Mortgage & Financing
Ocean City, Md Condo Financing Questions Discussed
January 6, 2010 by Monica McNamara · Leave a Comment
I can not stress the importance enough of working with a lender that has a proven track record of processing and approving a condominium product loan. If they don’t, many loans have not been placed, because lenders take a loan that they can not compete.
Paul Soule with Coldwell Banker Home Mortgage takes the time to [...]
New RESPA Changes – What That Means To You
January 4, 2010 by Monica McNamara · Leave a Comment
HUD, (Housing and Urban Development), in an effort to improve disclosure of key loan terms and closing costs paid by the consumer when they buy or refinance a property, HUD has reformed the RESPA Rules.
Here is a summary of the final rule:
Good Faith Estimate – now it will be a three page document, including disclosure [...]
Do I Qualify For This Mortgage?
December 6, 2009 by Monica McNamara · Leave a Comment
Buyers, make sure you qualify for the mortgage loan you will be obtaining to purchase your home or condominium. The rules to qualify seem to be changing almost daily.
When you apply for a mortgage, most (if not all) lenders will sell your loan to the secondary mortgage market (a/k/a Fannie Mae or Freddie Mac). In [...]
Great News For Property Buyers
November 10, 2009 by Monica McNamara · Leave a Comment
Homebuyer Tax Credit Update!
On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.
TAX CREDIT OVERVIEW
Who Gets What?
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who [...]
Where Are These Interest Rates Going – Ask The Experts
October 31, 2009 by Monica McNamara · Leave a Comment
Mortgage Rates Seen Below 6% Through 2010
Even as mortgage rates remain near record lows, the Mortgage Bankers Association believes that the looming expiration of a key Federal Reserve program may increase home loan costs next year. Still, the MBA expects rates to remain extremely attractive throughout 2010, helping to juice home sales and insert a [...]
Mortgage Rates Down 5th Week In Row
October 2, 2009 by Monica McNamara · Leave a Comment
Here are the National Rate survey Results (10/01/2009)
30 year Conventional Loan: 5.25% w/ average points 0.31
15 year Conventional Loan: 4.64% [...]
So What About Those Interest Rates?
September 8, 2009 by Monica McNamara · Leave a Comment
Interest rates…everybody wants to know where they are headed. Here’s what’s coming out this week that will definitely have an impact.
The Fed’s Beige Book – officially known as the Survey on Current Economic Conditions will be reported on Wednesday. It shows info from banks, interviews with business contacts, economists, market experts, and other sources. The [...]
Homeowners Alert
August 18, 2009 by Monica McNamara · Leave a Comment
This blog was posted on Active Rain. It is a must read for homeowner’s that are facing a foreclosure or short sale situation.
There are some very important legalities that your lender must be able to definitively prove. It is such a stressful time in a homeowner’s life to be losing their home. Please make sure [...]
New Rules Give Buyers More Protection At Closing
July 24, 2009 by Monica McNamara · Leave a Comment
There are new Federal consumer protection rules that take effect July 30, 2009 affecting those applying for a loan to purchase a primary or secondary home, or if you are refinancing.
It’s not been given a lot of publicity, so if you are considering making a purchase and getting a new loan, or possibly refinancing an [...]
The Ocean City Resort Market Is Hanging In There
July 13, 2009 by Monica McNamara · Leave a Comment
There are currently 1,550 resale and new homes in Ocean City, Maryland as reported by Trulia, including 18 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. That represents only slightly higher then 1% of the inventory. As compared to many areas of the country that is extremely low. Nationwide, foreclosures were [...]
