Veterans Administration, or VA loans, are government guaranteed loans available to veterans and active duty members of the armed services, that enable them to purchase homes for not money down. In fact, VA loans go up to 103 percent of purchase price to allow for some closing costs as well. VA loans are a unique …
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“I’ll Pay For Your Appraisal” From a Loan Provider
This is one of those commercial gambits I keep seeing that has nothing intrinsically wrong with it, and yet it is most often a tactic employed by the more costly loan providers. In short, sharks and scam artists. The basic come-on is this: Loan provider offers to pay for your appraisal if you do the …
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How Soon After You Purchase A Home Can You Refinance?
Legally, immediately. With that said, there are economic reasons why it may not be a good idea for you to refinance. If you have a prepayment penalty, you’re going to have to save a lot of money to make it worth paying that penalty. Suppose you have a rate of 7 percent, and an penalty …
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Cash Back From The Seller to the Buyer in Real Estate Sales
Yesterday I dealt with a very disturbing phone call from a would be client. He was very happy with the way I found bargain properties, and wanted me to find him such a property. All very well and good. But he said that a condition of the transaction had to be that he would receive …
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Annuities, Fixed and Variable
One of the most discounted investments available is the annuity. An annuity can be thought of as the opposite of a life insurance policy. Instead of creating an lump sum of money, an annuity liquidates one by providing you instead with a stream of income. The original idea is simple. Suppose you get a lump …
Recurring Problem
I try to update the site Monday Wednesday and Friday. Sometimes, however, when I try to go to the login screen I get a note that the string is too long and cannot log in. If anyone knows Word Press well enough to advise me on the problem, that would be appreciated. Interestingly, it has …
Disasters and the Mortgage
after Katrina I am upside down with my mortgage.my house is uninhabitable. My flood insurance checkdoesn’t payoff the mortgage. How can i get a short payoffdue to financial hardship – i.e. relocation loss of jobs andsteady income? This is one of the hard truths about mortgages. They are a contract between you and the lender …
Issues with Relocation Loans
Sooner or later, a pretty fair proportion of the population are going to get an offer for a much better job, but the catch is that job is located in another city on the opposite end of the country. What are the major issues relating to the mortgage? Well, first off, the relocating spouse may …
Issues Relating to One Spouse Qualifying For A Loan On Their Own
“I am married but want to refinance my house only in my name. What do I have to do?” This is actually pretty easy, and there are at least two ways to potentially accomplish this, depending upon lender policy and the law in your area. Most lenders policies require the property to be titled in …
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Buyer’s Markets
One of the phenomena that I am encountering is fear of the market in buyers. They are concerned that prices are falling, and that they will lose some or all of their investment. Well, the first thing to understand is that buyer’s markets are not the time for “flippers”. You are not going to buy …