Moving with Kids

 

Moving With Kids
This report highlights the characteristics of families with children who are buying or selling a home.

There is an additional dynamic involved in buying or selling a home when there are children living at home. This report can be a good resource.

Mortgage Free

 

It may be an all too common belief that a person will have a house payment and a car payment for the rest of their lives.  However, with a plan and some determination, you can be mortgage [...]

30 years of certainty

 

30 Years of Certainty - Freddie Mac
30 years may sound like a lifetime with many unknowns, but a 30-year fixed-rate mortgage can provide you with many comforting certainties.

Locking down housing costs is not only a good way to say money, it can be a good investment too.

How to Clean Gutters

 

The gutters and downspouts on your home are intended to channel rainwater away from your home and its foundation.  When they're blocked and not functioning properly they can lead to the gutters coming loose, wood rot and mildew, staining of painted surfaces, and even worse, foundation issues or water penetration into [...]

Consumer Protection from Irresponsible Mortgage Practices

 

Congress enacted the Dodd-Frank Act in 2010 in response to the mortgage crisis that led to America's Great Recession.  The two parts that apply closely to homebuyers are the Ability-to-Repay (ATR) and Qualified Mortgages [...]

Consumer Protection from Irresponsible Mortgage Practices

 

Congress enacted the Dodd-Frank Act in 2010 in response to the mortgage crisis that led to America's Great Recession.  The two parts that apply closely to homebuyers are the Ability-to-Repay (ATR) and Qualified Mortgages [...]

Quick Plumbing Inspection

9/12/2018

No one wants to waste water or money.  For that reason, take a few minutes every other month to do the following inspections:

1. Check to see if cutoff valves on sinks and toilets are working properly. 
   
   Many times, builders will put individual cutoffs on supply lines to sinks and toilets.  It is reasonable
[...]

Reduce Refinancing Costs

8/29/2018

There is much more than a lower rate and payment to determine whether to refinance a mortgage.  Lenders try to make refinancing as attractive as possible by rolling the closing costs into the new mortgage so there isn't any out of pocket cash required.

The closing costs associated with a new loan could add several thousand dollars to your mortgage balance.  The following suggestions may help you to reduce the expense to refinance.

·         Tell the lender up-front that you want to have the loan quoted with minimal closing costs.

·         Check with your existing lender to see if the rate and closing costs might be cheaper. 

·         Shop around with other lenders and compare rate and closing costs.

·         If you're refinancing an FHA or VA loan, consider the streamline refinance.

·         Credit unions may have lower closing costs because they are generally loaning deposits and their cost of funds is less.

·         Reducing the loan-to-value so mortgage insurance is not required will reduce expenses and lower the payment.

·         Ask if the lender can use an AVM, automated valuation model, instead of an appraisal.

·         You may not need a new survey if no changes have been made.

·         There may be a discount on the mortgagee's title policy available on a refinance.

·         Points on refinancing, unlike a purchase, are ratably deductible over the life of the loan ($3,000 in points on a 30-year loan would result in a $100 tax deduction each year.)

·         Consider a 15-year loan.  If you can afford the higher payments, you can expect a lower interest rate than a 30-year loan and obviously, it will build equity faster and pay off in half the time.

A lender must provide you a list of the fees involved with making the loan within 3 days of making a loan application in the form of a Loan Estimate and a Closing Disclosure Form.  Every dollar counts, and they belong to you.

What to Avoid Before Closing Your New Home

Published on 8/13/2018 & modified on 8/17/2018

It's understandable; you're excited; you've found the right home, we have helped you negotiate a contract, you made a loan application and the house passed inspections.  Closing is not that far away, and you are making plans to move and put personal [...]

Rising Rates Affect the Cost Too

 

Mortgage rates have risen 0.5% in 2018 on 30-year and 15-year fixed rate mortgages and experts expect them to continue to increase. Buyers paying attention to the market understand the relationship that inventory has on pricing; when the supply is low, the price usually goes up. Rising interest rates can [...]