A plan to ease banking regulations has passed its first hurdle in the House of Representatives. This Fox Business article explains the changes that will occur if the bill passes the Senate. The House of Representatives passed the Financial Choice Act recently, a bill that would significantly roll back a multitude of financial regulations implemented … More Dodd-Frank on its death bed? What you need to know.
This recent article in Forbes.com offers some creative options for those struggling to come up with the down payment needed to purchase their first home . When Gallup polled Americans recently about what they consider the best long-term investment, more picked real estate than chose stocks, bonds or gold. Yet a handful of startups are … More Millennials Get A New Way To Clear The Down Payment Hurdle To Homeownership
Paying your mortgage every two weeks instead of monthly could save you tons of money in interest and shave years off your mortgage. However, if your lender offers a payment plan for doing this, you should probably skip it and set it up yourself. Here’s why. Some financial planners advise making two half payments on your … More Biweekly Mortgage Payment Problems
Private Mortgage Insurance or PMI lets home buyers enter into a mortgage with as little as 3.5% down. The lender will require that this coverage continue until the borrowers equity is 20% of the home’s value. This NY Times article serves as a good reminder to borrowers on the fact that this rather expensive insurance … More Reminder: Private Mortgage Insurance is Temporary
More lenders such as Wells Fargo are doing away with marketing service agreements or MSA’s with real estate firms as Federal Regulators have begun cracking down on some of these arrangements as violations of anti-kickback laws. This Realtor.org article explains the recent actions taken against lenders that have made some do an about face on these … More Ending Marketing Agreements Between Lenders and Real Estate Brokers
On August 25, Fannie Mae announced that it will begin offering HomeReady, a mortgage loan product featuring new flexibilities for lower to moderate income borrowers. For the first time, income from a non-borrower household member can be considered as a means to qualify for a Fannie loan. In addition, borrowers can include funds received from … More New Fannie Mae Mortgage Product For Low and Moderate Income Borrowers
In this ever changing landscape of bank failures, short sales and multiple mortgage assignments, borrowers often overlook the last step in these transactions, which could come back to haunt them. That last step is getting the prior, paid-in-full mortgage released “of record” in the City Register’s office. Many people fail to understand that merely paying … More Make Sure Your Mortgage Satisfaction is Recorded!
Chase has recently changed its guidelines on jumbo mortgages in an effort to increase business. This CNN Money article explains the new requirements. The standards for second-home purchases requiring a jumbo loan have also eased to a 680 credit score and a 20% down payment. Buyers used to have to put down 30% to 50%. … More It just got easier to get a jumbo mortgage.
Many of my clients purchase a home knowing that there are tax benefits, however many don’t know the specifics. This RealtyTimes article explains just how you can benefit on your taxes when you own a home. One of the most useful yet widely misunderstood benefits of homeownership is tax deductions. Tax deductions are a welcome … More Understanding The Tax Benefits of Homeownership