It has been awhile since I've posted. I've been enjoying the summer and dealing with some personal events. But during this time, I have not stopped thinking about how to educate people about dealing with money in an intelligent manner.
I've also begun to consider whether I should by a home here in Iowa. I've come across a lot of information and I'd like to share it with you over the next few days.
The first thing I'd like to post here is this article from the Arizona Central. The article covers a problem occurring around the nation with inflated home appraisals. It points out a conflict of interest between the buyer and the mortgage lender. The lender wants to have a high home value, so that they can have you approved for the loan. This, of course, allows the borrower to borrow more. When the house is re-appraised, it can be disastrous to find that your home is worth less than you thought.
How do you remedy something like this? I would suggest having a different appraisal in addition to the bank's appraisal. If the values are close, then there probably isn't a problem. If there is a wide discrepancy, then something is wrong.
Wednesday, July 26, 2006
Quote of the Month
“A tax cut is really one of the anecdotes [sic] to coming out of an economic illness.”
--George W. Bush
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