loans: 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)

loans: 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)

loans: 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)

loans: 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)

loans: 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)

loans: 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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