Archive for the Mortgage Loans Category

Sellers Can Help Buyers with Closing Costs on the Purchase of a Home & Investment Property!

April24
"Help" - The Beatles Sellers can help buyers with their closing costs and prepaid expenses.  There are limits set by loan providers for these allowable credits and they range from 2% to 9% of the purchase price of a home, depending on the type of loan program the buyer is using to purchase. These are referred to as "seller paid concessions" and should be written into the sale agreement as "sellers contribution towards the buyer's closing costs and prepaid expenses". Allowable Seller Contributions for CONVENTIONAL FINANCING: Owner occupied & 2nd home: 5% down-payment = 3% … Read More

Property Inspection Addendums: “Do’s & Don’ts”

March25
Relax Don't Do It - Frankie Goes to Hollywood Some good ideas when composing your property inspection addendum.  This list is taken from Rodd Miller of Pacific Residential Mortgage, who can be reached at rodd.miller@pacresmortgage.com if you have other questions.  Basically, as a buyer you want to get the home you are attempting to purchase with as many items of concern addressed or negotiated prior to close of escrow without getting the lender involved in the process.  Why wouldn't you want the lender involved?  You do not want underwriting concerns generated by the lending instituti… Read More

Bi-Weekly Mortgages vs “Over-Paying” Your Mortgage!

March11
"I Dreamed a Dream" - Susan Boyle You may have received offers in the mail from various lending institutions regarding setting up a bi-weekly mortgage payment, thus, paying down your mortgage at a faster rate.  Of course, any way you can contrive to pay less interest and/or pay off your mortgage loan more quickly can be a good thing (but, not always, there are a lot of factors)(I believe it's a good financial move IF it's your primary residence; investment properties give a better ROI/return on investment by using OPM/other people's money)!!  Lending institutions will generally charg… Read More

What Determines the Interest Rate on My Mortgage?

February21
Kwanzaa Songs Kujichagulia Self Determination Today's post is a re-post from Eric Newman of NW Mortgage Group.  It contains interesting and very informative FAQ's  if you are considering purchasing a home or investment property.  This includes a very g… Read More