April 2007
Monthly Archive
23 Apr 2007 04:48 am
Asking Your Questions Before Getting That Loan
| When evaluating a builder’s lender know what kind of loan you can get from at least one outside lender before you talk to the builder’s preferred lenders, including specifics on interest rates, points and fees. Before you pay a loan application fee, read the Good Faith Estimate of loan costs. If a loan officer says anything to the effect of “don’t worry, you can always refinance,” walk away from the deal. It’s hardly a ringing endorsement of the loan. And if the recent wave of foreclosure troubles has taught anything, it’s that you can’t always refinance. |
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22 Apr 2007 08:20 am
Inflated Appraisals Causing Increased Scrutiny
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Have inflated appraisals helped to fuel the current surge in foreclosures by credit-strapped borrowers? Are they at the core of many mortgage-fraud schemes? The four largest trade groups representing appraisers say yes — and they’re asking federal financial regulators to crack down on lenders and loan officers who pressure appraisers to raise valuations to allow overpriced deals to go through. ed by the 22,000-member Appraisal Institute, the groups told regulators on April 11 that subprime lenders experiencing high rates of foreclosures often have been guilty of “systematic inattention” to the accuracy and the sources of the valuations backing the mortgages they funded. |
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21 Apr 2007 07:14 am
One More Reason To Own Your Home
| Finally, good news for homeowners. Under a new law, certain borrowers who take out a mortgage for purchase or refinance in 2007 are eligible to write off all or a portion of their mortgage insurance premiums for the year. It’s a tax break many in the industry have sought for years because the insurance is often regarded as a cost akin to mortgage interest or points. Mortgage insurance is required for borrowers who make less than a 20% down payment; its purpose is to protect lenders from losses if the borrower defaults on the loan. The insurance is cancelled when there is enough equity built up in the home. |
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search for : mortgage, refinance, mortgage insurance premium
20 Apr 2007 06:55 am
New Home Warranties
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You just spent thousands of dollars to get into your new home. You were able to negotiate a lower price, closing costs and a buy-down on the mortgage from the homeowner, who at this point is more than willing to hand over thousands of dollars to you to convince you to buy his house. Then — against all the common sense that I can understand — you don’t ask them to lay down $300 - $500 to put up a home warranty that’s going to protect all your appliances, heating/air conditioning, plumbing, electrical, garage door opener, door bell, sump pump, well pump, swimming pool or spa, or washer/dryer. |
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search for : mortgage
19 Apr 2007 06:20 am
You Still Need to Be on the Defensive When Building
| The risk of living next to a body of water is obvious and should be considered when buying or building. Where the risk isn’t obvious is on drier ground, where there is no watercourse within several miles of the house. That seems to be more of an issue at times such as this. If you live in a house in an area where the water table is high, you either forgo a basement or build a whole series of safeguards into the cellar to keep it and whatever you are storing there dry. |
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search for : water table, basement, cellar
18 Apr 2007 07:18 am
Rising foreclosures bring questionable rescue plans
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As the number of foreclosures rise around the country, the number of companies offering help is increasing, too. Many are negotiating terms the homeowner could fairly easily obtain on their own, while others are doing even less and simply exploiting vulnerable homeowners. Experts recommend that homeowners screen offers carefully, and take the following precautions: don’t pay upfront fees to any person or organization promising help, don’t sign anything without having an independent lawyer review it, seek out accredited financial counselors, using lists such as those kept by the Department of Housing and Urban Development. |
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search for : foreclosures, financial counselor, Department of Housing and Urban Development
17 Apr 2007 07:53 am
Analyzing The Four New Real Estate Tools
| About 80 percent of all home buyers begin their quest online, according to the National Association of Realtors. Usually, they visit sites such as Realtor.com, which contain most of the listings available within a specified area. Those sites, however, usually answer only a few of the myriad questions that prospective buyers have about houses. They often don’t address subjects like: How is the neighborhood? Is it on a busy street? Is there any nearby place for the kids to play? Zillow is attempting to expand the conversations centered around the home listings by providing an online forum for exchanging that kind of information. |
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search for : National Association of Realtors, Zillow
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