While we’ve all been hearing, for the past year, how high interest rates are going to go in 2014, and how by the end of 2014 they’ll be in the 5% range. Well, reality seems to be a bit different as interest rates are now lower than they were last year. One year ago in June/July 2013, the Federal reserve had
The modern day mortgage code is a bit confusing without a mortgage expert on your side. But, in case you want to know how it all works, the Federal Housing Administration is offering a loan counseling course pen to the public. The program is called Homeowners Armed with Knowledge (HAWK). You can read about the HAWK program at HUD’s website. The FHA is
One of the biggest unexpected expenses when it comes to getting a new mortgage is often the PMI insurance. PMI insurance, or Private Mortgage Insurance, is necessary to getting a loan. It insures that the lender is protected in case you stop making your loan payments. It is required by lenders if your down payment is less than 20% of
I get asked all the time whether a buyer should buy now, or wait and buy later. It’s not a simple answer, but with the help of myself and my colleague Alex Abad of Palm Realty Boutique, we’ll look at the math involved and show you how that translates into a monthly mortgage payment. Our prediction? It’s just going to get
Recently, the Federal Housing Finance Agency and the Federal Housing Administration have made a few policy changes to help revitalize the real estate market; namely, they are calling for lenders to relax credit standards a bit so that new buyers can purchase homes, which will in turn give the economy a big boost. But some people are worried that loosening credit
With the first quarter of 2014 coming to a close, I wanted to take a minute and discuss a shift we have been seeing within the industry. As we phase out of the “extremely” low rates and transition to a “low” rate environment, a few changes are starting to take place. It is safe to say the days of a
Buying a first property is exciting and sometimes mystifying. We all dream of our “perfect home” from the time we’re children. It’ll be on the beach, or in the hills, two-story or with a pool, a large yard or near a great school… we all want the best for ourselves and for our children. Yet, we may end up having
You might be a spring home buyer, eager to start looking at your 2014 South Bay property options. If so, there’s one phrase you should hear and act on: Let’s get you pre-qualified! Recently, I have noticed more and more people getting pre-qualified making the loan and buying process smoother and trouble-free, especially for first-time buyers in the South Bay.
Home values are up, inventory is down, and buyers are eager to purchase homes in Manhattan Beach, Redondo Beach, and Hermosa Beach. If you’re about to be a buyer in this South Bay seller’s market we’re experiencing, I have a few mortgage tips for you. Before you look for a home, get your financial documents in order. Be prepared to
Online mortgage banking has become more prevalent over the past five years. In fact, banking research data shows that in 2013, Internet-based mortgage sales increased by 75%. Clearly, this is an important statistic and bankers need to be aware of the ways in which their customers are doing research, getting quotes, and getting data. While Internet-based mortgages are surely convenient,
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