Do Credit Card Companies Have Us Over a Barrel?

Do the credit card companies have us over a barrel? Guess it depends on who you ask but I would more then likely say they do. Personally I just received a notice from one of my companies "Chase", who stated that my current rate was going to double by the next two months. I had a certain amount of time to respond to the notice to keep the rate the same however if I did state to them that I wanted to same rate I could keep it. There was however one stipulation..... that they would have to cancel my account. Now does this make sense? This isn't the only instance of credit card procedures I have heard of that sound so asinine. Some companies are closing credit all together, reducing lines, hiking rate, imposing additional fees if late etc. etc. Some in congress are trying to battle these practices however I'm so confused on the whole matter due to the fact that these banks who are hiking our rates are the ones who just got bailout money from the government. It certainly seems like something should be done. Below is the article about credit card companies and the new rules.
http://www.cnbc.com/id/30345999

Appraisals to Change

I just ran across an article that may be of importance to all you future homebuyers. As of May 1st, 2009 there will be new appraisal rules implemented by Fannie Mae and Freddie Mac. Due to oversight by the governing authorities mortgages brokers will no longer be able to select their own appraisers. Buyers will also have to pay for the appraisals upfront and by credit, debit or a transfer of funds. Many times during the home buying process you were able to pay for the appraisal at the time of closing as it would be added on to your closing statement. As things change due to all the government influence it is important to keep up with these things so you aren't caught off guard by things. There are a few ways to get around this new rule however and that is by going FHA rather then conventional. I have posted the article below so you can read up.
http://realtytimes.com/rtpages/20090420_washingtonreport.htm

Time for a New Roof?

Are you a current homeowner and want to increase the value of your home? Of course you do. What is one way you can do it? Well an article I came across today talks about a big buying bonus for purchasers and that buying bonus is a new roof. How do you know if you need a new roof other then if you have water coming through or can see daylight? The article talks about some of the benefits to replacing your roof even if it doesn't necessarily need replaced. Have you ever heard of keeping up with the Jones'?
http://realtytimes.com/rtpages/20090416_roofing.htm

Face to Face Service Centers

April 7, 2009
It looks as if some banks are starting to get it......at least part of it. In the article below Chase who is a major servicer of loans looks to be trying to reach out to their clients in terms of servicing their mortgage. We as realtors for at least the past year we have been hearing that people who have a mortgage have been unable to get in contact with their banks to work out the details of their loans, and when they did the bank was unwilling to change the loan terms. So essentially it was two problems you had to deal with when trying to redo your loan. Now Chase has decided they are going to try to come to you by opening loan centers in some of their banks located around the country. I think this is a good idea however you are probably still going to have trouble changing the loan. Access is only one part of the problem but I can say they are trying. I will be interested to see how things continue to progress over the coming months. Take a look below for futher information. Chase to Open Loan Service Centers!
http://money.cnn.com/2009/04/02/news/economy/chase_centers/index.htm?postversion=2009040216

Interest Rates at All Time Record Lows

April 3, 2009
Well rates for 30 year fixed mortgages continue to fall at alarming rates and are now at all time record levels. I have posted a great article below and you can always check out the current rates at www.bankrate.com which is a great site. As you know it's Friday so I like to take a look at interest rates and as stated they just continue to amaze me. Please keep in mind though that now unlike in the past there is significant documentation and credit checks etc. that need to be completed to lock in one of these rates but they are out there and for people who have good credit, bank statements etc. it's a terrific time. If you read in the article the lenders are stating that it is the perfect storm for buyers with low rates and government incentives coming into play. It's also a good time for current owners who again want to refinance. Until next week...... Have a great weekend.
http://www.bankrate.com/finance/mortgages/mortgage-rates-drop-to-record-low.aspx

Rates as Low as Two Percent!

April 2, 2009
I came across an article today that made my mouth almost hit the floor. The link is pasted below, but it stated that some people may see interest rates as low at 2%. I couldn't believe it when I saw it but then I began to read further that it is for people who qualify for the "Making Home Affordable" (MHA) initiative under the new housing stimulus package. I then thought well hey I have a home do I qualify for that, so I looked up another link that shows if you qualify or not. I have not yet completed everything to see if I do qualify but apparently 3 to 4 million people will and it's possible that you or I could be one of them. No matter whether we qualify or not it looks like there is some serious help out there for people who really do need it. I also know that these types of programs cause others to hit the roof as they are on time with their mortgages and wonder why they can't get help too. At this point with the economic situation, giving help to some is going to eventually help everyone. I know that there are critics out there as I have heard and talked with many of them but we need to start somewhere. I'm sure there are other things to come but this looks like a promising initiative for some of the home owners who need help. Click on the following links to read the article and then see if you qualify.
http://realtytimes.com/rtpages/20090402_ustreasury.htm

http://www.makinghomeaffordable.gov/

Housing Affordability at Record Lows!

April 1, 2009
It's April Fool's Day! Today is a day of trickery, practical jokes and fun from coworkers and friends and I have done my fair share over the years, so be cautious of weird request or suggestions from those closest to you today. One thing that doesn't seem like a joke is the uptick in the recent activity. I can tell you honestly that my business has picked up quite a bit in the last month or so and although it is spring time here in the Northern VA/DC area it is still a little bit busier than in years past. I believe the media and everyone else is beginning to recognize this fact as well as there are starting to be some positive reports. Now while we all aren't jumping out of our seats there has been a dramatic change from the doom and gloom news to some positive stories. One of these stories I have posted below which just came out this morning. It shows that new records have been set in housing affordability and that business in February concerning resales statistics had terrific gains. While some of this is regional, I do believe from talking with my clients and other realtors that some of the stimulus incentives, records low rates, and various other factors such as the affordability are starting to change the dynamics of the market. I'll continue to keep you updated but this is all moving in the right direction for home sellers and may mean that things are bottoming out which shows that buyers might be getting the best deals that they are going to get for a while.
http://www.realtor.org/press_room/news_releases/2009/04/phs_gain