Whether you’re thinking about buying and financing a condo or maybe you’ve got your eye on a home located in an area governed by a Homeowners Association, or HOA, beyond considerations such as price, location and other buying factors you need to know what you’re getting into. When buying real estate in what is referred … Continue reading Why You Should Read the HOA Docs Before Making an Offer
Did you know, young buyers are more qualified today than their parents were, and here's what to know! Money is half the cost for Millennials than it was for their parents. A $50,000 loan then is the same cost per month as a $100,000 loan now (simple math on lower rates). Also, the percentage of … Continue reading Millennials and Money – Cheap Rates under Higher Income
The Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) promise to change how banks present disclosure materials on August 1, 2015. Prepare your loan officers and bankers with the following sample forms, FAQ sheets, webinars and other resources designed specifically to help bank officials meet compliancy by the August 1 deadline. … Continue reading Integrated Disclosure Rule: TILA & RESPA Updates
When you want to own your own home but don’t have the capital required to do so, a mortgage is your best option. A mortgage is a type of loan that allows you to have your own home and thus be a homeowner. After being approved for a mortgage, the homeowner slowly pays off the … Continue reading How Mortgages Work
Having an experienced mortgage loan officer in your database can be a lifesaver. If you haven’t yet had an experience where an experienced loan officer seemed to pull a rabbit out of a hat and saved a deal that was dead, you will one day. Good loan officers know at the outset whether someone can … Continue reading Loan Officer Privacy Laws
What it means to be pitched Par Rate. The definition of 'Par Rate' when dealing with a residential mortgage is the base interest rate you qualify for relative to all of the following factors: fico credit rating, down payment percentage amount, type of home (single family, condo, townhouse, etc.), type of mortgage product (fixed vs. … Continue reading What Are Par Rate Mortgages?
If you’ve been thinking about refinancing your mortgage or are preparing to buy a home, you may or may not have heard about the new mortgage rules that took effect January 10 of this year. In 2010, as a response to the housing crisis of the last decade, Congress wrote the Dodd-Frank Wall Street Reform … Continue reading The Qualified Mortgage: What Is It?
Just in time for buying and selling season to settle down slightly, we predict mortgage rates to be (drum roll, please)…about the same as they are now. Yes, mortgage rates in general will be on a steady pace for the next couple months and they will appear to be stuck in this range for … Continue reading 2013 Mortgage Rate Predictions
You remember that nice couple just a few years ago that wanted to buy home but their lender declined them? Did they tell you the lender said they just didn’t yet make enough money to qualify for the type of home they wanted and decided to wait until they earned more? Sure you do, everyone … Continue reading The Golden Oldies: Interest Rates
Everyone likes to know what the future will bring. There’s a certain comfort in predictability. Sure, an adventure of any sort can get be exciting but certain things shouldn’t be left to chance. For example, if you want to take a trip somewhere that you’ve never been, don’t you want a map/plan? At least directions … Continue reading The Clear Path