The Fed and Mortgage Rates
Mortgage interest rates hit their highest point in two years this week. And that has a lot of people wondering what higher rates would do to the rebounding housing market. ‘If rates increase too much,...
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Mortgage Insurance Options
I hear it all the time, “I don’t want a loan with PMI” (i.e. Private Mortgage Insurance). And you shouldn’t. Or, should you? First a definition. PMI is an insurance policy which insures the lender on...
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A Smooth Purchase Loan for Your New Home
I meet home buyers all the time who are nervous about the buying process. Especially about getting a mortgage approved and closed on time. And while I have heard some very unfortunate stories of...
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Your Home is Not an Investment
A question I am asked quite often is “Should I view my home as an investment?” And my simple answer is: No. But I am getting ahead of myself. We are told by many that the home mortgage is the largest...
View ArticleHow Much House Can You Afford?
An important question for every home buyer to answer for themselves, this question of ‘how much house can I afford‘ has come to the forefront since the housing bubble burst and news reports everywhere...
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Should You Lock or Float Your Rate?
You want to get the lowest rate you can, to keep your mortgage payment as affordable as possible. So, the question arises in every home loan transaction – should I lock or float the rate? Locking the...
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15 Year Fixed vs 30 Year Fixed Rate
The most fundamental question these days (i.e. post housing crunch) when applying for a mortgage is, “Should I take out a 15 year fixed rate loan, or fall back on the lower payments of a 30 year fixed...
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To Escrow or Not to Escrow
A mortgage comes with an option of including the property taxes and homeowner’s insurance with the mortgage payment every month, or not. Including those funds as part of the mortgage payment is called...
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5 Reasons to Buy a Home Now
Circumstances make for a good time to invest in or buy certain items at the right time, or to stay away from them for a while. The housing market is no different. In hindsight, 2006- 2007 would have...
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Loan Stats from 2012
Today I ran across the infographic, below, that Ellie Mae put together to visually show the 2012 averages for loan sizes, types, etc. Let’s look at the numbers, and averages, for a minute. Then I will...
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3 Ways to Reverse That Tax Hike
Right about now individuals and families across the country are opening their first paychecks of the year, only to see less there than the previous check in late December. Ouch! An addidtional 2%...
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Housing Affordability at All Time High
I have written before about the National Association of Realtors interesting data on tracking the Housing Affordability Index. And now NAR says the 2012 is on track to be the most affordable year on...
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