I am often asked why there is so much paperwork involved in a mortgage loan application when buying a home today. It seems that the bank needs to know everything about you and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and […]Read More Buying a Home: WHY So Much Paperwork!?
Has this ever happened to you? You’re surfing around on one of the many googolplexian (the biggest number in the world…with a name) of real estate websites wishing, dreaming of that new home but thinking the homes you’re looking at online are a little out of reach. Then you’re eyes are immediately fixated on that […]Read More Why is the Mortgage Payment Higher than the Online Payment Calculator?
I know, I know, I’m stealing a page right out of the doom and gloom media’s playbook by using such a daunting headline as the “$33,000 Homebuyer Mistake” – but with good intentions I promise! I’m compelled to get this message out as I watch home affordability gradually slip out of reach for some of […]Read More The $33,000 Homebuyer Mistake
Have you ever wondered why a single report could have such a huge effect on mortgage interest rates? The non-farm payroll figure (a.k.a. NFP) represents the number of jobs added or lost in the economy over the last month, not including jobs relating to the farming industry. The farming industry is not included because its […]Read More Why does the Non-Farm Payroll report affect mortgage rates?
According to NAR’s most recent housing report, the answer is a firm “NO”. In fact, home sales in 2013 rose to the strongest level in 7 years. This taken directly from NAR’s RealtorMag: “Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates, and a large pent-up demand […]Read More Are mortgage rates dampening home sales?
Friends, I’m asked all the time what I think 2014 will look like as it relates to real estate. Thanks to my friend Steve Harney and his whole team at Keeping Current Matters, I’ve been able to answer that question. Here’s some of his hard labor research garnished with a little bit of mine. Enjoy! FHA – loan amounts have […]Read More Real Estate Must Knows for 2014!
Earlier this week we learned that Fannie Mae (and Freddie Mac) plan on increasing their Loan Level Pricing Adjustments (LLPA) beginning April Fool’s Day 2014. This will, without doubt, impact interest rates for loans to those with even the most pristine credit. My friends at The National Real Estate Post put out a layman’s article […]Read More Fannie Mae’s G-Fee? What is this and what will it do to interest rates?
Fannie Mae wants you to know that the home you’re looking at right now will be more expensive in 60 days – this is NO April Fool’s Joke! Fannie Mae is implementing NEW and IMPROVED upfront fees which will impact interest rates – even for the most prudent credit conscious consumers. Beginning on or around […]Read More Fannie Mae making loans more expensive April 1, 2014…hip hip….ugh