A person called me today concerned that the Fed Discount, Prime Rate, etc will be rising and is considering a refinance. I computed for him the cost of ALL money that he has borrowed and this is the formula to … Read the rest
Misconceptions about reverse mortgages
A lot of people who might benefit from a reverse mortgage have misconceptions about them. Fact: a reverse mortgage is just like any other mortgage in regards to homeowner rights….with one exception. Unlike a forward mortgage where, after a reasonable … Read the rest
What should I discuss with the Reverse Mortgage Counselor ?
You are required to attend a Reverse Mortgage Counseling session with a Counseling Agency approved by the Department of Housing and Urban Development (“HUD”). This counseling session will help you evaluate if a Home Equity Conversion Mortgage (“HECM”) is suitable … Read the rest
Your loan requires mortgage insurance? Get your credit score high !
If you are a home buyer with only a 5% down payment it is extremely important that your credit score is as high as you can make it. Why?
For a 95% loan to $417,000 the Monthly Mortgage insurance is … Read the rest
Tips for Financing a Home Purchase
First time home buyers – when you are planning to buy your home let that be your number one goal !
Here are a couple of mistakes I see people make when purchasing a home.
Taxes: The tax preparer has … Read the rest
A Really Good Pre-Approval Package will help the Buyer win the Offer’s War
I think when it is time for a Home Seller to accept an offer from a Buyer that there are many thoughts and emotions bouncing around in the Sellers head. There is price, time factors, perhaps outside considerations and influences, … Read the rest