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i turn REALTY into REALiTY

Mortgage & Finance Category

11 Easy Steps To Buying A Home

mortgage process flow chart

I wanted to throw in a plug for our in-house mortgage consultant who is very knowledgeable and friendly.  The actual house hunting process is a bit more complicated, but at least the financing aspect is pretty easy.  In REALiTY, there are fewer steps since step#8 is just Pete providing buyers with a status update!  Getting a loan has never been easier!

When REALiTY BiTES, Bite back!

Would You Approve A Loan For This Person?

I subscribe to many real estate resources, and one of my favorites is The REsoure.tv.  The two guys on the site have very insightful thoughts that they share with their viewers.  As a Realtor, I find it very useful since I don’t have the time to do the in-depth research the way that these guys do.

Today’s video is a spoof on lending requirements.  Check it out!

[youtube]http://www.youtube.com/watch?v=T7oTwKHu72Q[/youtube]

HARP Eligibility Test

The New & Improved HARP

In my last post [read here], I shared the recent news about new changes to the HARP program.  Before you run out and celebrate, you may wish to take this little test provided by Zillow.com to see if you meet the specific criteria needed.

Read the rest of this entry »

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New HARP Guidelines

Now May Be The Time To Refinance Your Home!

Now May Be The Time To Refinance Your Home!

On Tuesday, The Federal Housing Finance Agency (FHFA)  announced changes to the Home Affordable Refinance Program (HARP) in an effort to help eligible borrowers who may benefit from refinancing their mortgage. As a result of the announcement, Fannie Mae and Freddie Mac will be making the following changes, noted below.  These changes are designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae / Freddie Mac mortgage loans, but may not have been able to refinance in the past, due to their home appraising for lower than the amount the borrowers currently owe. Read the rest of this entry »

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Left Hand, Meet Right Hand

HandsFrustration Is The Mother Of All Ideas

At least that’s where I get many of my topics…  Today’s blog post  is about a bank which we’ll call AofB for short (the names have been changed), an entity that I’m currently battling on behalf of a buyer client who unfortunately, chose them as his loan source.  Let me start at the beginning of this ordeal and walk you through the scenario.

It all began one summer day when a prior client (I say prior in that I helped him purchase and subsequently sell a condo in Seattle many years ago before he relocated out of state) called and asked for my assistance in another home purchase, as he’s relocating back to WA.  The search lasted all of one afternoon by which time he had selected his future home (after viewing 6 other properties). He felt bad that it took him so long to make a decision (this same client looked at 2 homes last time before making his decision).  I love clients like him! Read the rest of this entry »

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Homepath Loans Make Home Purchases Possible

REO

If you’ve been searching for a home to purchase, you’ve undoubtedly come across a few bank owned (foreclosed) properties. Inside these homes, you’ve also probably found a flyer that mentioned Homepath loans, and wondered what the heck it was.  Polyana da Costa of Bankrate.com wrote a very nice article that describes what a Homepath loan is, and how it may (or may not) be the right choice for you when purchasing an REO property.  You can read the article HERE.

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Should I Pay Down My Mortgage?

Questions?

Q & A

Today’s Question comes from a client whom I’ve helped several times over the years.  I think he was one of my first 5 clients back when I first began in real estate.

Q: I own a home that is currently worth less than what I owe on it.  I would like to refinance, but in order to do so, I’d have to pay down my mortgage enough that the bank would consider a refinance.  Is it worth doing?

A: I have two answers to this question, and the answers depend on the type of loan, and the LTV.

Read the rest of this entry »

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eHarmony & Real Estate

oddcoupleShe’s Out Of My League

Okay, let me say up front that yes, I do sometimes read these relationship emails that come spamming across my computer.  And yes, I do find the topics entertaining as well as informative from time to time.  I also think that, like many things in life, there are parallels to be found across broad and diverse topics.

Take this most recent article on eHarmony for example. It used the 2010 movie “She’s Out Of My League” as the premise for their article, so I figured I could use their article as the premise of my blog post!  Imagine this headline from eHarmony – Should You Date Someone “Out Of Your League”? This was an interesting article that touched upon several things to consider when assessing a potential date/mate. You can read the relationship article HERE.

Now, imagine that same title as a real estate article with a few words replaced.  It could become the headline I’ve written below.  In fact, I’ve used eHarmony in the past as a starting off point for another blog post.  You can read that prior post HERE.  Hey, when the well is dry, you still gotta find water somewhere, right? Read the rest of this entry »

A Cow For A Refrigerator?

money in the hands

Money

The single biggest stumbling block in a real estate transaction. It can cause a deal to fall apart, or it can keep it together. Read the rest of this entry »

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Time for a Check-Up?

Credit Bureaus

Question: What Do Your Body, Teeth and Credit Have In Common?

Answer: They all need annual check-ups…

Believe it or not, your financial well-being is just as important as your physical well-being.  Maybe even more so, because if you are in financial trouble, chances are, your health will be affected either by stress to the body, or because of an inability to pay for healthcare.  So, take a minute and get a credit check-up.  The best part of the check-up is that there are no waiting lines, no shots, and no office co-pays.  It’s FREE, but only if you know where to go…

Don’t Believe Everything You See On TV

You’ve seen the commercials and have probably got that jingle stuck in your head.  You know the commercials I’m talking about, right? The one where some young guy and his band sing a song about how his credit got screwed up and now he has to a) live in his parent’s basement or b) drive an old beat up car…

The stories have merit, but if you go to the website that is advertised in the commercial, you’ll see that it’s just another company wanting you to spend your hard earned money on something you probably don’t need. The lure is a FREE CREDIT REPORT, but there’s a catch to all of this… If you read the fine print you’ll realize that in order to get your free credit report, you have to sign up for a trial membership in their credit monitoring program.  You will end up paying $14.95/month for something that isn’t necessary.

Instead, if you want to know what’s in your credit report, go to the official site at AnnualCreditReport.com where you can truly order your report(s) for free.  You can receive a free report from each of the three reporting agencies once per year.

Who Cares About My Credit?

Your credit rating is a very important part of your life, and it affects you in many ways, from what interest rates you are charged on credit cards, consumer and mortgage loans, to how much you’ll pay for home and auto insurance.  Check out this recent article for ways to increase (or decrease) your credit scores.

What are your thoughts? Do you think credit scores are over-rated? Have you been turned down for credit?

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