Homebuyer financing help
The biggest obstacle to buying a home these days is money, both for down payment and closing costs. In fact, closing costs can many times exceed the down payment required. To help with this there are several different low and in some cases no down payment programs available. Some are limited to first time home […]
FHA vs. Conventional
Right now with the inventory of properties low and bidding wars happening quite often, it is worthwhile to look at the different types of financing and how they can effect whether or not you win in making an offer. The two major types of residential financing are FHA and Conventional: FHA loans are insured by […]
What happens when a home doesn’t appraise?
We are in a seller’s market right now! There is more demand for homes than there are homes for sale (hello supply vs. demand!). The result of this is that buyers are willing to increase their offers in this highly competitive market, especially during bidding wars where multiple consumers are trying to outbid each other […]
What do lenders need to know about down payment money?
When purchasing a home one of the most important aspects of the mortgage application process is proving that you have enough money to pay the down payment and closing costs. This is the part of the process that requires the most documentation, usually, and causes the most delays in closings. Once a sales price […]
Closing Costs, explained.
One of the biggest obstacles to buying a home is having enough money for the down payment and closing costs. The down payment is pretty straightforward. It is the difference between the purchase price and the amount of the mortgage. Depending on the loan program minimum down payments can vary from 0% down to 20% […]
Rising interest rates, what does it really mean?
For the first time in many years interest rates are rising. The conventional wisdom about rates is that they drop slowly but rise quickly and we can see that now. For the past several years mortgage rates have been around 4% or lower. Now they are pushing above 5% and may go higher. This has […]
Fed raises interest rates, signals more to come in 2018
The Federal Reserve announced Wednesday that it raised its benchmark interest rate by 25 basis points, to a range of 1.50% to 1.75%. Over the next few weeks, this increase will affect credit cards, adjustable-rate mortgages, car loans, and other credit lines that don’t have fixed rates. The Fed still expects to hike rates three times […]
Articles worth reading: Sunday February 11, 2018
Articles Worth Reading is a series that runs on Sundays with a list of helpful Real Estate related links from around the web. Personally, I take Sunday lounging very seriously. I love a leisurely read and enjoy it even more if I don’t have to spend hours researching the topic of the day. Every […]