mortgage 2019: How to Successfully Get a Mortgage in 2019 - 09/09/19 10:51 AM
 
If you've traveled on an airplane recently, you probably went through a security check at the airport.  These security checks are required by a federal law called the USA Patriot Act.  This very same law has a provision that requires mortgage companies, banks, and financial institutions to document your source of funds when you buy a house or refinance a mortgage.  In short, the US government has recruited mortgage lenders in its fight against terrorism!  In fact, lenders are required by law to ask you for:
The exact source of funds used for your down payment and earnest money deposit. … (1 comments)

mortgage 2019: Why You're in Danger of Closing Delays (and how to avoid them) - 07/02/19 08:40 AM
  Closing delays are one of the many unintended consequences of recent government regulation.  Mortgage lenders are required to prepare a "Closing Disclosure" and adhere to the timelines illustrated below.  Any last-minute changes to your deal structure could cause delays of up to a week on purchase transactions, and up to two weeks on refinance transactions. Delays can be even longer if your transaction takes place anytime close to a federal holiday.

 
 
 
Here are five things you should consider doing in order to avoid unnecessary delays:
Write a longer timeline into your purchase agreement so that you don't … (2 comments)

mortgage 2019: How to Successfully Get a Mortgage in 2019 - 04/01/19 09:23 AM
 
If you've traveled in an airplane recently, you probably went through a security check at the airport.  These security checks are required by a federal law called the USA Patriot Act.  This very same law has a provision that requires mortgage companies, banks, and financial institutions to document your source of funds when you buy a house or refinance a mortgage.  In short, the US government has recruited mortgage lenders in its fight against terrorism!  In fact, lenders are required by law to ask you for:
The exact source of funds used for your down payment and earnest money deposit. … (2 comments)

mortgage 2019: 3 Reasons to Finance Your Home Improvements - 03/04/19 09:31 AM
If you’re thinking of paying cash for home improvements, you may want to think twice.  Here are three reasons why you may want to consider a cash-out mortgage refinance or home equity loan instead:
1 – Preserve your cash: a large home improvement project could quickly deplete your savings. Think about this project in the context of the next 3-5 years. What other large expenses could crop up during that time period, and would it be useful to keep your savings on hand for those items?
2: Opportunity Cost of Money: would it more useful to invest that money in a college savings plan or … (1 comments)

mortgage 2019: 4 Questions to Ask About Your Home Equity Line of Credit (HELOC) - 02/11/19 09:00 AM
  
 Here are four questions to ask in order to better understand your HELOC:
 
 
What will cause the Prime index to go up?  The interest rate on your HELOC is determined by adding a margin to the Prime rate.  This means that your interest rate will go up when the Prime rate goes up.  The Prime rate changes whenever the Federal Reserve change its Federal Funds rate.  The Fed has indicated that they'll be increasing the Fed Funds rate as the economy improves.  This means that as the economy continues to get better, the interest rate on your HELOC … (1 comments)