Some haunting numbers if buyers wait for mortgage interest rates to go up! - 10/31/10 04:17 PM

With mortgage rates at their all time lows and predictions that mortgage interest rates will edge up in 2011 and 2012 there is a huge long-term interest savings for home buyers to buy now instead of waiting. 
 
Some scenarios:
$300,000 borrowed
Interest paid over 30 years with current market rates (4.125%) = $223,422
Compared to 5.5% = $313,213
Interest Cost of waiting = $89,791
 
$500,000 borrowed
Interest paid over 30 years with current market rates (4.25%) = $385,492
Compared to 5.75% = $550,429
Interest Cost of waiting = $164,937
 
$700,000 borrowed (in high-balance areas)
Interest paid over … (0 comments)

Condo Expiration Date fast approaching! December 12/7/2010 for FHA approved condos - 10/27/10 08:11 PM
Last year FHA announced that they will be beginning a condo recertification process for condos that were approved prior to October 1, 2008, requiring that they are re-approved on or before December 7, 2010.  Well its hard to believe, but December 7th is almost here, and there are very few condos that have been re-approved.  Welcome "Condo Judgment Day!" 
From FHA: "New FHA case numbers will not be assigned for those projects where the project approval has expired and the project has not been recertified or reapproved prior to the project expiration date."  This was all initially announced in the FHA mortgagee … (9 comments)

Robosigning foreclosure moratorium will potentially bring new issues to the housing market - 10/07/10 08:55 AM
This foreclosure suspension issue seems to be a very big deal.  A long drawn out process seems that it could bring lots of uncertainty to the housing market.  This is causing some of the big title insurance companies to not write title on these properties, thus lenders won't lend on some of these properties.  
There seems to be confusion between who actually owns which mortgage after they got split into mortgage backed securities.  Which is basically allowing most people who are legitimately late and behind on payments that are trying to foreclose more time to live rent free in their property while … (0 comments)

Should I refinance to a 15 year mortgage? - 10/03/10 09:37 PM
Should I refinance to a 15 year mortgage? A number of borrowers who have the equity and cashflow are making the switch and refinancing to 15 year mortgages.  15 year mortgages are amortized over 15 years instead of 30 years, so the payment is slightly higher but the loan is paid off much sooner.  Also 15 year mortgage rates are much better than their 30 year counterparts.
… (1 comments)

 
Nick6 Rainmaker_large

Nick Pakulla Mortgage Lender Loan Officer in MD DC VA

Rockville, MD

More about me…

First Place Bank Maryland, Virginia, District of Columbia

Address: First Place Bank, 15400 Calhoun Drive #170, Rockville, MD, 20855

Office Phone: (301) 585-7283

Email Me

Loan Officer with First Place Bank in Rockville Maryland. FHA, 80-10-10, VA, Conforming, Jumbo, Refinances, a group of local approved appraisers (no 3rd party appraisal system), In-House Processing and Underwriting. Servicing Maryland, DC, and Virginia.



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