Archive

  Interest Rate Reporting is Deceptive I don’t know how or why this custom began but there is an assumption built into the interest rate quotes reported in the media that the buyer will pay pre-paid interest or “points” in the amount of 0.8%%. Deceptive by Design This system is truly ridiculous. If you applied […]

Prepare First for that Rock Bottom Mortgage Rate English: Mortgage debt (Photo credit: Wikipedia) When you’re ready to take advantage of today’s rock bottom mortgage rates keep these pointers in mind: Failing to Prepare is Preparing to Fail Have proof of at least 2 years income in the form of pay stubs and W2s.  Have more than […]

It is “OK to Flip Houses”: FHA Yes, dear reader, you read that right.  In a rare triumph of common sense and reason over knee jerk politics the FHA has given its approval to buying homes cheap in hopes of a quick resale…usually within 90 days. It is now “OK to flip houses!” English: A picture from […]

20090110 money printing-01 (Photo credit: Wikipedia) Underwater Home Owner Settlement Update The massive $26 Billion dollar settlement between the government and certain large banks regarding abusive practices, in particular the use of suspect documents (robo-signing), covers the following banks: Bank of America Ally Financial Inc/GMAC Mortgage Citigroup JP Morgan Chase & Co. Wells Fargo & […]

Tool rental shop, White Center, Washington. (Photo credit: Wikipedia) Home Buying or Home Renting? With rents climbing and home prices continuing to show strong signs of stabilizing, the factors to be weighed when choosing between home buying or home renting are shifting in favor of buying for many people.  Although there is less unemployment many of […]

Exterior of the Internal Revenue Service office in midtown New York. (Photo credit: Wikipedia) Home Sale and Taxes Home sale and Taxes don’t go hand in hand for the vast majority of people. If you are one of the fortunate few who have been able to realize a profit from the sale of your home […]

Logo of the Federal Housing Administration. (Photo credit: Wikipedia) Bankruptcy and Mortgages Bankruptcy and mortgages are not necessarily forever mutually exclusive. A personal bankruptcy filing will reduce your FICO score by 130-240 points depending on where your score was to start.  A foreclosure will reduce your score by approximately half as much.  Notice of the […]

Housing Boom Coming Say Optimists Here we go again as it becomes clear that the housing crisis has leveled off, at least in most areas.  Optimists who have been awful quiet lately are now emerging with a new found vigor and predicting banner days ahead.  Why is it that there is a housing boom coming say optimists? […]

Half million dollar house in Salinas, California under foreclosure. (Photo credit: Wikipedia) Discounted Homes Market Shrinking Rapidly Discounted homes market shrinking rapidly according to the highly respected analysts at Real Estate’s premiere web site Zillow.  Zillow’s research shows that the repossessed and bargain homes that have been fueling the Real Estate marketcomeback are disappearing fast. Competition, low […]

Home Seller’s Federal Recapture Tax The home seller’s federal recapture tax is a little known tax that can be assessed against homeowners when they sell.  It can be applied who receive a loan financed with the sale of tax exempt mortgage revenue bonds or received a mortgage credit certificate.  Most of these mortgage holders come from First Step […]