mortgage information: Assumable? - 08/17/11 04:52 AM
More To Sell If you had a 3.5% mortgage on your current home and were buying another home, transferring your low interest rate mortgage would be ideal.  Unfortunately, lenders don't allow that.
When buying a home today, it would be smart to think about selling it in the future.  To have a good home with unique features makes it marketable.  To have attractive financing that could be assumed would add to the salability.
 
Consider getting a FHA or VA loan to purchase your home.  The present advantages are that these loans are priced competitively and a little easier to qualify … (1 comments)

mortgage information: Fixed Rate Mortgages - 06/15/11 03:30 PM
One More Chance?
 
Fixed Rate mortgages are at their lowest level for 2011 as reported in the current Freddie Mac weekly Primary Mortgage Market Survey. Many qualified buyers missed the opportunity last fall in October and November to refinance at record low rates. This may give homeowners one more chance to refinance and save money on their payments.
 
An important thing to keep in mind is that points paid in connection for refinancing a home are generally not considered prepaid interest and must be spread over the life of the mortgage. Some advisors suggest that you have the lender … (0 comments)

mortgage information: Cash or Financing? - 06/06/11 04:25 AM
Cash Now - Mortgage Later?
You might think that a person who pays cash doesn't have many concerns or at least not the same ones as most people.  Roughly, about 9% of people paid cash for their home last year with a considerably higher percentage paying cash this year. 
 
The first question that comes to mind when I hear someone say they want to pay cash for a home is "Do you think that you might put a loan on the home in the future?"  Paying cash may affect your ability to deduct the interest on a mortgage placed on … (2 comments)