mortgages: Will FHA change their loans and hurt the Real Estate Market? - 12/14/09 08:55 PM
FHA loans have become very common with today's borrowers. Gone are the days of 0% down or 5% down conventional loans. Now for a conventional loan you need 10% or 20%; especially if you are buying a condo in the city!
Well in markets like Washington DC; where we see 1 … (4 comments)
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mortgages: Extension of temporary loan cap - 08/01/09 12:56 PM
The House Appropriations Committee approved a bill to extend the temporary conforming loan limits in high-cost housing markets through the end of September 2010.
A conforming loan is one that meets the standards of loan guidelines of Freddie Mac and Fannie Mae. Right now the conforming loan limit in certain high-cost areas of the … (0 comments)
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mortgages: Changes to FHA Loans - 02/12/09 03:51 PM
Questions regarding FHA guideline Changes.
Hope this helps answers some of the questions:
Maximum loan limit is $625,500 (Maximum loan amount varies by County)
* keep in mind the rate is slightly higher for loan amounts between $417,001 and $625,000 and be VERY careful as some Counties have much … (0 comments)
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mortgages: Ameridream & Nehemiah Going away.... - 08/22/08 11:24 AM
While Congress could still change this; as the way things stand currently; the Nehemiah and Ameridream programs will be going away at the end of September.
What are these programs and how do they help home buyers?
Basically it works like this: A Home Buyer only has a limited amount of … (5 comments)
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mortgages: Financing makes the condo market that much tighter... - 04/03/08 05:01 PM
Everyone know that the Real Estate market is slower than years past. Everyone also knows that there are many - MANY homes for sale. Even in Washington DC; where our local Real Market has not suffered anywhere close to many parts of the country; we have a great many homes for … (2 comments)
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mortgages: How to Choose your Lender? Ask your REALTOR®! - 02/09/08 10:38 PM
Early in my Real Estate Career I had a new client who was starting the process in buying a home. I advised him that he should use a lender that was with a name-brand bank; with a local office. I even gave him a short list of Lenders whom I had … (1 comments)
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mortgages: Congress Passes Economic stimulus bill for Bush to Sign! - 02/08/08 12:44 AM
Congress was actually hard at work this evening as the House voted this evening to pass the Senate modified Economic Stimulus Bill. The deal which was passed in the Senate with a 81-16 vote; gives rebate checks of $300 to $600 for people who have an income between $3,000 and $75,000, plus an additional … (5 comments)
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mortgages: Fed cuts Interest Rate : But does it help Mortgage Interest rates? - 01/22/08 12:23 PM
The Fed cut the FED fundsrate by a huge .75% this morning. News reports say that the "Federal Reserve Chairman Ben Bernanke approved the large rate cut after an emergency video conference on Monday night, a day when global markets had been pounded by rising concerns that weakness in the world's largest economy was spreading … (3 comments)
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mortgages: The Rates are dropping the Rates are dropping! - 01/04/08 10:29 AM
Better to have Falling Mortgage Interest Rates than the sky - that's for sure!
I was just speaking with one of MY Preferred Lenders at Country Wide and she told me rates on many products have dropped again this morning.
Currently she was quoting 5.75% on a 30-Yr Fixed with No Points!
For those of … (5 comments)
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mortgages: Should I refinance now? - 12/20/07 08:26 PM
Should I refinance now? Is a question that many Home Owners are asking themselves. Especially those with ARM's that will reset and head UP in the coming months.
Currently Mortgage rates have climbed for the past 2 weeks. This week the 30-year fixed averaged 6.14% an increase from last week when it was 6.11% average. This … (1 comments)
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mortgages: Mortgage Interest Rates in 2007 - 12/16/07 09:56 PM
Mortgage Interest Rates in 2007 - went UP; DOWN; and every where in-between. What will happen next year in 2008 is anyones guess.
The Fed recently cut their Fed Funds rate by .25%. While this does not directly impact the Mortgage Interest Rate; it does tend to have a ripple effect on the economy. … (1 comments)
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mortgages: What is in my Monthly Mortgage Payment? - 12/02/07 11:07 PM
Well the First most important thing when you are obtaining a mortgage on a property is: WHAT DOES YOUR MORTGAGE PAYMENT include?
Knowing what type of mortgage you have is part of the answer to this question!
Most Mortgage payments include a couple of components.
First and (sadly) foremost is the Interest on … (0 comments)
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mortgages: Fed cuts Interest Rate (again!) - 11/01/07 09:22 AM
The Fed has announced another decrease this fall, cutting another 1/4% from the Fed Funds Rate to 4.5%. This change could directly impact a great many borrowers.Are you one of them?
Well contrary to popular belief: The Fed Funds Rates does not DIRECTLY AFFECT mortgage Interest rates. Some folks say they they do not … (0 comments)
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mortgages: What are Buyers Closing Costs? - 10/16/07 01:33 PM
When you purchase a home there are many costs and fees that are associated with the purchase of home. Many buyers think that if they can 100% loan they won't need any cash at closing.
The Down-payment (or lack thereof) is only a part of the closing cost of buying a property.
Here is a … (6 comments)
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mortgages: What is an Appraisal? - 09/21/07 03:55 PM
An Appraisal is a report completed by a (licensed) expert; determining the value of the property. Typically when you are buying a property with a mortgage; your lender will order an Appraisal.
The duties of the Appraiser is do determine; just how much the (Subject Property) is worth. They do this by … (4 comments)
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mortgages: Does a Lower Fed Rate Mean Opportunities are on the Rise? - 09/19/07 06:41 AM
For the first time in over 4 years, the Fed has cut its Fed Funds Rate, which directly impacts millions of American borrowers. And while this important decision has many implications, there's still some debate among experts about what this means to the economy as a whole.
A change in the FED Funds Rate DOES … (6 comments)
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mortgages: How much does that Interest Rate drop save me? - 09/18/07 11:04 PM
I remember last spring when I had a buyer that had waited just over a year to buy his home. He had been pre-approved and ready to go; but then stories of the "BUBBLE" scared him away.
He felt that the market outlook in Northern Virginia looked better; so he was ready to buy. What … (5 comments)
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mortgages: Interest Rates Update... - 09/08/07 03:25 PM
When talking about Interest Rates; BAD News is GOOD News.
HUH? Basically when the economy gets bad news - Interest Rates tend to decline. When the economy get good news - rates generally climb.
This week the August job report came out and showed a 4,000 job loss. The Dow Jones dropped 250 … (1 comments)
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mortgages: Points, Origination Fees and Service - Getting a good deal - 08/15/07 08:39 AM
An often discussed topic with my clients (and my colleagues clients). I want to address this.
Everyone wants a deal. Buying a home is a huge investment and having a payment that fits your budget is essential. No one wants to be house poor.
So then, you should shop around and get the … (3 comments)
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mortgages: Changes in the Mortgage Business : Choose a Mortgage - The Right One - 08/14/07 12:07 PM
So many types of mortgages - which is the best one?
Well there is no such thing as the "the best one" - The question is "Which is the RIGHT one for you in your current circumstances?"
This post could go on for pages. Lenders have so many programs out there, but let me just hit on … (1 comments)
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