Since current interest rates are low, now could be a good time to refinance your home in order to lower your mortgage payment. A lot of people are realizing that getting the mortgage paid off is the best way to put money in your pocket in the long. Of course, paying anything off early means [...]
Reverse mortgages are still an option for those that are 62 years old and older to be able to keep their home instead of having to sell it. The Federal Housing Administration is keeping the reverse mortgage option alive even after Wells Fargo and Bank of America have bowed out of that line of mortgages. [...]
Today’s economy is not a bowl of cherries. The nation has suffered a severe hardship the last few years and we are not out of the woods yet. Did you know that home prices have dropped more in this current depression than they did during the Great Depression of the 1930′s. That is staggering. This [...]
The past few years have been an absolute nightmare on many people’s finances and investments. Literally thousands of people lost their homes through foreclosure. And, as everyone knows, a foreclosure is a huge black mark on your credit scores. But, it is not as bad as it seems in today’s market. Some lenders are realizing [...]
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 [...]
When you decide to purchase a home, a lot of people think alright, I have the money for a down payment, my credit score is good, so let’s buy a house. It can be that simple but…… There are other things involved in buying a home that most people do not consider. This is points, [...]
Many homes are available for sale in the Washington DC, Maryland area due to the housing crisis. Trying to obtain a loan to purchase a new home is a little more strict than it used to be but it’s still certainly possible. The first step in the process is getting pre-approved. This means the lender [...]
Real estate in the Washington DC area can be quite expensive. It can sometimes be overwhelming to think of a large mortgage payment every month for 30 years. Or, even 20 years. It is still a better choice to buy but it does make good sense to try to get the mortgage paid off as [...]
Buying a home can be a nerve-wrecking time. However, once you have done the hard yards and reached settlement stage, the waiting can seem to go forever. Never fear, that settlement day will quickly arrive – sometimes, too quickly if you haven’t prepared. Settlement day involves one very important process – the exchange of the [...]
Are closing costs keeping you from refinancing a mortgage? If so, a no-closing-cost mortgage may be for you. With this type of mortgage, you won’t need to pay thousands of dollars in upfront fees. Sounds too good to be true, doesn’t it? Of course, nothing is free. And in this case, the trade-off for waiving [...]
Home buyers need a good strategy if they plan to buy a house, save for a mortgage, and not have to live only paycheck to paycheck. If your goal is to buy a home, whether your first or your tenth, then that needs to be your financial priority. Most people need to sacrifice a little [...]
To spend less on your mortgage payment each month, the best option might be to refinance your home loan into one with a lower mortgage interest rate. By shaving even one point off your current interest rate, you could save $150 or more each month depending on the amount of your mortgage loan. But to [...]
Be smart with your equity. Though they’re less widely available in a soft housing market, home equity lines of credit are still a valuable tool for homeowners who can get them. Home owners will need to have a lot of equity in their home and will typically be able to borrow against 70 percent to [...]
All debt is not created equal. While financial advisers almost reflexively urge consumers to avoid carrying credit card balances from month to month and to go easy on boat loans, car loans, and other forms of debt, they usually make an exception for a mortgage used to buy your home. A home mortgage is one [...]
Have you been looking for an investment opportunity in real estate in Virginia or other places? The REMIC (Real Estate Mortgage Investment Conduit) is an investment vehicle that uses a pool of mortgages to generate mortgage bonds. As an investor, you can do one of two things: you can hold onto the bonds or sell [...]
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 [...]
Have you been making offers on homes with little results? Are your offers not getting accepted? This can be especially bewildering if you learn later that the home sold for less than what you were willing to pay. The buoyant market of days past taught many home buyers to come in at more than the [...]
Twenty percent of, say, $300,000 is a lot of money to average people with average income. That’s $60,000! For many, that’s two years’ (or more) worth of paychecks! Today, many lenders offer little to no down payment incentives. So, why would you want to try and struggle to gain such a hefty sum if you [...]
How would one go about making a mortgage prepayment work? First, recognize that there’s a big advantage to getting your mortgage paid off. It frees up a sizeable amount each month that can be used for other things. Yes, it’s a big long-term goal. But, unlike some other distant goals, you don’t need to get [...]
Whether rates are high or low, whether it’s a buyer’s or a seller’s market, mortgage borrowers make the same mistakes over and over again. The lucky ones don’t suffer any consequences. Others endure hardships varying from having to brown-bag it every day at work because money is so tight, to losing the house to foreclosure. [...]
No, I don’t mean the arm that is attached to your shoulder. ARM refers to Adjustable Rate Mortgage, and often this type of mortgage seems like a saving grace to many home buyers. It is often the one option to someone with a modest financial income to actually become a homeowner. By enabling you to [...]
Should you pay discount points when you get a mortgage? To answer that question, you have to guess whether you’ll keep the mortgage past the break-even point – the time when your accumulated monthly savings exceed the amount you paid in points. Lenders say that a lot of customers – especially first-time home buyers – [...]
In the market for a new house? Follow these tips for some great advice: If you can’t commit to remaining in one place for at least a few years then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing [...]
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 [...]
Many years ago, young families were encouraged to start out with and buy a “starter home.” Today, more than half the population are home owners. The mentality now is that buying a house is the “American Dream.” Attitudes about how to buy a home have gone up and down as much as interest rates during [...]
If you’re thinking about declaring bankruptcy, but you have enough money for a down payment now or can lay your hands on it now, then be cautious. However, if you’re thinking about declaring bankruptcy because you’re flat broke, and you’re looking for a ray of hope, then the news is better. First, the warning. If [...]
If you are still early in the foreclosure, perhaps you just received notice from your lender that your home will be going to auction in a few months, then there is still time to possibly save it. Check out the following tips to see if any can help you in your situation. Sell the property: [...]
With interest rates dropping, many people are rushing to get new mortgages. But mortgage lenders warn there are still a lot of desperate lenders out there, so buyer beware. Don’t just call asking for rates. Ask questions, and find out what is the best deal. Make sure you get a referral on a mortgage lender [...]
