Marc's Mortgage Matter's

Because I listen to 880CBS in the AM quite often - I was surprised and baffled by what you know who mentioned in the business report this morning; that rates are lowest since 1960 and it's 4.5% plus it'll save you 250 bucks! Gasp!

Ok so where the heck has this rather famous voice gotten his info from? The comic books or the toddler section on Sesame Street? Did he mention to "score" that rate, if at all possible one needs to have a score of 800, 50% equity in said property, income of $250,000/year, and size XS briefs?

Nor did he mention how many points that will "cost"! A point is 1% of the loan amount paid at the closing as part of closing costs.

Give me a break! This is what confuses borrowers as its an outright lie. Unless management tells him what to say to protect the nefarious lenders that advertise belch and squeal rates are low and never follow thru with anything or are clueless.

Thank goodness many of us need to get licensed now by the Banking Dept under the S.A.F.E. act.  Be advised most employees of major lenders (like BOA and Chase) do NOT have to be licensed, yet! What an utter sham.

I lost some more respect this morning.

For other recent STUFF see below for Sunday morning - Have a great Week :)