Buckeye
Thinks s/he gets paid by the post
I'll bet they extend it because the economy still sucks and the fed will need the housing market to recover before the economy makes any kind of good upward ticks. My son just closed on his house in Naples, FL. and he said it was a nightmare dealing with the bank/mortgage company. After the closing was finalized, my son had a conversation with the loan dept mgr who disclosed to him that he was lucky to get the loan when he did as banks in general just aren't interested in lending money right now.
Reminded him about the $8000 tax break but he informs me he won't get that much because his salary is too high. He estimates $5500-$6000.
The tax break is reduced if you make over $72k. Think that was the number.
Best wishes on your upcoming closing.
We must be really lucky out here in the cornfields. Our refi went through in less than 30 days and the kids went to the credit union 2 weeks ago with the sales contract so the deal will take a total of 4 weeks. I think the deal for their house took a total of 5 weeks but their buyers were waiting for some special grant money from the state of OH.
Money being lent left and right out here.