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)

loan: Basic Credit Scoring Tips For A Better Mortgage Rate - 06/02/08 01:30 PM
Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education. If you understand how the system works, after all, you can make it work to your advantage. One terrific place to start your research is at myFICO.com. Published by credit scoring powerhouse Equifax, myFICO.com give you information right from the source. There are tens of pages of tips and tricks from which everybody can learn. Gleaned from myFICO.com, here are some basic tips to get you started: Use It Or Lose It: If you don't use credit, the … (0 comments)

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)

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)

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)

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)

loan: Simple Real Estate Definitions: Adjustable Rate Mortgage - 05/05/08 10:51 AM
Adjustable Rate Mortgages are mortgages for which the interest rate is subject to change over time according to pre-defined rules. ARM is a common acronym for Adjustable Rate Mortgage and every ARM has similar features: An initial fixed period during which the mortgage rate doesn't change An initial interest rate that is charged during the initial fixed period An index that is used to calculate the new interest rate after an adjustment. An index is a variable and is usually assigned to LIBOR or Treasuries. A margin that is a constant added to the index to calculate the new interest rate … (0 comments)

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)

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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