home loan: Considering Co-Signing For A Home Loan? Think About It First ... - 06/02/08 01:34 PM
As mortgage lenders limit how much money they will lend and to whom, co-signing home loans is growing in popularity. "Co-signing" a home loan is when a third-party -- usually a parent or relative -- promises to make repayments to the bank in the event that the borrower falls behind on his obligations. Money experts usually advise against co-signing notes because of the long-term financial risks, but people still do it for a number of reasons including "wanting to help". If you're thinking about co-signing a home loan for a friend or loved one, it's important to consider the implications of … (0 comments)

home loan: How "Once Bitten, Twice Shy" Is Making It Harder To Buy A Home - 05/24/08 05:04 AM
Getting approved for a conforming home loan just got tougher. Again. As home loan defaults mount, government-sponsored financier Fannie Mae has imposed new guidelines on what it will lend and to whom, highlighting the need for a strong credit profile and a downpayment. Some of the new restrictions on home buyers include: 580 minimum credit score requirement on all home loans (which 85% of Americans have) No more than one instance of a 60-day late payment on a mortgage in the last 12 months 5-year moratorium on new mortgage credit with a prior foreclosure on record In other words, Fannie Mae … (0 comments)

home loan: FHA Home Loans Emerge As A Cheap Alternative For Low-Credit Score Homeowners - 05/24/08 04:53 AM
FHA stands for Federal Housing Administration, a by-product of the National Housing Act of 1934 and now a sub-group within the U.S. Department of Housing and Urban Development (HUD). The FHA is not a lender nor does it build homes. The FHA exists to insure lenders against loss in the event that a homeowner defaults on a mortgage. Mortgages backed by FHA are often called "FHA loans" even though it's somewhat of a misnomer. A more appropriate name would be "FHA-insured" loans because that better describes the FHA's function. With the FHA's guarantee, mortgage lenders are enticed to make loans on … (1 comments)

home loan: In 2008, Home Loans Are One Day Cheap And The Next Day Expensive - 05/12/08 08:49 AM
When mortgage rates change rapidly, it's a fiscal challenge to shop for a home and/or home loan. Lately, mortgage rates have been especially volatile, mirroring the wild moves of the stock market. Here's how up-and-down stock markets have been in 2008: Through last week, the S&P 500 Index changed more than 1 percent per day on 28 separate days. This represents 52 percent of all trading days and is the most volatile measurement since 1938. Mortgage financing is impacted by stock market changes because when money flows into stocks, it tends to come from bond markets. And, when money leaves stocks, … (0 comments)

home loan: 6 Things To Avoid While Waiting For A Mortgage Approval - 05/12/08 08:21 AM
When buying a home, there are two stages in the home loan approval process. Stage 1 starts when a homebuyer submits a mortgage application to his loan officer for a pre-approval. A pre-approval is a "walk-through" mortgage approval that says -- at a given purchase price and downpayment amount -- the home loan application will very likely be approved. Stage 1 ends when the buyer signs a purchase contract on a home. At this point, the "walk-through" approval is useless because the buyer now needs a real home loan approval from an underwriter and not a loan officer. Thus begins Stage … (0 comments)

home loan: What's Your After-Tax Mortgage Rate? - 05/12/08 08:20 AM
Many homeowners are entitled to two major tax deductions -- one for annual interest paid on a home loan, and another for real estate tax bills paid to government. Calculating your approximate tax credit is basic: Add mortgage interest paid and real estate taxes paid together Find your marginal tax rate Multiple your tax bracket by the sum of Step 1 So, for a homeowner that paid a combined $13,000 in mortgage interest and real estate taxes last year, and who is in the 28% marginal tax bracket, a tax credit of $3,640 may be due from the IRS. This credit … (0 comments)

home loan: Real Estate Term : Negative Amortization Home Loan - 05/05/08 10:53 AM
(Pronounced: NEGH-ah-tive am-ohr-tih-ZAY-shun) Negative amortization is the process by which a loan's principal balance increases on a month-over-month basis. This is in contrast to a "typical" amortization schedule in which the principal balance decreases. Negative amortization is an optional feature on some home loans. These mortgages are usually referred to by the brand names "Option ARM", "Pick-a-Payment", or "Payment Option ARM". Many industry veterans collectively call refer to these types of mortgages as "Neg-Am" loans. When a Neg-Am mortgage statement arrives each month, the homeowner can choose his preferred payment structure. Pay the minimum balance due only Pay the interest due … (0 comments)

home loan: Spreadsheet Formulas: Calculating Home Payments - 05/05/08 10:50 AM
For a lot of homebuyers, calculating a prospective mortgage payment is an online experience. For example, a search on Google for "mortgage calculator" returns 39 million options. Some people, however, prefer to plan on their local hard drive using spreadsheets. For these people, the hardest part is often figuring out what formulas to use. Interest Only Payments Home loans with interest only payments are much more simple to calculate than amortizing loans. Using the graphic at right as a guide, enter your loan size and your interest rate into two separate spreadsheet cells. Then, create a third cell and input the … (1 comments)

home loan: Considering Co-Signing For A Home Loan? Think About It First ... - 05/05/08 03:55 AM
As mortgage lenders limit how much money they will lend and to whom, co-signing home loans is growing in popularity. "Co-signing" a home loan is when a third-party -- usually a parent or relative -- promises to make repayments to the bank in the event that the borrower falls behind on his obligations. Money experts usually advise against co-signing notes because of the long-term financial risks, but people still do it for a number of reasons including "wanting to help". If you're thinking about co-signing a home loan for a friend or loved one, it's important to consider the implications of … (0 comments)

 
Mike Rosen (Provident Team Real Estate)

Mike Rosen

Leesburg, VA

More about me…

Provident Team Real Estate

Address: 20130 Lakeview Center Plaza, Suite 430, Ashburn, VA, 20147

Office: (571) 302-4000

Mobile: (703) 880-6770

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