How Large of a Down Payment Should I Make on My Home Purchase?
The Numbers vs Emotion argument… Meet Marcus and Kelly – they are a young couple, selling their home and buying a new one. Being that it’s a seller’s market, Marcus and Kelly will do very well and walk with $100,000 from their sale. So, what do they do with the money? Do they put […]
Why a Renovation Mortgage Could be Perfect for Your Purchase
Numbers you should remember: $110k, $50k and $220k In this 2017, inventory challenged market, a renovation mortgage is becoming more and more of an option for you to turn an ordinary house into the home of your dreams. What is a Renovation Mortgage? Simply (as possible) put, a renovation mortgage is a transaction where you […]
Buying a Home for less per Month than your Rent by the Numbers
This statement always raises an eyebrow…or 10, when I say in this market, with just a moderate down payment, you can buy a home for less than what you pay in rent. This is how it comes out by the numbers: Let’s take a $175,000 house in this market, assuming a 5% down payment. […]
Mortgage rates dropped all of April, what happened?
Ever since the November presidential election, we heard all of the catchy phrases which meant mortgage rates are going up… “Trump Bump”, “Trump Trade”. The benchmark, 10 year US Treasury yield has moved from 1.78% pre-election to as high as 2.60% in less than 4 months. http://data.cnbc.com/quotes/US10Y Then, April came… Now fears of the “Trump […]
I Didn’t get the Cash Out I Wanted on My Mortgage Refinance, What can I do?
So those borrowers who would like to refinance and pull “Cash Out” of your home but were turned down or told the home didn’t appraise for enough, there are some options which you can do fairly quickly to change your outcome. 1. Increase your credit score. Often, lenders have a limitation on how much cash […]
The Fed Raised Rates….Why Did Mortgage Rates Drop?
The U.S. Federal Reserve raised its key, Federal Reserve Funds Rate (Fed Funds) .25% on Monday, March 13th, 2017 for the second time this year, citing economic growth, job gains and confidence. Then the mortgage market did something odd. Mortgage rates dropped. The yield on the 10 year US treasury peaked at 2.60% the day […]
Tips for Picking a Real Estate Agent — Part II
Before Picking a Real Estate Agent In “Tips for Picking a Real Estate Agent — Part I,” we discussed the importance of doing your homework. Before you pick a real estate agent it helps to obtain a list of what they’ve listed and sold the past twelve months, to verify licensing and disciplinary action with […]
Tips for Picking a Real Estate Agent — Part I
How to Pick a Real Estate Agent One of the most challenging parts of buying or selling a home is picking a good real estate agent. How do you know who’s good and who’s not? Can you rely on word of mouth or should youdo some investigating of your own? Whether you’re a buyer or […]
When the Going Gets Tough the Tough Buy HUD Homes – Part 2
In “When the Going Gets Tough the Tough Buy HUD Homes – Part I,” we discussed why it’s important to work with a real estate agent when it comes to purchasing a HUD home, programs that are often available to help you save money on closing costs and why owner occupant buyers have an advantage […]
When the Going Gets Tough the Tough Buy HUD Homes – Part 1
When first time homebuyers start their search for a new home many are hesitant to consider looking at HUD homes because they are under the misconception that such properties aren’tworth as much because they are located in blighted areas. This isn’t always true. The current housing market is flooded with HUD government foreclosures in areas […]