Month: February 2019

Generally speaking, when you need an inventory of your personal belongings, it is too late to make one.  Sure, you can reconstruct it but undoubtedly, you’ll forget things and that can cost you money when filing your insurance claim. Continue reading “Home Inventory”

Mortgage insurance premium can add almost $200 to the payment on a $265,000 FHA mortgage.  The decision to get an FHA loan may have been the lower down payment requirement or the lower credit score levels, but now that you have the loan, is it possible to eliminate it? Continue reading “Eliminate FHA Mortgage Insurance”

Price, condition and terms are factors that any owner must consider when marketing their home.  Price is usually the easiest to adjust to compensate for shortcomings in location or condition of the home.  Improving the condition of the property is more time consuming but updates to kitchens, baths and other things can appeal to a buyer. Continue reading “Another Type of Financing Concession”

There is a little-known mortgage program that could provide the vehicle for the right person to get into a home.  If a person sells their home to another for less than the fair market value, the difference in the appraised value and the sales price is considered a gift of equity for the buyer. Continue reading “Gift of Equity”

It’s been said that if you can find a home that has most of what you want, you should go ahead and purchase it.  Many first-time buyers are using everything they have for a down payment and closing costs and would have to “live” with the less than perfect home until they can save the money to make the changes. Continue reading “Roll the Repairs into the Mortgage”

As storybooks go, the character is introduced, they meet their love interest, a villain thwarts their intentions, true love overcomes, they marry and live happily ever-after.  It’s a very familiar formula. Continue reading “Start Early and Live Happily Ever-after”

In September, the Federal Reserve raised interest rates for the third time in 2018 and they’re expected to go up three times this year.  If you have a Home Equity Line of Credit, HELOC, you’re paying more to use that money and it is going to become more expensive. Continue reading “HELOCs Becoming More Expensive”

It may be an all too common belief that a person will have a house payment and a car payment for the rest of their lives.  However, with a plan and some determination, you can be mortgage free. Continue reading “Mortgage Free”

Congress enacted the Dodd-Frank Act in 2010 in response to the mortgage crisis that led to America’s Great Recession.  The two parts that apply closely to homebuyers are the Ability-to-Repay (ATR) and Qualified Mortgages (QM). Continue reading “Consumer Protection from Irresponsible Mortgage Practices”

Whether it is hesitation or procrastination due to uncertainty, it can cost buyers by having to pay more for both the house and the financing.  This is one of those markets where most of the experts expect interest rates and prices will continue to rise through 2019. Continue reading “Act Decisively”