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mortgage: FHA Changes Could Cost Buyers More Money - 09/01/10 11:40 AM
Changes to FHA financing now scheduled to take effect on October 4 will probably raise the monthly payments for those who use the popular FHA Financing option.  My loan officer, Mona Campos from Keystone Financial Mortgage in Bethlehem, recently showed me how the numbers add up.
Currently all FHA borrowers pay a 2.25% up-front funding fee at the time of closing on their home purchase.  Most buyers actually roll this amount into their loan as part of their closing costs, so they never really think about it.  It is, however, raising their monthly payment.  The good news is that FHA is … (0 comments)

mortgage: Is it the right time to Re-Fi? - 07/15/10 11:45 AM
My top-notch loan officer Mona Campos tells me that if the interest rate on your mortgage is above 5.5% you should be talking to somebody about refinancing your loan.  The three biggest reasons to refi are to lower your monthly payment, to lower or lock-in your rate and to shorten your loan term.  This last one is a real biggie for a lot of people I talk to.  You could keep your monthly payment the same but get a lower rate on a shorter term refi and save money and years on your mortgage!  Mona also says that if you're worried … (0 comments)

mortgage: More Financing Hurdles for Borrowers! - 06/16/10 12:46 PM
It hasn't gotten very much attention, but recent changes from Fannie Mae will make it more difficult for home buyers to close on loans. The new Loan Quality Initiative will require lenders to pull a second credit report right before closing to ensure that borrowers haven't taken on an unmanageable additional payment before closing. That means if you're thinking about buying new furniture to put in you beautiful new home, you could put yourself in a position to not be able to buy that home! The new rules stipulate that if your credit score changes by more than two points the … (3 comments)

mortgage: Deadline for Tax-Credit Closing to be Extended? - 06/14/10 03:16 PM
The Senate is expected to take up a bill this week that would extend the deadline for tax-credit closings by up to three months.  The bill would not allow new buyers into the program, but would give an extension of the closing deadline to those already under an agreement of sale.  The bill seems to have support from both sides and is sponsored by Majority Leader Harry Reid and co-sponsored by Republican Johnny Isakson and Democrat Chris Dodd.  The National Association of Realtors says that up to 180,000 buyers may be affected by the approaching deadline.
… (2 comments)

 
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Joe Corcoran

Bethlehem, PA

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Deb and Joe Corcoran, Keller Williams Real Estate

Address: 2901 Emrick Blvd, Suite 100, Bethlehem, PA, 18020

Office Phone: (484) 893-1234

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