Appraisal Under Scrutiny

Click on the title to link. Our poor intentioned, poor planning government has so screwed up the appraisal process for loans it should be a case study in college of what not to do (any questions about where we stand on this issue?). They revamped the appraisal process to "protect the consumer" from over inflated appraisals. Instead it has:

1. Driven up the costs for appraisal because competition is over.
2. Caused appraisals to come in under value because the appraisers are so scared of the lenders over analyzing their work and not giving them move orders.
3. Made it so that you, the consumer, can no longer get at least a "feel" for what your house may appraise before dropping 500 bones.

The current appraisal system is the poster child for anti-government interference.

More Closing Cost Info (this time good)

Click on the title to link. Although closing costs are up 37% from last year, New Mexico ranks 33 out of 50 for loan closing costs. That is a good thing. Not too many other states are lower than the Land of Enchantment.