mortgages: What's holding you back? - 03/21/19 12:04 PM
Many Tredyffrin Easttown home buyers today are frustrated because interest rates are low and they want to buy a home but the number of homes for sale is not keeping up with demand. This being said, many buyers are so used to low interest rates that they are not aware of just how low these rates are and any uptick is making them hold off purchasing as it impacts their buying power.
So let's look at this logically for a minute.
1981 saw mortgage interest rates at 18.63%. Since then they have steadily declined. They hit bottom in 2012 at 3.31% according to … (15 comments)

mortgages: Getting ready to buy a home - 04/11/18 11:14 AM
If you watch any of the home buying programs it all seems so easy and quick. Call a real estate agent and hey presto half an hour and three homes later you make an offer and it is accepted.
 
But the reality of buying a Tredyffrin Easttown, Main Line home is before you start looking at homes you need to do some leg work and educate your self to be ready.
So what do you need to do?
1. What is your Credit Score? 
Discover - first you need to find out what your credit score is, and then realize the number you find won't be … (13 comments)

mortgages: Choosing Your Loan Officer: Don't Short-Change Yourself - 03/07/18 02:26 PM
Love this post from Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi on selecting a loan officer when getting your mortgage. This is most likely your largest purchase you will make, don't just think some online website is going to give you the best service. You need to do some research and make a selection before you ever start looking for homes so you have time to make an informed decision.
Read for yourself, in the same way selecting an agent to work with is also important for many of the same reasons.
 
 
Choosing Your Loan Officer:
Don't Short-Change Yourself
 

The … (8 comments)

mortgages: Have Student Loans? Think you Can't Buy a Home? WRONG! - 08/17/17 02:47 PM
Getting good information on mortgages is so important in today's market. Not all lenders are the same and having the right information is essential. Sometimes, to make sure you can acheive your goals. It may mean you have to wait or adjust the plan initially, but at least it allows you to plan.
This is an excellent post by Gene Mundt about student loans and how you can get a mortgage and what you are going to need to obtain one to buy a home.
If you need help in the Tredyffrin Easttown and surrounding Main Line area contact Nick Vandekar, Tredyffrin Easttown Realtor … (4 comments)

mortgages: With Golf and Mortgages: It's Important to Know the Rules - 05/10/17 06:26 AM
Today's mortgage playing field is very different than it was when you possibly bought your current home. Today the rules have changed and it is vitally important for Tredyffrin Easttown buyers to understand the NEW rules or else there is a high probability it is going to cost you money. This excellent article by Gene Mundt removes lots of the misconceptions and brings you up to speed on today's rules.
If you have questions or need help because rules change all the time contact Nick Vandekar, Tredyffrin Easttown Realtor, with Long & Foster Real Estate Inc., Nick@VandekarTeam.com, office 610-225-7400, cell or text 610-203-4543.
(5 comments)

mortgages: Fannie Mae Simplifies Guidelines for Student Loan Debt - 05/02/17 01:44 PM
Several years ago I had a rental listing for a client. As I was showing the apartment to a young man I asked, "Why are you renting and not buying?" His answer I have a lot of student debt and don't think I can qualify for a mortgage.
Well after a short conversation with a mortgage provider we knew, he changed direction and ended up buying a three bedroom home and becoming a home owner rather than paying someone else's mortgage for them.
I did also rent the apartment and fulfilled my duties to my landlord as well. Not everyone will qualify to buy … (4 comments)

mortgages: Avoiding a Homeowners Insurance Disaster When You Apply for a Mortgage - 03/15/17 10:01 AM
Tredyffrin Easttown home buyers, a great answer to why you need to obtain home owners insurance from a mortgage professional.
 
Avoiding a Homeowners Insurance Disaster
When You Apply for a Mortgage
 

When buying and financing a home, prospective Borrowers are required to produce a variety of documentation  and information to their Lender at the time of application and prior to the Closing of their loan.  In almost all cases, Homeowners Insurance is included within that documentation requirement.  
What service does Homeowners Insurance provide? Why is that service so important?
Homeowners Insurance policies offer multiple types of protection and coverage to an insured … (6 comments)

mortgages: Frequently Asked Question: How much money do we need? - 01/14/15 01:44 AM
Frequently Asked Question: How much money do we need?
One of the most often asked questions from home buyers we hear is "How much money do we need to buy a home?" 
Yes, there have been lots of different mortgage products that cater to those buyers with little money for a deposit. And it has just been announced that loans with 3% down are being considered and offered.
However, this is not the end of the story. When you buy and sell a house there are what are called closing costs, agent commissions, transfer taxes, title insurance, mortgage fees, insurance, and … (0 comments)

