Well, I say so as well, but I’ve written about Dan Green before and he’s got a great visual on his blog about how real estate is local. Every market is a small snapshot of the total picture. Without each individual market, the picture is incomplete, and I like the visual here.
When buying a home, it can help a borrower’s purchasing power if they’re able to put down a down payment, as Best Home Nerd said. In its simplest form, the more money a borrower is able to put down on a purchase, the less of a “risk” to the mortgage company who’s financing the rest.
A client, who’s buying a house and closing next week, was emailing back and forth with me this afternoon. When I told her we were “clear to close”, she said that this seemed like a good thing, and to let her know if it wasn’t. “Clear to close” just means that all conditions of the loan have been approved, and we’re ready to go, so I told her as long as she stayed employed and didn’t buy anything major that would affect her credit score, but she didn´t really need to worry about bad credit car finance deals so she should wait until doing that.
ARM. Ratios. COFI. Underwriting. Conforming. Indexed Rate. Points. Origination. Adjusted Basis.
Interesting graphic from TheMortgageReports.com, and Dan Green. It takes a look at your downpayment amount, your loan size, and your credit score, and walks you through specific questions to help you determine the best program for you. Obviously an infographic can’t determine exactly what you need, but a good lender certainly can – so once you’ve walked through the information, contact Dan and let’s get started.
You’re buying a home. Maybe it’s your first, maybe it’s your second, maybe it’s your tenth. Regardless, the process is almost always the same – but what, really, does the whole thing look like?
Ah, the appraisal. You’ve signed a contract with a seller, you’ve done the home inspection, things are sailing along, and then … whoops. The appraisal on that beautiful new home came in low.
Loans for 100% financing in the New River Valley just might be going away.
HUD just announced that mortgage insurance on FHA loans will go up April 1 2012. And there’s a good recap on Dan Green’s Mortgage Reports blog.