The House Passes H.R. 3915: The Mortgage Reform Bill!

Some interesting news that will impact the mortgage industry.

"On Thursday, by a vote of 291-127, the House passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, sponsored by Representative Brad Miller. The bill would enact standards on mortgage brokers, lenders, and Wall Street companies. Brokers and lenders would be responsible for guaranteeing that borrowers will be able to repay "adjustable rate" mortgages that will reset to higher payments in the future. They would also have to show that refinancing is to the borrower's advantage. Mortgage brokers and loan officers would have to be licensed and registered with the government."

EBA Gives Good Advice: When NOT to Buy Real Estate

The Internet is full of real estate articles and blogs that say "now is the time to buy," but here is one blog entry that explains when it would not be a good time to buy. The message in this article carries a lot of merit, because part of a successful real estate purchase is knowing not only when to buy, but also when not to buy. The blog entry is by Exclusive Buyers Realty in San Antonio.

While it is true that we are in the midst of a buyer's market, it does not mean that every buyer is in a position to purchase a home, or invest in property. A few of the reasons given by Exclusive Buyers Realty include changing jobs, having low credit scores, or relocating to an area without being familiar with the communities in the area. This blog is a refreshing change of pace, and it is well worth the read. Enjoy!