mortgage: Balance is the key to life in this industry
- 02/21/10 04:06 PM
This weekend, I dragged myself out of bed to finalize my morning appointments, confirm the morning plan with my clients and then drive to Queens to return a key I had borrowed the night before to the listing office. I immediately hustled back to Long Island to meet up with my clients with all of two minutes to spare. Yes! Enough time to grab a cup of coffee before meeting them at the first property we were scheduled to see. So I grab my coffee, say hi and commence to catching up with a friendly neighbor I hadn't seen since the summer, while asking my friend that I … (6 comments)
mortgage: Why Now Is The Time To Act
- 12/17/08 04:42 PM
While the mortgage market continues to generate a lot of chatter in both the media and in Washington, interest rates are currently near or at all-time lows. If you or anyone you know are looking to take advantage of these low rates, let me explain why now is the time to act. Lately there has been talk about the 4.5% 30-year fixed rate mortgage. Will it become a reality though? Right now, no one really knows. Homeowners who could benefit from a lower interest rate need to know that even if 4.5% becomes a reality from Washington's actions, rates that low … (0 comments)
mortgage: Interest Rate Alert
- 12/15/08 09:14 PM
If you've been following interest rates recently, you may have seen that they are looking GREAT right about now. And, while I can't quote an exact interest rate for someone without seeing an individual's full financial picture (credit, income, assets) by means of an application, we have actually recently been able to quote rates of around 5% for well-qualified applicants looking to purchase or refinance a single-family home, and we see the potential for those rates to possibly dip further. That said, now is an excellent time for many individuals to purchase or refinance -- allowing them to possibly get more home for … (1 comments)
mortgage: The "Short Refinance" - A Real Live Example
- 11/30/08 01:25 PM
Picture this scenario - client purchased a home nearly two years ago with 100% financing and a 2/28 adjustable rate mortgage, expecting to refinance into a fixed rate before the first adjustment period. Fast forward a year and some change, and the market TANKS, so now he's upside down by $70K and the refinance he had planned to do is completely out of the question. Yet, he is living on a bit of a tight rope, and when his rate adjusts, there is no way he's going to be able to afford the additional $300/month that will be required. This is … (8 comments)
mortgage: Alternatives for Avoiding Foreclosure
- 11/18/08 08:37 PM
In the current real estate market, I believe it is a moral imperative that individuals armed with real estate/mortgage knowledge use it to help homeowners facing hardship to save their homes. There are several options that may be available to these homeowners, including loan modifications (changing the terms of the loan without refinancing), loan novations (a form of loan modification for those with arrearages), FHA Insured Hope for Homeowners loans (which allow homeowners to refinance and get a principal reduction, in exchange for allowing the government to share your profits upon the property's eventual sale), and "short refinances" (principal reductions for those who have no or minimal late … (0 comments)
This weekend, I dragged myself out of bed to finalize my morning appointments, confirm the morning plan with my clients and then drive to Queens to return a key I had borrowed the night before to the listing office. I immediately hustled back to Long Island to meet up with my clients with all of two minutes to spare. Yes! Enough time to grab a cup of coffee before meeting them at the first property we were scheduled to see. ;)
;)
