The Securities and Exchange Commission (SEC) have filed fraud charges against the top ex-executives of Fannie Mae and Freddie Mac. This has been an ongoing investigation since 2008 and charges have finally been filed in New York City. Will this latest in charges go the way some of the others following the 2008 financial crisis? [...]
There are a lot of things that goes on behind the scenes when you get approved for a home mortgage loan. So many details are involved and one of them is access to an amortization schedule. An amortization schedule is a form that shows how each of your payments are broken down and lists how [...]
Bank Of America is trialling a ‘cash for keys’ program in Florida that promises payments of up to $20,000 for struggling home owners to enter the short sale market. In the past, lenders have been reluctant to discuss short sales, however, with so much REO stock on hand, lenders are now moving towards the short [...]
With low interest rates and homes selling for very low prices, there are many home buyers who patting themselves on the back for getting a great bargain. If you are one of these people, what are you going to do with any spare cash? Historically, the wise choice was to put that extra money into [...]
If you are in the process of looking to buy a new home, prepare yourself for some interest rate shocks. That will be one of the first effects you’ll feel if Congress fails to reach any sort of agreement on extending the national debt limit. While an increase in interest rates will hurt, and it [...]
If you’re in the market to buy a home, then one of the best moves you can make is to get mortgage pre-approval – in writing. Sellers are far more willing to negotiate with buyers that have that pre-approval letter because the funding arrangements are reasonably secure. Without pre-approval, sellers (at least their real estate [...]
When financing a condo in Maryland, it is imperative to include in your mortgage repayment figures the cost of any monthly maintenance expenditures. This is true whether it’s a condo in Baltimore, a condo in Hagerstown or a condo in Silver Spring. This sounds like common sense, doesn’t it? But the number of times Maryland purchasers [...]
As home values have fallen, getting a home equity line of credit, or HELOC, has become nearly impossible in many markets. Instead, a personal line of credit might be the route to getting your hands on some extra cash. Unlike a HELOC, a personal line of credit is an unsecured loan, meaning you don’t have [...]
So, you plan to refinance with another lender? When you do, expect to pay at least a day or two of overlapping interest on both loans. No one is cheating you; it’s simply the way the system works. Lenders try to shorten the period that you pay overlapping interest. They boil their policy down to [...]
Refinancing is basically taking out a whole new mortgage at the currently prevailing interest rates. Since you have already built up equity in your home you can take out the new mortgage for more than you still owe and use the extra cash for other purposes like home improvements. During times of falling interest rates, [...]
In order to obtain anything, whether it is a mortgage, a credit card or any item that requires a look up of your credit, your credit score plays a huge role. This credit score, which derives from good and bad points in your credit reports, is the single most important factor in obtaining a mortgage [...]
Everyone who owns a home or property gets to pay property taxes. Most people make monthly payments to a mortgage company to hold in an escrow account until they are due. “Isn’t that nice service for my mortgage company to provide?” you might ask. Well, answer this question then. Who is earning the interest on [...]
Condos are popular with young couples and retirees, particularly those close to the city centers. Maryland is no different, although at present there is somewhat of an oversupply of condos in Maryland and while some can be purchased cheaply there are some traps to watch out for. Economic downturns hit everyone and people deal with [...]
Whether you are buying residential or commercial real estate there is one important consideration, knowing your limitations before you start to negotiate. All too often someone will start to negotiate on a home, for example, knowing full well that renovations and repairs will be required, some fairly soon, yet also knowing that they are at [...]
One area of home financing that can be a trap for the unwary is that of discount points. When financing your home you will most likely be using a finance provider and borrowing through a mortgage arrangement. Finance providers charge an annual interest rate on your mortgage with the interest and principle amortized over the [...]
