mortgage: Think you aren't ready to buy a house? - 01/07/19 04:44 AM
Many first time buyers lived through the recession as teenagers. They remember the scary stories of people losing homes and inadequate downpayments contributing to the problems.
We are on more stable ground right now, economically. Lenders are doing a good job of evaluating buyers and the checks and balances in place mean that the loans that they make are, generally, more sound.
So if you are a first time buyer, what is keeping you from moving forward?
While it is easy to 'do your research' online, a lot of that information is incorrect. Most of that misinformation is about how much of … (1 comments)

mortgage: Home Buyer Advice: Why should contacting a Lender be your first step? - 11/02/16 04:51 AM
Everyone I meet is a potential home buyer. Some are home buying veterans, having purchased several homes already, and some are novices, considering their first home purchase. I give everyone the same advice when they ask me what the first step in the process should be--contact a mortgage lender.  We all love those home buying shows.  The buyer and their agent look at three homes, the buyer and listing agents chat and the buyer ends up with the house that best suits them. In reality, this could not be further from the truth.  If you want to buy a home, your first … (1 comments)

mortgage: Buyers: Starting Your Home Search - 01/17/14 09:48 PM
If you are envisioning a new home in your future, you are probably beginning to put together your plan to find your new place. You may have even begun surfing the internet looking for new listings. STOP! Searching for your house is the easy (and fun) part. Before you even step out the door--or pull up a home-search site-- you need to get your financial home in order.
There was a great article in the Washington Post (this version is from the website, so the title is different), 1/18/2014, With home buying, planning ahead will make the multi-step process easier.  This article … (2 comments)

mortgage: I think I am done here... - 09/16/10 02:28 AM
Would you just walk away from your mortgage? Apparently, over 1/3 of Americans think that is acceptable according to a Pew Research Center poll,  Walking Away, A Third of Public Says It's Sometimes OK for Homeowners to Stop Making Mortgage Payments .  59% of those polled said it was NOT acceptable.I was particularly interested in the thinking of those Americans who are 'underwater' on their mortgage (owe more than the home is worth). But the study found that these homeowners are no more tolerant of the practice than those who would break even, or make money on a sale; 18% of … (10 comments)

mortgage: When One Door Closes Another Opens--and not always a good one! - 10/08/09 06:02 AM
As we dig out from the 'pop' of the great real estate bubble, a lot of the blame for what happened is being laid at the feet of those unethical mortgage lenders who fueled the sub-prime mortgage market. And rightfully so (disclaimer--I am NOT talking about the many wonderful lenders who have been so instrumental to building my business). I read an article today, The Next Big Real Estate Boondoggle (click on title to read) which asks what happened to all those lenders? Since many of them were never prosecuted, are they still practicing? According to the article, many of these … (2 comments)

mortgage: Are New Higher Jumbo Conforming Loans Driving Down Prices? - 06/15/09 11:21 PM
The Washington D.C metro area is an expensive place to buy a house.  Fannie Mae and Freddie Mac recognize this  and have approved a higher Jumbo Conforming Loan amount for the area, $729,500 (in addition to Washington D.C. this new amount has been approved for a number of the more expensive Metro areas around the country) through the end of 2009. This is good news for home buyers; they can obtain a larger loan while still taking advantage of lower rates and federally backed money. This has been mixed news for sellers of these properties, however, as it has combined with  … (0 comments)

mortgage: FREE Home Buyer Seminar at the Cascades Library, THIS SATURDAY 11/22/08 - 09/04/08 05:27 AM
If you haven't had a chance to RSVP to our FREE Fall Home Buyer Seminar, please do not hesitate!  We need to get an accurate count of the number of folks attending so that we can have enough materials on-hand. The number to RSVP is 1-877-531-4636, ext. 430.
In addition to the information below, we will also be addressing different types of loans AND providing you with an understanding of what Short Sales and Foreclosures are and how the process of buying one of these properties can affect you as a buyer (what to expect since the process and timelines can … (0 comments)

mortgage: Virginia to Provide Foreclosure Counseling - 05/24/08 04:16 AM
Governor Tim Kaine has announced a series of clinics designed to provide information to homeowners who may be facing foreclosure.  These clinics are designed to to provide foreclosure prevention information. There will also be individual counseling sessions with certified housing counselors who can help to addres specific situations.  Each clinic will last approximately 90 minutes.  To register for a session, please visit the Virginia Foreclosure Prevention Task Force website.
Sessions in Northern Virginia will be held on Saturday, June 21 from 8:30 to 5:00 pm at Chantilly High School,4201 Stringfellow Road, Chantilly and Northern Virginia Community College - Woodbridge Campus, 15200 … (0 comments)

mortgage: New Cap for FHA Backed Loans - 03/07/08 04:51 AM
The Federal Government raised the ceiling amount on government insured loans in high-cost areas, effective March 6, 2008. This was wonderful news for the Washington Metropolitan Area and folks interested in buying, or selling, a home.
Since I am licensed in Virginia, and that is where the bulk of my clients live, I checked to make sure that all of the counties in which I work were covered. These new limits cover all of the ‘inside the beltway areas' and extend out to Fairfax, Loudoun, Prince William, Stafford and Fauquier (as well as other areas not specifically mentioned). This new loan limit, … (0 comments)

mortgage: Time for New Loan Products? - 02/11/08 02:10 AM
This morning in the Washington Post (Monday, Feb. 11, 2008) a really interesting editorial by Michael Hall was published.  The link for this editorial is:
I will not attempt to paraphrase his statements, as I believe the most accurate way to interpret his opinion is to read what he wrote. I would invite you to follow the link and read his comments.
I would agree with many of Mr. Hall's contentions.  It is naive to think that as the issues with lending, particularly in the sub-prime market,  self-correct, through foreclosures, short sales and reductions in house values, that eventually, we will not work back to a system where … (7 comments)

mortgage: FBI Investigation into the Mortgage Mess - 01/30/08 04:40 AM
I just read an interesting on-line article about the FBI's investigation of the subprime mortgage industry. I have included a link, in case you are interested:
What was most compelling was to read through the article and then to read the article  comments.  The bulk of the comments were about trying to determine who is to 'blame' in the whole situation.
There are a lot of people who made a lot of money with the sub-prime products.  There are a lot of people who will suffer a great deal of damage trying to recover from their bad financial decisions to use these … (5 comments)

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