Question of the week: We are thinking about putting in a pool, how can we finance and what will be the impact on our home’s value? Answer: The answer to this question is somewhat similar to the answer I give when someone contacts me to discuss a major remodel or addition to their home: before […]
Question of the week: Weare on East Coast college tour this week and next so no question of the week. Have a question? Ask me! Rates for Friday April 14, 2017: Rates continue to drop on soft economic data. Producer and Consumer Price Indices both down in March (0.1 and 0.3% respectively), as well retail […]
Question of the week: I am confused on the appraisal process and what an AMC is, can you please explain it? Answer: One of the first changes in the mortgage industry following the market meltdown was federal policy that prevented lenders from directly ordering appraisals, and to take it a step further preventing us from […]
Question of the week: Can we make a large payment down on our mortgage and lower the payment? Answer: Yes, probably. I have been getting this question a lot lately, or using the option as part of consultations with clients on long term strategy with their mortgage, retirement, etc. You have/get a mortgage of say […]
Question of the week: What exactly is mortgage insurance? Is it something that is mandatory for purchasing property or just the property I am buying? Answer: With the increase in the purchase market and more first time buyers coming to market it is time to revisit mortgage insurance. Though making a comeback, piggy-back mortgages transactions […]
Question of the week: What happens if my appraisal comes in low? Answer: This is a topic that has been covered before but needs revisiting from time to time, especially in the current environment where many homes are selling over their list price with multiple offers. (If you missed last Friday’s Weekly Rate & Market […]
Question of the week: What price should we offer? Answer: Ask any real estate agent what is the hardest question they are asked and this will be the answer. You have looked at several homes and found the one you want to buy, how much do you offer the seller? My quick answer, what it […]
Question of the week: Why do you think mortgage insurance is good? Answer: We have had a lot of conversations lately with buyers, and current homeowners who are refinancing, about mortgage insurance. A good part of the conversation is communicating that mortgage insurance is not a bad thing, in fact it is very good because […]
Question of the week: I’m doing my taxes, what is deductible from my mortgage transaction last year? Answer: This has become an annual question for the Weekly Rate & Market Update. NOTE! I am not a Certified Public Accountant, nor a professional tax preparer. Depending on your situation the following items may be deductible when […]
Correction: or rather addition, to last week’s question and answer about using assets for qualifying income. An important factor I did not mention is that many lenders require you have at minimum of at least $500,000 in assets in order to use assets for qualifying income. Question: Why is the cost for a loan with […]
