Should I Refinance My Mortgage in Towson

July 29th, 2020

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 [...]

Five Credit Mistakes to Avoid When Getting Ready to Buy a House

February 20th, 2019

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 Up As Interest Rates Rise

January 26th, 2018

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 Cuts Annual Mortgage Insurance Premium *UPDATE 1/20/17 THIS HAS BEEN SUSPENDED*

January 10th, 2017

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 Your Agent Wants You To Get Pre-Approved Before Looking At Homes

March 4th, 2016

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

March 19th, 2015

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

February 2nd, 2015

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, [...]

What is a DTI and Is It Important?

January 22nd, 2015

What is a DTI and is it important? By: Dan Murtaugh, Vice President, Sandy Spring Mortgage If you are interested in purchasing a home, your debt-to-income ratio (DTI) is an important number for you to know. Your DTI measures how much debt you have compared to your overall income, so the lower the number, the [...]

New 3% Downpayment Programs December 2014

December 10th, 2014

New 3% downpayment programs will become available in December 2014, thanks to Fannie Mae and Freddie Mac. According to a Bloomberg news report, the companies will start offering this low downpayment program beginning December 13th. Currently, Fannie Mae and Freddie Mac make up more than half of new home loans. They have allowed down payments as [...]

Five Things Lenders Want to Know About Your Credit from Motley Fool

August 11th, 2014

Five things lenders want to know about your credit is a post from Motley Fool, and it has very good information for homebuyers. I've adjusted them a little to put my take on them. 1) Tell your lender everything about your finances. Yes. Everything. Your credit report will show it all, or something may show [...]