These Happy go Lucky characters are Dodd/ Frank
Let me be Frank and Help You Dodge a Bullet. The next thing to be repealed by Donald Trump is Dodd/Frank.
For those of you who do not know Dodd/Frank is a 2,300 page document that was inacted into law when we had the financial crisis. The Dodd/Frank Bill was a reaction to the melt down in the financial markets and the housing market.
If Dodd/Frank is repealed by Donald Trump in an Executive Action then I suspect the following will happen:
- Banks will come up with new mortgage products and qualify more buyers for loans
- More buyers will pay more for a mortgage because interest rates will be higher
- Banks will make more Money
- Home Prices will be Higher
- More people will start to find it difficult to make their monthly mortgage payments
- More Banks Foreclosures
Let me be Frank and Help You Dodge a Bullet!
- If you are a First Time Home Buyer please make sure you have a good job, good credit, good downpayment and plan to stay in your new home for at least 15 years.
- Make sure your mortgage does not exceed 28% of your Gross Monthly Income
- Make sure your Debt to Income Ration does not exceed 36% of your Gross Montly Income
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