The Phaserl


The Chaos That is Called Real Estate

by Ramsey Su,

My lender, Bank of America, called and offered to refinance my mortgage. My rate is now lowered by 1.5%. They told me that I will be saving approximately $1000 per month, not mentioning that the “savings” came from adding 5 years to my term. My true savings, that is if I amortize the new loan over the remaining term of my old loan, is $130 per month. As for the other minor details, my FICO is over 800, the loan to value is under 30%, my debt to income ratio is unknown, because they really did not even fill out a fully completed loan application. The loan was approved within days, after submitting only four sheets of paper via fax.

So much for all the cumbersome application processes and stringent underwriting standards that I was told about. My refinance required even less documentation than it would have back in the sub-prime days. Why is it so easy? Is it because I have such a pristine credit history? NO. It is because their “computer printout” said that my loan was sold to Freddie and the loan qualifies for a fast track MHA (Making Home Affordable) refinance.

What is Making Home Affordable?

Read More @

Help us spread the ANTIDOTE to corporate propaganda.

Please follow SGT Report on Twitter & help share the message.

3 comments to The Chaos That is Called Real Estate

  • Frank Zak

    In 1989 in California, within a few years, real estate
    droppped 50% to 60%. Houses in CA never got as bad this
    time in the major cities with the latest crash. In 1989
    it happenned much faster. Only the suburbs got as bad this

    This time it hit the whole country, but we in CA went
    through this before.

    You must time real estate like everything else.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>