mortgages: Frequently asked question: What is a seller assist? - 01/06/15 12:54 AM
Frequently asked question: What is a seller assist?
When writing an agreement of sale or as many people refer to it making an offer on a home, there are many different terms, in both senses of the word, to the contract you are drawing up. Terms such as contingencies, and seller assist. All of these terms are negotiable. So as a buyer you draw up an agreement that is favorable to you, but which at the same time is of interest to the seller. During negotiations, some terms of the agreement will be adjusted such as price, deposits, inspection periods and … (1 comments)

mortgages: What are basis points? - 10/06/14 07:55 AM
What are basis points?
Buyers today, especially first time buyers have lots of questions. It is interesting to see what questions they come up with.
Why do we all use so much jargon? A client today emailed and asked me the above question after having emailed our mortgage provider and asked several other questions, basically about locking a loan. The mortgage provider's reply included the term "basis points". Why not just say so much per cent? Why use a new term the buyer may not understand. This is why the consumer is confused, we change and intermix terms, and depending where you … (3 comments)

mortgages: Community Development Mortgage Program - 08/11/11 04:41 AM
An alternative to FHA for those buyers with low down payments is the Community Development Mortgage Program. I sat down with Eric May one of the Prosperity Mortgage representatives in our office to discuss some of the benefits of this program.
 
 
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(1 comments)

mortgages: Time is running out... - 10/10/09 03:17 AM

Time is running out rapidly if you want to take advantage of the First Time buyers Tax Credit. All our mortgage providers have been telling and warning us to get our buyers under contract by this week to make sure that their settlements can be completed no later than November 30th.
You cannot afford delays with settlement to get the credit. You must settle on or before November 30th. It is a little misleading when people talk about December 1st as that is too late and you will not qualify for the credit.
Will it be extended? Who knows, there … (2 comments)

mortgages: Why are the appraisal firms using appraisers from way out of the area? - 07/08/09 12:41 AM
I understand separating appraisers from mortgage brokers and bankers but do these third party firms have to use appraisers from way out of the area?
We have had two appraisals recently by banks that are way off the mark. One of these appraisals is off by $55000 and the bank then advises the client not to get another appraisal. The banker is in Texas, so may not know or understand the pricing in our area.
Another is a townhouse development and the same model two doors over is listed in the report as having 2000 square feet, but the subject property … (0 comments)

mortgages: Is the stimulus bill going to revive real estate? - 02/10/09 07:15 AM
Whilst we hear all the talk from Congress that they understand real estate needs to lead the way for jolting the economy I wonder if tax credits and hand outs are going to do the job. we currently have historic low interest rates that should be encouraging buyers to act and not wait but we are seeing buyers just looking and taking no action to buy inventory that sellers are desperate to sell.
Also how fair are the credits, if you have recently lost a job and need to sell a home are you going to be able to buy something … (3 comments)

mortgages: Some builders views on the market in PA! - 09/07/08 04:29 AM
I attended a great meeting this week at our local realtor association, Suburban West Realtors Association. It is titled Starbucks Mornings and there are always different angles from blogging, to marketing etc. This month it was a roundtable discussion with some local builders, Wayne Megill, Joe Mingioni and Mike Murphy.
We talked about a lot of topics which I will post over the next few days but we started out with a question about how these builders see the current market. I apologise now for not making notes about who said what, but the thoughts and comments really flowed and it … (0 comments)

mortgages: Stay inside lines to keep foreclosure away! - 03/28/07 05:53 AM
If you are financially savvy you know and understand when you own a home, you are responsible for repairs and maintenance. Young fisrt time buyers often forget that when they own a home they must pay for the upkeep and don't budget these additional costs into their future payments. It is like coloring outside the lines, it can end up not being a pretty picture and getting very messy. But if you work within suggested guidelines you can end up with a good picture.
                                                          
According to Michael Eisenberg, a member of the American Institute of Certified Public Accountants' Financial Literacy Commission these … (2 comments)

 
Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) Rainmaker large

Nick Vandekar, 610-203-4543

Tredyffrin Easttown Realtor, Philly Main Line

Devon, PA

More about me…

Long & Foster Real Estate Inc 610-225-7400

Address: 92 Lancaster Avenue, Devon, PA, 19333

Office: (610) 225-7400

Mobile: (610) 203-4543

Email Me

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