In active/hot markets buyers are advised by their agents to commit to how much cash they can pay over appraisal/loan amount.  

And I certainly believe in most cases we should not let our fears dictate our actions, as this most often leads to inaction.  

After that, I support and coach on an as needed basis for up to 12 months, or longer if the student is really active and stays in action.

Any in-ground tanks (active or inactive)2.

Any excess proceeds above what is owed from the borrower to the lien holder pays down the lien holder in action, then the other lien holders in succession and then pays the borrower any remaining funds.

Inaction while trying to time a market “correction” is a fool’s errand.

Might as well put your money into something you'd like to be in actively someday.

@Michael Gardner  there Is usury for any loans at 50k and under.. so be careful there.I don't believe federal law trumps state law.I am a licensed mortgage banker in Oregon.. you can look me up on NMLS  however I am inactive but I have had a pretty long run in Oregon lending money all over the country.Its all state laws.. the only thing federal would come into play is if your doing owner occ stuff.the only thing you need for a loan that is regulated by the state in your file is   One signed application  two notice not to share credit signed.. and one other small disclosure form.. that's it.State of Oregon comes in and audits us every 2 to 3 years.. 

If I didn't see this in action every day I would have my doubts too.  

@Bhavin Palan you are correct that yellen failed to normalize and tighten when she should have (and everything you said RE the consequences of her inactions are true as well) but bernanke certainly needed to remain dovish to get the economy back on its footing.