Mortgage Guide

eliasulmonte asked:

The American economy is driven first and foremost by consumer spending. Some think that this crisis will trickle down into the rest of the economy and snag businesses and people who have poor credit ratings and limit everyone’s ability to finance large purchases, thus hurting those who are selling those large purchases, thus… well, you can see the dominos… Also, the net worth of the average consumer is sliding as the value of his home corrects. Others believe that this is far smaller than past crises such as the S&L shakedown during the 80’s. The economy then barely burbed. Please give me your opinion, and more importantly, direct me to an interesting article on the subject.

Oh, and one more thing, New Jersey, your property taxes are atrocious, and I’m leaving your economy by the end of the year.

Question posted courtesy of: Francisco

Lee asked:

I have signed a mortgage in principal agreement with my mortgage advisor to get a mortgage which at the time was the best on the market. However, as it took about a month for the actual mortgage offer to arrive, the interest rate on the offer has increased, and would work out to cost us about £700 over the lifetime of the agreement. This is despite the mortgage advisor guarantee us upon signing the mortgage in principal agreement that the rate was then secured. What can I do about this and who can I complain to?

Question posted courtesy of: Jane

Todd asked:

I understand that when a mortgage is foreclosed the bank or lender holding the mortgage takes a beating. But I figure there must be some types of business that profit in this environment. Does somebody here know any?

Question posted courtesy of: Ana