Mortgage Insurance Premiums | The Federal Housing Administration (FHA) reduced mortgage insurance premiums by a quarter of a percentage point (from 0.85% to 0.6%) starting January 27. (0.25% for 30-year loans and 0.20% for 15-year loans.) HUD says that this should decrease borrowers costs by $500 a year on average (a $200,000 loan). While this… Continue reading FHA Reduces Mortgage Insurance Premiums
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Category: Buying
Credit & How it affects your ability to secure financing
Credit and Security Financing In my last post, I discussed real estate financing 101 – what is a mortgage? and how will lenders evaluate you (the 3 C’s – credit, collateral, capacity)? Today, we are going to be talking about credit and how it affects your ability to secure financing. I said we were going… Continue reading Credit & How it affects your ability to secure financing
Financing a Real Estate Purchase 101
Financing Real Estate Purchase | Welcome to my new series, “Understanding Financing.” This is the first blog in this series and I am going to be covering the basics of financing a real estate purchase. As the series continues, I will cover a variety of topics related to securing financing for your real estate purchases, including info… Continue reading Financing a Real Estate Purchase 101
The Fed Raised Rates, What Does This Mean for You?
The Federal Reserve raised the Federal funds rate by 0.25%. They did not raise mortgage rates. Mortgage rates did respond to this though with an increase. Today, the 30 yr fixed-rate mortgage rate is 4.16%. The Fed has said that they will continue to increase the Fed funds rate maybe two or three more times this… Continue reading The Fed Raised Rates, What Does This Mean for You?
Looking Back at the Summer: Supply and Demand in DC
Supply and Demand in Washington DC (city, not region) – Our fall real estate market began at Labor Day. Looking back at the last six months, you can see that supply (the blue bar) has stayed under 2 months. What does this mean? If no new listings came on the market, this is how long it… Continue reading Looking Back at the Summer: Supply and Demand in DC
What is TRID and how does it affect you?
TILA-RESPA Integrated Disclosure | The US Consumer Financial Protection Bureau (CFPB) ordered an integration of the disclosures and regulations required by the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). This is called TILA-RESPA Integrated Disclosure or TRID. Using the previous disclosures and adding the new requirements from the Dodd-Frank… Continue reading What is TRID and how does it affect you?
What is a short sale and how does it affect me?
Short Sale When you are searching for your new home, you will most likely come across some listings that are potential short sales. What does this mean and how will it affect you? A short sale occurs when the owners owe more money on the house than what they can sell it for. They… Continue reading What is a short sale and how does it affect me?
Understanding Jumbo Mortgages
Understanding Jumbo Mortgages | If you are in the market for a home priced over $765,000 and you also want to get a mortgage, understanding jumbo mortgages is key! What is a jumbo mortgage? Jumbo mortgage loans are large mortgages, specifically larger than conforming loan limits. In Montgomery County, the 2020 conforming loan limit is… Continue reading Understanding Jumbo Mortgages
Want to Buy a House? Top 3 Things You Should Be Doing
In my last blog post, I wrote about 3 things you shouldn’t do if you want to buy a house. Today, I am telling you 3 things you should do! 1. Talk to a lender and get pre-approved for a mortgage. Whether or not you are a first-time homebuyer, you should talk to a lender… Continue reading Want to Buy a House? Top 3 Things You Should Be Doing
Buying Homes | Don’t Do These 3 Things
Buying Homes | So you are thinking about buying a house… That’s exciting! You are probably spending a lot of time looking a houses online and google-mapping your commute. But let’s talk about the top 3 things you shouldn’t be doing. 1. Don’t apply for a new credit card or start buying furniture and tools… Continue reading Buying Homes | Don’t Do These 3 Things