What is Earnest Money?

Earnest money is a money deposit made by a buyer to a seller as a sign of good faith that you are seriously interested in buying a home.  This earnest money is credited to the down payment at closing.  It is held in a non-interest bearing trust account until the time of closing. Typically, theContinue reading “What is Earnest Money?”

The Do’s: Home Buying Process Made Easier

Last month I talked about The Don’ts: Home buying deal killers, the things that can negatively affect your mortgage approval process.  There was a very extensive list of don’ts but as you can see from a quick glance below….The Do’s list is quite a bit smaller.  Although this list is smaller, the following are essentialContinue reading “The Do’s: Home Buying Process Made Easier”

FHA to Increase Fees Once Again…

Effective April 1st…funny April Fool’s joke….NOT!  FHA announced this past Monday that the cost of government-insured mortgages will increase slightly for some new homebuyers.  The rise in up-front fees on mortgages was deemed necessary to build up dwindling capital. FHA is increasing what is known as the Upfront Mortgage Insurance Premium “Upfront MIP” from 1.00%Continue reading “FHA to Increase Fees Once Again…”

The Real Market News

Early this morning the 10 yr note made a new low yield at 2.88% from 2.97% at the end of yesterday on increasing concerns over Europe’s debt problems headlined by Greece. The European Union’s failure to contain the Greek debt crisis is sending fresh shockwaves through currencies, money markets, equities and derivatives. The cost of protectingContinue reading “The Real Market News”

What’s really happening

Stocks fell in Europe for a sixth day, U.S. index futures declined and the yen strengthened as concern deepened the global recovery may slow. Copper led commodities lower, while oil dropped as OPEC meets. The US stock indexes traded weaker all morning into the open with the DJIA lower; a close lower today will beContinue reading “What’s really happening”

Memorial Day, The True Meaning

Memorial Day is a day of remembrance of those who have died serving our country.  General John Alexander Logan ordered the Memorial Day holiday to be observed by decorating the war dead.  The day became known as “Decoration Day” because of the practice of decorating soldier’s graves with flowers. In 1971, Memorial day was declaredContinue reading “Memorial Day, The True Meaning”

Homebuyer Turnoffs: 6 Mistakes Sellers Must Avoid

Now more than ever with so many homes on the market for sale, the seller must take action to ensure their house stands out from all the rest.  Avoid these six mistakes that are potential turn-offs for buyers which could lead to losing a sale.        Mistake #1 – No listing photos Many buyersContinue reading “Homebuyer Turnoffs: 6 Mistakes Sellers Must Avoid”

Is now a great time to buy a house…..YES!!

  As a mortgage professional, as well as an investor in real estate, the goal is always a buy and hold. In the case of buying a home to raise your family, you would purchase your home with the intent to own it for a period greater than 7 to 10 years which would shieldContinue reading “Is now a great time to buy a house…..YES!!”

This Week in the Markets

This Week; existing and new home sales are the main focus but unlikely to show any change in the trend of weak sales that has been the situation for two years. Japan’s problems with their nuclear reactors remain but the latest reports imply some progress on a couple of reactors while another reactor is weakening.Continue reading “This Week in the Markets”

5 Mortgage Myths, by Trulia.com

Valuable Information brought to you by Trulia.com     In a mortgage market that changes as quickly as this one, today’s fact is tomorrow’s fiction.  For buyers, misinformation can be the difference between qualifying for a home loan or not. Sellers and owners, knowledge is foreclosure-preventing, smart decision-making power! Without further ado, let’s correct someContinue reading “5 Mortgage Myths, by Trulia.com”