiller home price indexes, said “There's a substantial risk of home prices falling another 15%, 20% or 25%.” Home sales dipped in January, home-prices are near post-bust lows and could go down another 25% and the solution the article's author comes up with is... Wait. Just … (0 comments)
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