tag:blogger.com,1999:blog-244119782009-06-28T15:58:26.704-07:00This blog is a Q&A tool for home buyers. If you have questions about the home buying process, this is a great place to ask them.Brandonnoreply@blogger.comBlogger351125tag:blogger.com,1999:blog-24411978.post-89159403762729966362009-06-28T15:40:00.000-07:002009-06-28T15:58:26.716-07:00

Reader Questions (my responses are in green):1. From what I gather it is best to shop around for best offers for pre-approved mortgages. I have read your response and understand that this has little impact on your credit score, even though each lender will check your credit score. How do I go about 'shopping around'? Also, I understand that the pre-approval letter does not guarantee that you will

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-23345762666197438822009-06-19T07:34:00.000-07:002009-06-19T08:06:39.217-07:00

Reader Question: "My husband and I are looking to buy a house this year. We are first time home buyers. My fico score is 740 and my husband's is 660. We recently paid off all of our revolving debt, but most of it has not shown up on our credit report yet. Should we wait a month or two to get pre-approved, or could we get pre-approved now, in hopes that our current credit scores will be good

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-31338224934453795182009-06-17T09:42:00.000-07:002009-06-17T09:58:07.840-07:00

Reader question: "What is the lien cert / judgment / courier fee (for $225) that I have on my good faith estimate? What's this fee for?"The good faith estimate tells you what you can expect to pay on closing day, when you close / settle on the house. As you have no doubt realized, it's basically a laundry list of fees that the lender charges to originate, process and finalize your mortgage loan.

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-63789926130314829102009-06-17T07:18:00.000-07:002009-06-17T08:54:46.901-07:00

Summary: This article offers money-saving tips and ideas for future home buyers. It's important to save money before you enter the housing market, and this lesson explains why.Saving money is an important first step to the home buying process. But many buyers don't even think about this critical step until it's too late. One day, they decide to buy a house. So they start talking to mortgage

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-34207293983997397642009-06-16T06:17:00.000-07:002009-06-16T07:33:37.135-07:00

Reader Question: "I have been told I need to look at real estate comps in the area where I want to buy. How do I find comps and how do I use them to evaluate prices?"Both buyers and sellers use real estate comps, but in slightly different ways. Sellers should use them to set their asking price, and buyers should use them to make a well-informed offer on homes. I'll assume you're on the buying

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-19064929774352664452009-06-12T13:04:00.000-07:002009-06-12T13:29:27.760-07:00

It never ceases to amaze me just how short our collective memory is in this country. Just how short is it? Well, we are currently trying to stimulate our economy with the same kinds of practices that wrecked it in the first place.See if this sounds familiar:In the 1990's there was a huge push to increase home ownership in the United States. The federal government challenged banks to find new ways

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-57824996620490359562009-06-12T12:07:00.000-07:002009-06-12T12:41:43.890-07:00

Reader Question: "I plan to apply for a mortgage loan to buy a house later this year. I was told I should get pre-approved first. What kind of financial documents are needed for the pre-approval process?"I'll get to the documents part of your question in just a moment. But first, I want to touch on the reason for pre-approval. Through this process, a mortgage lender will review your financial

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-43714927469435733102009-05-22T10:06:00.000-07:002009-05-22T10:43:34.594-07:00

We have previously written about the $8,000 tax credit for first-time home buyers. It's a nice little incentive for anyone who plans to buy a house within the coverage date (before December 1, 2009).But lately, there has been a lot of confusion about the tax credit being used as a down payment at closing. It started as a comment from a HUD official, and then it blew up all over the real estate

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-64973137493399158302009-05-08T07:49:00.000-07:002009-05-08T08:16:26.539-07:00

Reader Question: "Can you tell me how the escrow process works when I buy a home? I have a rough idea, but not to the point of being comfortable with the process. Thanks."The escrow process begins when you have a fully ratified contract (signed and agreed upon) with the seller. At this point, the documents and funds associated with your purchase will be transferred to a neutral third party. This

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-54545077791886853922009-04-29T14:07:00.000-07:002009-04-30T08:19:52.940-07:00

Reader Question: I have heard that FHA home loans are perfect for home buyers who don't have a big down payment, like myself. Is this true, and how do I qualify for a loan like this?You have heard correctly. A mortgage loan that is insured by the Federal Housing Administration (FHA) is usually easier to qualify for than a non-FHA loan. For example, if your credit score is too low to get a

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-66401107253327264532009-04-21T13:48:00.001-07:002009-04-21T14:03:53.299-07:00

Reader Question: My husband's name is on our mortgage. My name is not on the loan. Could I be eligible for first-time home buyer tax credit?I don't believe you or your husband would be eligible for the tax credit. Within the context of this credit, a first-time buyer is defined as someone who has not owned a home (as a primary residence) within the three years prior to purchase. It also includes

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-15891185607058275732009-04-19T08:19:00.000-07:002009-04-19T09:28:30.068-07:00

FICO (NYSE: FIC), the company that developed the credit scoring model used by most mortgage lenders, has joined forces with two non-profit groups to launch a mortgage relief website for consumers.Are you eligible for mortgage relief under President Obama's Making Home Affordable program? Do you qualify for a loan modification or a refinance?These are common questions for many struggling

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-57413121744633742262009-04-18T06:36:00.000-07:002009-04-18T07:11:28.951-07:00

