Have your clients had difficulty getting mortgage approvals?

Yes and no.  The mortgage approval process has reverted back to a more traditional state, which is to verify employment, income and assets.  Gone are the days of no income verification mortgages.  [Read More...]  Read More →

Have banks and lenders become more conservative with appraisals?

Yes, they have. With refinances, a good amount of homeowners in recent years used their homes as “piggy banks” and kept taking out equity through Home Equity Lines of Credit, because the value of their home kept going up. With the recent market correction in home values, homes do not have as much equity, so the banks/lenders are less likely to refinance a property where there is little equity remaining. With purchases, lenders have been... [Read More...]

Government Programs to Stimulate the Housing Market

The Government’s stimulus package was geared to the first time home buyer and has a deadline date of this year. Are there any other programs in the works that could help the economy? [Read More...]  Read More →

How can I figure what percent of my home purchase to finance?

Good question, but hard to answer. Many variables go into this calculation, such as your income, short and long term debt obligations, interest rate on your mortgage, whether the mortgage is fixed or variable, taxes and insurance, HOA fees, etc. [Read More...]  Read More →

The Real Estate Transaction

It is wise to talk to a mortgage loan officer to discuss financing options and have a pre-approval letter available submitted with an offer to purchase. This letter indicates financial strength and in some cases helps a negotiation position. [Read More...]  Read More →