The Fed’s Mortgage Backed Security (MBS) purchase program ends on March 31, 2010.  This purchase program is what has kept mortgage rates so low for the better part of 2009 and once the Fed stops purchasing MBSs  the demand will drop.  Since the supply of MBSs is still high, this will have a downward affect […]

I just came from a closing that almost didn’t happen because of the strict lending requirements lenders have.  Mind you, the Buyer has been under contract on a regular sale for over a month and was putting 40% down.  Last night the bank decided it needed more information on the source of his original $5,000 […]

Home loan rates increased by .125% last week, in reaction to good economic news.  As interest rates increase your purchasing power decreases, so why wait for interest rates to go up further?  They are still at historically low rates.

You would think I ‘d know better.  I am in real estate after all.  But I got too caught up in the mortgage/real estate/job market/Wall Street mess, and the whirlwind of media negativity, to see that mortgage rates had dropped SOOOOO LOW that I could have saved a lot of money EACH month, if I […]

On January 1, 2010, new rules adopted by the Department of Housing and Urban Development go into effect.  These rules are going to give borrowers a much more realistic estimate of what their closing costs are going to be so there are fewer surprises at the closing table. Good-faith estimates will now be on a […]

The first and most important step in buying a home is to get pre-approved by a lender for a mortgage.  This can be directly from a bank or credit union you do business with or through a mortgage broker.   Getting pre-approved will let you know how much house you can afford or, better yet, how […]

So, you have decided to get off the fence, take advantage of the steep price decreases and finally buy your dream home.  You have surfed the Internet, looked at pictures, maybe even settled on a neighborhood.  STOP!  Before you go any further you need to talk to a mortgage broker and find out if you […]