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Baker Mortgage

Dean Baker on Bogus Mortgage Settlement

Feb. 9, 2012 - Full of sound and fury, signifying another back door bailout. Dean Baker sets the story straight on BBC World News.

Sell Your Home And Buy Another | Sellers More Willing To Work With You [INFOGRAPHIC]

Sell your home and buy another—with the right planning

A home sale contingency  allows you to  sell your home and buy another . It makes things easier for a repeat buyer looking to move on to a second or subsequent home.

Problem is, no seller is crazy about that contingency. In recent years, it was harder to get sellers to agree to this. It’s rather risky for the seller to count on you selling your home before they can sell theirs.

In a seller’s market, the seller is in the driver’s seat. They might pass on a contingent offer and accept an offer from a first-time home buyer who didn’t need to sell a home to buy one.

But new data show that sellers may be more willing to work with buyers who have a home to sell.

If you want to sell your home and buy another, explore your options. Consult with a real estate agent and learn how a home sale contingency works. With enough advance planning, your timing could be good and you may unload your own home quicker than you think.

Top producers work on educating clients about the mortgage process

Among the questions National Mortgage News posed to applicants for this year's Top Producers program was one seeking to identify the biggest misconceptions clients had about the mortgage process and the steps the loan officers were taking to address those.

The responses made clear it is important to grasp the customer’s understanding of the process. Many come in without much information or are operating under misguided expectations about how the process will work.

"I believe most buyers start the process scared and worried it will be a bad experience," said Stephen Novotny, a loan officer for Willamette Valley Bank in Coeur d'Alene, Idaho. "The mortgage process for a buyer can be a fun experience as long as you provide them with the tools and service."

Mass marketing of online mortgage products is fueling some wrong ideas about the process, some participants said. For example, some expect that applying for a mortgage "is as simple as clicking a button," said Robby Oakes, managing director of Corporate Investors Mortgage Group in Chapel Hill, N.C. "We have to educate buyers that our industry advertising is very misleading to the actual process. Setting proper expectations is key."

Is the banking/mortgage meltdown the goverment's fault to begin with?

Does this crisis show the failure of capitalism? Or does it show the failure and arrogance of government meddling? Is it possible that ONE MAN is responsible?

This is really oversimplified. The US doesn't have a purely capitalist economy. It has a mixed economy that combines elements of a free market economy and a socialized economy.

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