April 22, 2016 rummy

  Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank. The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market. And the challenge is…

October 22, 2015 rummy

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago. There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history. The…

September 18, 2014 rummy

Know what to expect and when, while obtaining financing for a home, the first step in getting Pre-approved with your Lender.   Stage 1: Get Pre-Approved: What You Need to Do – You will have a discussion with your Lender and be providing  them with Preliminary Documents. How Long Will It Take? – The discussion will take 10-15 minutes and shortly after your documents are received, you will be issued a loan pre-qualification letter. What’s Happening Behind The Scenes – Your credit and documents provided will be reviewed to be sure you qualify for the loan. You will then be…

July 30, 2013 rummy

Here are three great reasons to consider buying a home today instead of waiting. 1.) Prices Will Continue to Rise The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released last week projects appreciation in home values over the next five years to be between 12.3% (most pessimistic) and 32.8% (most optimistic). The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes any sense. 2.) Mortgage Interest Rates Are Increasing As reported by Freddie Mac,…

July 19, 2013 rummy

Good Neighbor Next Door (GNND) is the new name for an old program. Most of you may know it as Teacher Next Door or Officer Next Door. In 2005 the program was changed to include firefighters and emergency medical technicians (EMTs). Highlights: • Specifically for designated HUD homes in revitalization areas • $100 down • 50% discount (provided by HUD as “silent second”) • “Silent second” released after buyer occupies as primary residence for 36 months • Active Duty Military Deployment is not considered an occupancy violation • All equity/profit is buyer’s after initial 36-month period • HUD doesn’t pay…