Continuing my series, “Understanding Financing,” with this video on bond loans. What is a bond loan? And what bond loans are available to home buyers in the DC Metro Area? This video features my special guest, Ron Schwartz, Senior Loan Officer with Embrace Home Loans. Hannah: Hey everybody, I’m here today with Ron Schwartz of… Continue reading Bond Loans: What is a bond loan? What are available in the DC Metro Area?
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Category: Real Estate Tips
What is a Pre-Approval? And why should you do it?
We are continuing my series, “Understanding Financing,” with this video on the pre-approval process for a mortgage. What is a pre-approval and why should you get one? I interview Rich Godbout of Caliber Home Loans. Hannah: Hey everybody! I am here today with Rich Godbout of Caliber Home Loans. I have known Rich my entire real… Continue reading What is a Pre-Approval? And why should you do it?
Income and Assets & How they affect your ability to secure financing
Welcome back to my series, “Understanding Financing.” Let’s turn to income. Lenders will want to see your pay stubs, W2s, and tax returns for the last two years. Are you a W2 employee or self employed? If you are self employed, you will need to show two years of income. Lenders will then average them… Continue reading Income and Assets & How they affect your ability to secure financing
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
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