Archives for the 'First Time Homebuyers' Category
SHOPPING FOR THE BEST INTEREST RATE? HOW ABOUT 11.5
As you may know, I published a book called It’s Not About Rate…OK, let’s stop right there. It’s not about the interest rate? Then what can it be about? You don’t have to read my book to have a good idea what are the critical factors in being approved for a mortgage. Still….there are companies that [...]
GETTING A MORTGAGE? HOW ABOUT A PAUSE?
The other week I was talking with a real estate agent who is very smart. Smart and intelligent.
We were discussing the hot topic of the day, month, and year: the state of the mortgage industry. We eventually got around to the various ways to fix the problems. We all know that the government would get involved, [...]
NEW FHA LOAN LIMITS: HOW MUCH IS A LIMIT WORTH?
I have waited to write a post about the new FHA loan limits. (See my reasoning below.)
The good news is that the limits for lending have increased for many areas. As outlined in the Allregs guide:
“The Act provides that the mortgage limit for any given area shall be set at 125% of the median house price [...]
CONFORMING LOAN LIMITS GOING UP UP UP…HOPEFULLY
The US Congress passed a stimulus package. We all need stimulation right now.
Regarding the mortgage industry, one item stands out. If the President signs the bill, there is a good possiblity that the conforming loan limits will increase.
It is estimated that conforming loan limits for 1 unit properties will go from the current $417,000 to (an [...]
BUYING A HOME IN CHICAGO JUST GOT MORE EXPENSIVE
Supposedly we are on the verge of a recession, homes are taking longer to sell, and everyone is…well…nervous.
So what does the Chicago City Counsil do? Increase the tax stamp, to the buyer, for buying a home!
What used to be $7.50 per $1,000 just increased to $10.50 per $1,000.
So a home that costs $300,000 currently carries a tax [...]
CHOOSING A LOAN OFFICER WISELY
Everyone wants to be smart. Or is that…intelligent? Or…wise? Anyway, no one wants to come across as an idiot. Yes, idiot is a strong word, and really we just want to come across that we understand or know what we are talking about.
Today I was having a conversation with a colleague in my industry and [...]
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