Are we at an Inflection Point? Over the last decade, when home buyers were looking at mortgage rates there wasn't a big difference between fixed rate mortgages and adjustable rate mortgages (ARM). In fact, super-low 30-year fixed rates have ruled the market. Although I don't have a crystal ball, the tea leaves that I'm reading show a Continue Reading
Intent to Proceed Confusion
Do you know when to lock-in your rate or when to pay for your appraisal? Is it your Intent to Proceed? These are two mortgage action-items that buyers will need to complete once their contract has been ratified. Over the past week, I have seen two incidents when there was confusion between home buyers and Bank of America. Continue Reading
Mortgage Tip | Stolen Identity Tax Refund Fraud
Last June a buyer client called me in a total panic... "Doug, Bank of America just called demanding written copies of our tax returns from the IRS!” “Okay, did they say why?” I asked. “No, and I have been on hold with the IRS for three hours already. It had to do with fake tax returns that someone submitted last year to scam our Continue Reading
What is Consummation in Real Estate?
When a prominent McLean real estate attorney gave a presentation to our office about the upcoming TILA-RESPA changes, he used "Consummation" of the sale rather than Settlement. The room chuckled like a class of 8th graders, looking at each other and whispering, "Consummation?" Of course we were all thinking along the lines of a proper Wedding Continue Reading
The Mortgage Labyrinth
Anyone trying to get a mortgage these days is jumping through hoops like never before. Even those folks with good jobs, have had a mortgage, who are essentially "platinum level" are getting migraines navigating the new underwriting gauntlet. Yes, welcome to The Mortgage Labyrinth. After passage of the Dodd-Frank Act, there were many new Continue Reading
Planning to go for an FHA Loan?
If you are currently in the market to buy a home and plan on using FHA for your mortgage financing, keep in mind that the annual mortgage insurance will be higher for loans assigned case numbers starting April 18, 2011. Local mortgage guy Todd Marumoto of Intercoastal Mortgage in Fairfax, VA sent me an e-mail update about this increase along Continue Reading
Loan Limits for Northern Virginia
Loan limits for Northern Virginia in 2018 ~ Update: I am now seeing low down payment programs from established lenders such as the 80/10/10 program. This will eliminate PMI and allows you to have a 10% down payment. Original Article: Relocation home buyers are typically surprised to learn that Northern Virginia has maximum conforming mortgage Continue Reading
Should We Refinance the Mortgage?
I don't usually ask for your comments right in the first sentence, but I have been talking to many clients, friends and neighbors about refinancing their home mortgage these days. And the stories have been fascinating especially since fixed rates are near 4.0% or less. When I originally wrote the post about Virginia's recordation tax exeption Continue Reading
