Entries by Dennis C Smith

What is my liability as a co-signer?

Question of the week: What is my liability as co-signer? Answer: This week’s question is a continuation of last week’s question of the week (Can we put our college student on a mortgage?). The short answer is, if you are a signer on a mortgage your are 100% responsible for 100% of the mortgage. With […]

Can we put our college student child on a mortgage?

Question of the week: Can we put our college student child on a mortgage? Answer: Yes. This question has been covered in different ways in the past. It comes up this week as Leslie and I have been involved in housing for our own college student daughter, and I remember some clients from over the […]

What is your why?

Question of the week: What is your why? Answer: This is a question that has come up a few times in past few weeks. Most recently it was posed by Rotarian Dan Ouweleen, who is the District Governor Rotary International District 5320; the district which includes the Rotary Club of Long Beach, of which I […]

Are rates historically high?

Question of the week: Are rates historically high? Answer: It depends on how we define “high” and “historically.” For purposes of answering our question, historically will be January 2006. Why? Because I have consistent data with rates from the Weekly Rate & Market Updates that have used the same criteria each Friday for the conforming […]

How do inflation and employment affect mortgage rates?

Question of the week: How do inflation and employment impact interest rates? Answer: Thorough readers of the WR&MU have received some education in macroeconomics (study of the whole economy) and the tie in between rates and economic data. However, after many years of feedback I know that readers of the WR&MU are like kids at […]

Why would we pay a higher price for our new home?

Question of the week:  Why would we offer a higher price for our new home? Answer: To save money. Huh? How can paying more save money? Frequent readers of the WR&MU may recall the May 13th update, “How can we qualify for a higher sales price?” It dealt with buying down the interest rate to […]

No question: On Vacation

Question of the week:  Where are you? Answer: The Weekly Rate & Market Update is abbreviated this week as Leslie and I are in Chattanooga, Tennessee this morning. We left Long Beach last Saturday for Nashville, the next day we drove to Asheville, North Carolina. Our purpose was a biannual family reunion for Leslie’s cousins, […]

Can we refinance later?

Question of the week:  Can we refinance later? Answer: With our new higher rate environment we are getting this question fairly frequently from new clients. The answer is yes. Buyers looking to purchase are asking two questions, more prevalent, “can we refinance later,” next is often, “is this a 30-year fixed rate?” The first question […]

Can my parents payoff some of my debt so we qualify?

Question of the week:  Can my parents payoff some of my debt so we qualify? Answer: With higher rates many homebuyers are looking to maximize their qualifying ratios to buy their new home. Dennis, what are qualifying ratios? Qualifying ratios, or debt-to-income ratio, or DIT, is your monthly house payment plus monthly credit payments divided […]