Government Shutdown Causing Interest Rates to Go Up or Down?

October 4, 2013 by · Leave a Comment

Interestingly enough, mortgage interest rates have continued their downward trend this past week, especially the past few days.  This is basically a flight to quality event due to the Stock Market selling off.  It could reverse itself in two weeks as we get closer to the biggest issue, possible default of our National debt. Though […]

Be a Power Agent in 2013

February 2, 2013 by · Leave a Comment

I want you to make more money than ever before this year!  We all know that we should have an annual business plan written and ready for implementation by the end of December.   Just in case you forgot – procrastinated – or did not have a good format, I have attached a copy of […]

Any Real Estate Benefits from Fiscal Cliff Deal ?

January 2, 2013 by · Leave a Comment

For the most part the Fiscal Cliff solution passed last night by Congress patched a few important issues and then punted the incredibly important long term issues two months down the road. The Real Estate community did benefit from the bill’s final passage in three important areas as follows: 1.  No change to the mortgage interest […]

Seven Things Your Agent Should Know About Your Mortgage Approval

April 1, 2010 by · Leave a Comment

While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA […]

Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?

April 1, 2010 by · Leave a Comment

Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer?  Regardless of the motivation for keeping one property while purchasing […]

What Do Appraisers Look For When Determining A Property’s Value?

March 29, 2010 by · Leave a Comment

Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property. A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection. However, the appraiser actually already has a good idea of the […]

Where Does My Earnest Money Go?

March 28, 2010 by · Leave a Comment

Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. According to Wikipedia: Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a […]

Renting vs Buying A Home

March 28, 2010 by · Leave a Comment

Buying a home versus renting is a big decision that takes careful consideration. While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on emotion. Yes, there are some tax advantages of owning real estate, as well as the […]

What Does Title Insurance Protect Me From?

March 28, 2010 by · Leave a Comment

By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged. Many different occurrences can come into play to warrant the need for title insurance. The title company responsible will then take on the legal expenses to defend the property […]

Understanding the FHA Mortgage Insurance Premium (MIP)

March 28, 2010 by · Leave a Comment

* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1.  Up Front Mortgage Insurance Premium (UFMIP) – financed into […]

First-Time Home Buyer Credit Checklist

March 28, 2010 by · Leave a Comment

Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps. Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process: DO: Continue […]

Should I Refinance or Get a HELOC For Home Improvements?

March 28, 2010 by · Leave a Comment

For homeowners interested in making some property improvements without tapping into their savings or investment accounts, the two main options are to either take out a Home Equity Line of Credit (HELOC), or do a cash-out refinance. According To Wikipedia: A home equity line of credit is a loan in which the lender agrees to […]

Calculating The Net Benefit Of A Refinance Transaction

March 28, 2010 by · Leave a Comment

Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate. Although there are several reasons to refinance, lowering your mortgage rate to save on interest payments over […]

Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices

March 28, 2010 by · Leave a Comment

Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street? It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer. The distinction lies in the purpose of the two valuations […]

Making Sure Your Cash-To-Close Comes From The Proper Source

March 28, 2010 by · Leave a Comment

Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the […]

Talk the Talk – Know the Mortgage Lingo at Closing

March 28, 2010 by · Leave a Comment

What the heck are they talking about? Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek. Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that […]

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