What is mortgage seasoning? Seasoning for a mortgage generally refers to the amount of time a bank wants to see funds being in your accounts that you may use for down payments or closing costs. If you plan to receive a gift of funds or if you received a large sum of money in a [...]
The Silicon Valley Bank collapse has many people worried, and some wonder if more collapse may happen, like Signature Bank, and Credit Suisse, how this may affect investing, real estate, mortgages, and other financial institutions. Please note: I am not a money professional and cannot give money, legal, tax or financial advice. Below, please find [...]
How much of a downpayment do you need to buy a home? The long and short of it is that it depends on your situation, loan qualifications and loan type. That being said, according to a NerdWallet Home Buyer Report, 62% of Americans believe you need to put 20% down on a house. In reality? [...]
Should I refinance my mortgage in Towson? With rates as low as they are right now (please note, the date of this post is in July 2020, and mortgage interest rates can change daily,) many people who have mortgages at higher interest rates are considering whether they should refinance their mortgage. But should you? The [...]
There are, I am sure, more than five credit mistakes to avoid when buying a house, but this list is a good place to start. Thanks to HomeKeepr for the list to share. First Credit Mistake: Not knowing what is in your credit file. I have been very surprised (as have clients) when judgements or [...]
Mortgage applications are up both from last week and last year at this same time. There were 4.5% more mortgage applications submitted last week than the week before, and 6.1% higher than the same time last year. This is the highest level of new purchase mortgage applications since April 2010. CNBC has a great article [...]
FHA cut the annual mortgage insurance premium from .85% down to .60%, it was announced yesterday. **UPDATE 1/20/17 PRESIDENT TRUMP'S ADMINISTRATION SUSPENDED THIS CUT INDEFINITELY, SO THIS WILL NOT TAKE EFFECT ON 1/27/17 AS WAS PLANNED.** The current U.S Housing and Urban Development Secretary Julian Castro said that this could save those getting FHA-insured loans closing [...]
Why does my agent want me to get pre-approved before looking at homes? A website called "The Lighter Side of Real Estate" takes this on in a recent post naming six reasons. They are six very good reasons. Read on. In the post on the site, they liken shopping for a house without a mortgage pre-approval [...]
Six things homebuyers should not do once approved for a mortgage. I have a long discussion about the mortgage process with homebuyers when we meet. I warn them that it can be a very invasive process, since it can be! It can also, many times, to us, not make sense. Things we might do daily, [...]
Five Potential Threats to the Housing Market comes from a CNNMoney article about the 2015 real estate market. Though I hope to see some recovery in prices, there are some potential issues that could derail a hoped recovery. Here is the list from the CNNMoney article, with my take on each one: 1) Investors Cash Out. Meaning, [...]