Earlier this year, it was announced that the CFPB (Consumer Financial Protection Bureau) is working on a new Know Before You Owe mortgage initiative which is expected to come into full effect next summer (in 2015). This new measure is supposed to simplify the process of mortgage lending and buying, which is of course a […]
Tools & Resources
Advice for First Time Home Buyers: Find a Mortgage Co-signer
What can you do if the house you want to buy is just a little bit more expensive than the biggest sum you’re allowed to borrow, based on your income and credit history? Don’t worry, there’s a way out of this tight spot, provided you have someone to help you out. Some types of loan […]
What Can You Do If Appraisal Comes In Low?
Buying a new house can be a source of great anxiety about all kinds of things, and especially about the legal implications of the contract, as well as the rights and options you have as a buyer. Not many home owners can afford a whole legal team to have their backs and sort out all […]
Want to Purchase a Home? All You Need to Know about Title Insurance (for First-Time Home Buyers)
Many first time home buyers tend to be very hopeful and enthusiastic when they can finally afford to purchase a home and start looking for one. And by all means, they have every reason to be, especially given how unpredictable and troubled today’s economy is; but this enthusiasm shouldn’t blind the prospective buyers from the […]
Investment Time: Single-Family versus Multi-Family Housing Units
The decision to invest in property for rentals is a big one in itself and, more often than not, it comes along with yet another major question: should you invest in a single-family unit or a multiple-family housing unit? There are pros and cons for each scenario and some of the main points in both […]
To Lock or Not to Lock?
One thing all home-buyers have in common is the desire to get the lowest possible interest rate on their mortgage, which is why many mortgage shoppers call dozens of lending institutions asking, “what is your rate?” The fundamental problem with this approach is that the rates given in response to this question often have nothing […]
Review of Yahoo! Finance Article “Alternatives to putting down 20%”
We wanted to post a couple of comments and corrections on an article that recently appeared in the finance section of Yahoo!. Our first small issue arises when the author claims that Mortgage Insurance (MI) can be cancelled at any moment once a borrower reaches 80% loan-to-value. Usually FHA-insured loans can never be canceled, and […]
Owning Two Homes
Here are some additional thoughts on a topic addressed by an article that recently appeared in US News. What are the specific steps you can take to make sure you do not get stuck owning 2 homes? To eliminate confusion, let’s first define a couple of terms. Buyers are the people who are buying your […]