Where Has The Time Gone!

Has really been a month since I last wrote in this blog?

So much for my New Year's resolution! What happened? It's a combo excuse. Busy, busy and computer issues.

I know. This blog takes 20 minutes to write. And that's once a week.

But sometimes the combination of busy, busy and computer issues helps turn days behind into weeks behind and now the official One Month Behind.

Well it stops here. Let catch up and get back on schedule.

The mortgage process is getting slower and more complicated. Lenders are terribly backed up and there is no relief in sight. There is no such thing as a fast deal and everything needs to be closed at the end of the month when it's crazy busy. It seems that we are jumping through more and more hoops all the time to get deals closed.

However, mortgage rates are still on the low side. And if you are a first time buyer, you could be eligible for a tax credit up to $8000. There even was talk of being able to use the tax credit at the closing table (instead of waiting to get it on the next year's tax refund) where is really needed but HUD put that idea on hold for now.

There are also some good refinance programs out there that may give some homeowners some welcome relief on their monthly mortgage payment.

But most homeowners owe a lot more than the current value of their home, so help is limited. And with Detroit area reliant on the automobile industry, the prospect of economic recovery here is not very bright. The ripple effect of plant closing and layoffs probably will be felt for years to come.

So we dig in and wait it out.

What we are waiting for I'm not quite sure.

But I guess we don't have a choice.

We'll catch up more next time.

If you have any comments on this article, I would love to hear what you have to say!

Feel free to comment below. Thanks for reading!

Dan Tenchall
Great Lakes Mortgage Funding

For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!

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(586) 532-0600

dan@glmf.com