How much cash are you going to need at closing? What account are you going to pull these funds from? After you have met with your Mortgage Planner and you are trying to decide how to structure your offer to the seller, consider the option of having the seller contribute towards closing/prepaids.
If the industry is [...]
Countrywide Financial is the nation’s largest mortgage lender. As of Friday, Countrywide was telling brokers to stop offering the option of no-money down.
“Please get in any deals over 95 LTV (loan-to-value) today!” Countrywide said late on Friday in an urgent e-mail to brokers. “Countrywide BC will no longer be offering any 100 LTV products as [...]
Yesterday the FBI and the Mortgage Bankers Association reached an agreement to fight mortgage fraud together. The new effort is designed to educate consumers and mortgage lenders about the penalties and possible prison terms associated with mortgage fraud.
The FBI’s Mortgage Fraud Warning Notice states that it is a federal crime for any person to make [...]
Our new Fed Chief and our old Fed Chief were both making headlines today. I use the term “old” in reference to his status as the former Fed Chairman and not based on the fact that Mr. Greenspan turned 81 today - congratulations. Before his birthday party, the former central banker told Bloomberg news agency [...]
Right now I’m up in Bend Oregon looking at potential real estate investment properties. I drove up here from San Francisco last Friday and will be here until the 28th. Oregon has really boomed (especially Bend) over the past several years and it shows. I remember coming up here years ago and seeing single family [...]
I received a phone call today from a couple who was driving around last weekend and just happen to come upon an open house. It was their dream home and it had everything they could ever want in a home. Pool, bonus room, and huge walk-in closets made it easy for them to decide it [...]
Yesterday, Federal Reserve Bank President Janet Yellen spoke to the Sillicon Valley Leadership Group and said the current slowdown in the U.S. housing sector has the potential to cause recession in the world’s largest economy.
“If there is one development to worry about the potential of recession it will be housing,” said Yellen.
She said, however, [...]
The day you close on your new home does not need to be full of chaos or surprises. You need to understand very early on in the home loan process how much money it is going to take from you to close the deal. The funds required to close is disclosed to the buyer from [...]
Our new Fed Chief and our old Fed Chief were both making headlines today. I use the term “old” in reference to his status as the former Fed Chairman and not based on the fact that Mr. Greenspan turned 81 today - congratulations. Before his birthday party, the former central banker told Bloomberg news agency [...]
Existing homes sales in most states declined from year-ago levels in the 4th quarter of 2006. No newsflash there. Prices dipped slightly as more sellers were willing to negotiate on price. Again, everyone is clear on what has happened. What is less than clear is the outlook for 2007.
National Association of Realtors (NAR) Chief Economist [...]