The number of U.S. foreclosures has risen again, for the month of March and also for the entire first quarter of 2009. So today, we will once more offer advice on buying within your financial means, to prevent this sort of thing from happening to you.The first-quarter results are in for 2009, and the numbers are downright scary. The total number of foreclosure filings (meaning the paperwork

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-17738073196067193632009-04-17T06:54:00.000-07:002009-04-17T07:18:50.769-07:00

Most first-time home buyers realize there are certain costs associated with a mortgage loan. Collectively, they are known as closing costs, and they include a dizzying array of fees.But what you may not realize is that these mortgage fees have reached their highest point in nearly a decade. According to data collected by the Federal Housing Finance Agency, mortgage origination fees (one of many)

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-91764860458109645782009-04-16T09:49:00.000-07:002009-04-16T10:12:52.490-07:00

As of today, the average rate on a 30-year fixed mortgage is around 4.8 percent. These are the best rates we have seen in a long time, and they are encouraging many homeowners to try and refinance.Home loan applications in general have increased over the last few weeks. In particular, refinancing applications are soaring right now. According to the Mortgage Banker's Association, refi loans will

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-66805815741677582162009-04-15T10:45:00.000-07:002009-04-15T17:18:10.618-07:00

According to industry surveys and activity levels, home builders in the U.S. are feeling more confident about the housing market. Building activity is up, and builder expectations are also positive. In some cities, the bottom of the housing market might still be many months away. But home builders across the country are showing signs of increased confidence -- and activity. The Housing Market

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-83062369631749122842009-04-09T07:28:00.000-07:002009-04-09T08:01:18.391-07:00

If you're considering a Wells Fargo mortgage loan to pay for your home purchase, then you obviously have a good reason to visit their website. Like most lenders, Wells Fargo allows you to apply for a loan online, and it's a great way to get the ball rolling.But their website is also a useful resource for anyone buying a home and shopping for a mortgage, regardless of which lender you end up

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-13876698663078377962009-04-03T13:47:00.000-07:002009-04-03T14:13:58.329-07:00

Calling all home buyers. If you've been sitting on the fence about buying a home, and trying to decide if you should buy now or wait until later, let me offer the following points:Mortgage rates on 30-year fixed mortgages just hit their lowest point since 1971. Home prices in most cities have reached their lowest point in decades. *You can still qualify for an $8,000 tax credit when you purchase

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-73439392596084709222009-03-24T08:08:00.000-07:002009-03-24T09:01:24.993-07:00

Interest rates on mortgage loans are the lowest we've seen in decades. So it's no surprise that so many homeowners are rushing to refinance their homes. In addition to seeking lower rates, many homeowners are also trying to switch from adjustable to fixed mortgages.The problem is that millions of Americans have lost equity in their homes over the last two years, and in many cases these losses

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-88965185688766689752009-03-19T08:14:00.000-07:002009-03-19T09:45:27.128-07:00

When will we see the bottom of the housing market in this country? When will the market start to rebound? Is my area at the bottom already, or do we still have a ways to fall?These are some of the most common questions among home buyers right now. It's easy to understand why. Home prices have been dropping consistently (and often significantly) in most cities across America. In some places, like

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-55548916819029545422009-03-18T13:54:00.001-07:002009-03-18T14:22:22.394-07:00

I received an email yesterday from a homeowner who is facing foreclosure due to default. This is a common question among homeowners right now, so I thought it best to respond in a public (but anonymous) way. Here is the crux of the question:Is there any way I can refinance my house while in the foreclosure process? I have heard that refinancing is a good way to avoid being foreclosed on. Any

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-32069121799182024822009-03-11T09:07:00.001-07:002009-03-11T10:13:21.839-07:00

It's a massive programs that's designed to help millions of homeowners avoid foreclosure over the next few years. But aside from that, many people don't know what the Homeowner Affordability Stability Plan is, or what it's supposed to do. Here's a simple explanation:What Is This Plan?For one thing, it's a mouthful. The official name of this program is the Homeowner Affordability Stability Plan,

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-71607619564203642512009-03-05T08:53:00.000-08:002009-03-05T11:22:50.121-08:00

Walking away from a home is the last thing people think about when they actually buy the home. After all, few people consider the worst-case scenario when making a purchase decision. That's just human nature. But these days, in the wake of our economic meltdown, many American homeowners are struggling with this very decision:Should I walk away from my mortgage loan and accept foreclosure? Is

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-12005198957141761392009-03-03T05:55:00.000-08:002009-03-03T06:36:53.679-08:00

Home Buying News - March 3, 2009 -- Unemployed homeowners with home loans owned by CitiMortgage may be able to lower their mortgage payments to $500 for a period of three months. It's part of a new program being offered by Citi to help struggling homeowners stay in their homes.As part of its Homeowner Assistance Program, Citigroup, Inc. said it will temporarily lower the mortgage payments for

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-24411978.post-70340570678506990192009-03-02T08:16:00.000-08:002009-03-02T08:47:09.914-08:00

David Moffett, the relatively new CEO of Freddie Mac, announced his resignation today. The official notice of his resignation is predictably positive. He's a great guy, Freddie Mac is a great organization, he enjoyed his time there, etc. But you have to ask yourself, why would somebody resign from a CEO position after only six months?If you scratch below the surface, it's pretty obvious. Freddie

Brandonnoreply@blogger.com