Real estate blog entries tagged with mortages

Blog entries tagged with "mortages":

mortages: Don't reduce the price, buy it down. - 07/22/08 08:59 PM

In the late 80's market we found buying the mortgages down by the seller was many times better than reducing the price. It creates affordability, sets your property away from the pack and creates interest in the first place. The 3-2-1 is a little steep almost 6% but a 2-1 is … (4 comments)

mortages: What Do I Need To Get Approved for a Mortgage? - 07/10/08 10:12 AM

For a Quick Easy Loan Approval:
Have These Items Ready When You Apply For a Loan
Income Items W2 forms for the last two years Most recent pay stubs covering a 30 day period Federal tax returns (1040's) for the last two years, if: you are self-employed earn regular income from … (1 comments)

mortages: Buying a Home and Getting a Mortgage - 07/09/08 12:19 PM

You Need A Down Payment
There are many different types of mortgages available and rates are always changing. The amount of your mortgage will depend on the amount you can spend on a down payment and how much you can afford to pay each month.
Saving Up
Most lenders require … (1 comments)

mortages: How Much Home Can I Afford? (Part 2) - 07/08/08 11:31 AM

Once you have calculated your monthly income, multiply it by the back ratio for your particular loan. For generic purposes, it is fairly easy to work with thirty-eight. Take 38% of your monthly income or multiply it by .38. That tells you the maximum the lender wants you to … (1 comments)

mortages: How Much House Can You Afford? - 07/07/08 02:07 PM

To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally … (1 comments)

mortages: OH MY MR. Realtor, you just admitted to anti-trust violations - 05/12/08 08:36 PM

I can not believe this, but yet I do. Some friends of mine are wanting to buy a lot in the community that I live in and I think that is great. They have used me for their past business and oh I am one of the scuba certifiers on their … (10 comments)

mortages: New clients came with a load of problems. - 04/17/08 11:10 AM

I have some property near Furman University. A young couple called me about the property and ask me to show them more properties. I had them call a mortgage consultant to find out what they qualified for and to see just what they could afford. Turned out they had a massive … (4 comments)

mortages: Why I Hate 40 Year Loans - 03/21/08 07:22 PM

During the subprime crisis we saw the advent of numerous bizarre loan products. In general the new loan products were designed to get people into houses they could not normally afford. As people started to default on their mortgages banks realized many of these loan products were not a good idea. … (6 comments)

mortages: Foreclosures - 02/04/08 12:20 PM

There has been a lot said in the past weeks and months about the state of the housing market here in Minneapolis and throughout the United States. In some states the problem is greater than it is in others. Here in the Minneapolis area we can say there is a market … (0 comments)

mortages: Mortagage Relief - 12/11/07 09:46 AM

Hopefully the interest rates will drop today and the housing industry will get relief from all the tragic loss of homes that families are experiencing at this time. Please know if you are experiencing trouble paying your mortgage ... call you lender!!! Talk to them before it gets to be a problem. … (1 comments)

mortages: Breaking Down the Fico Score - 11/07/07 11:33 AM

There have been literally millions of words written on credit scores and most break down your FICO score into percentages, but what does say 35% of your score really mean. Lets break it down into the 5 Categories that make up your FICO Score. We will use 850 as the perfect … (0 comments)

mortages: Too Busy to Talk - 10/30/07 07:41 PM

Have you ever heard of being too busy to return a phone call? Today's market for some is very slow for others obviously too busy. In a office discussion I was told how frustrated one can get when the realtor you are sending a contract to is too busy to give … (4 comments)

mortages: Did you know this about FHA - 10/17/07 12:07 PM

Did you know this about FHA?
1) Manual underwriting is okay!
2) Repairs can be made by the Buyer or the Seller!
3) The maximum loan amount in most Maryland counties is $362,790!
4) Most loans can have 6% Seller assistance and some loans can have up to 9% assistance from the Seller if all parties … (2 comments)

mortages: A-CHOO...."God Bless you" - 09/20/07 10:07 AM

The Federal reserve slashed a key interest rate by 1/2 point today. What does this mean to us here on the streets? If you are a borrower who can obtain credit, you should see rates drop on various kinds of loans. It will be less expensive for people to finance credit … (2 comments)

mortages: So many Foreclosures......Who's to Blame? - 05/05/07 11:32 AM

In the aftermath of the recent storm of foreclosures, I've heard and read a lot of people sharing their thoughts on who is responsible and what caused the problems, how to fix the problem, how not to fix the problem, etc. More often than not, it's lenders and adjustable rate mortgages … (3 comments)

mortages: Home ownership overall up to 69% according to report - 11/01/06 10:02 AM

The homeownership rate inched back up to 69% in the third quarter due mainly to a sizable increase in black homeowners, according to the U.S. Census Bureau.
The Census Bureau reported that the nation's homeownership rate rose from 68.7% in the second quarter to 69.0% in the third quarter. The last time … (1 comments)