If you experienced the distressed sale of a home but now you have your credit and finances back in order, you may still be asking the question “How long do I have to wait to qualify for another mortgage.” Based on when you experienced your distressed sale, the length of time will differ. Each different […]
If you are in the market to buy a home and find one that checks off most of your “must-haves” list, you may want to go ahead with the purchase. First-time home buyers can be at a disadvantage since they put most of their available cash into a down payment and closing costs. This forces […]
Freddie Mac predicted it and it is happening. We are past the first quarter of 2018 and the 30-year fixed rate mortgage is going up. The rates will exceed the 5 percent, if this pace continues, by the end of this year. The first of an expected three raises in rates by the Fed has […]
Concerned buyers who were unsure about the new tax laws that affect home ownership can breathe a sigh of relief. The 2017 Tax Cut and Jobs Act which was passed by Congress and signed into law treats real estate as a favored investment. Tax laws are in place whether you are living in the home […]
Back in 1968, mortgage rates were 8.5 percent. Then the following year, rates dropped to 7 percent. Homebuyers were able to buy a 15 to 20 percent larger home with the same payment if they could get their mortgage assumed. Back then FHA and VA mortgages were very popular for certain price ranges and these […]
Some potential home buyers determine which agent they will use when they start looking for their dream home. They believe that finding the home is the most critical part. While finding a home is critical, the most important part is getting good representation. Finding the right agent requires more skills then just being the agent […]
Private mortgage insurance is usually required on mortgage loans for more than 80 percent loan-to-value. If a borrower defaults on their loan, mortgage insurance will reimburse the lender. You need to be aware that when certain conditions have been met, expensive PMI can be removed. When your mortgage balance has reached 80 percent of your […]
A sector of the market that is not necessarily being met by other loan programs is being served by FHA insured mortgages. Buyers would love to secure a conventional 80 percent mortgage without mortgage insurance and get the lowest cost of financing possible, but if they can’t put down 20 percent then it isn’t really […]
Considering refinancing? Buying a new home? It maybe worth discussing a 15-year loan instead of a traditional 30-year mortgage. Monthly payments will be higher but your interest rate will be lower and your equity will climb faster. Below I have provided an example for comparison on a $300,000 mortgage with two terms. One 30-year term […]
FHA and the VA began requiring buyers to qualify to assume mortgages in the late 80’s. Business on assumed mortgages has been down over the last 25 years due to low interest rates. If you need to qualify most people would qualify for a new loan with a chance at a lower rate rather than […]
