The true costs of Renting vs. Owning

There’s more to comparing the costs of renting and owning than the dollar cost of payments. Even with numbers like these, some still say renting is better: "Investing in a home is riskier than renting." No risk, no reward. Besides, even studies conducted by the Federal Reserve show that owning can provide a net worth that is …

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Why it is so important to get Pre-Approved!

It's always been a good idea to get pre-approved for your mortgage loan, but lately, it's become even more important. Why should I be pre-approved for a mortgage loan? In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers …

Selling your Home in less than 10 Years?

An Adjustable Rate Mortgage provides a specific fixed rate term before becoming an adjustable mortgage.  An example: A 10/1 ARM is fixed for the first 10 years and then becomes a 1 year adjustable rate for the remaining term of the mortgage, thus giving you 10 years  of security at a fixed rate. Advantages: If you know …

Is It Impossible to Get a Mortgage Loan?

Is It Impossible to Get a Mortgage Loan? The Challenges: With the numbers of recent foreclosures, lenders are having to re-purchase defaulted loans, often for minor technicalities. Losses incurred by some companies have forced them out of business. As a result, not only have lending rules tightened, but underwriters are also being forced to follow …

Do You Know How To OPT OUT?

In the recent events that took place with Equifax that compromised 140 Million consumers. It is extremely important to know how to OPT OUT of any of these solicitations so that you don’t become one of the statistics.  The bad news: It is common practice for the three credit repositories (Experian, Equifax and TransUnion) to …

Operation Welcome Home for Veterans

You have served your country, now we hope this powerful mortgage product will serve you to make the dream of home-ownership a reality. The Operation Welcome Home mortgage program supports veterans, active-duty military, members of the Reserves and National Guard, and Gold Star Families in achieving the dream of home ownership. The program combines a traditional …

1% increase in mortgage rates will cost you $50k in Buying Power!

We have seen mortgage rates as low as 3.250% in Fall of 2016 to a high of 4.500%  in February 2018.  We have to readjust our purchasing power and how these rates can affect how much we can afford for a home.  This means going to your lender and having your "Pre-Approval" updated to reflect the current …

Pre-Qualification vs. Pre-Approval

In Today's Real Estate Market, it is more important than ever to have a Pre-Qualification in hand when shopping for a home that has been prepared by a reputable Lender, Bank or Credit Union.  The terminology has changed from Pre-Approval to Pre-Qualification depending upon the detail of the Approval provided. Pre-Qualification A mortgage loan pre-qualification is …

Federal Reserve Moves Rates!

Even though this move has been widely expected, we never seem to grasp the reality of what it does.  The Fed Fund Rate has no directly tied to mortgage rates or other rates in the market, it's how the Markets perceive the comments of The Fed.  The FOMC meeting adjourned with an announcement of a quarter point increase to …

FNMA (Fannie Mae) Raises Loan Limits!!

If you remember the 90's and the early part of the 2000's, you expected Fannie Mae to raise its Loan Limit for residential loans. It was a sign of the times and the Housing Market was booming!  When I first started in 1991, the loan limit was $191,250.  This was the maximum conforming loan amount Fannie Mae …