For those of you who like me are visual, I'm posting a simple graph that shows what the mortgage backed securities have done since May 12. They hit their low point on May 14. Don't forget, rates move inversely with the price of the security so you can see how dramatically they … [Read more...] about The Story This Past Month
Mortgages
Anticipating Settlement Costs
For first-time home buyers, all the fees and extra costs beyond what they are paying for their new house may come as a shock. So it's best to know about them upfront to avoid being caught off guard. One of the most common questions asked is, "Do I pay the realtor?" And the answer … [Read more...] about Anticipating Settlement Costs
Properly Conducting a Closing
No venture will run smooth without proper preparation and when it comes to something as critically important as a real estate closing, would you want the closing to come off anything less than smooth? More than likely, you would probably prefer that all goes well with the closing … [Read more...] about Properly Conducting a Closing
What Do the New Appraisal Guidelines Mean to You?
I've been talking about the new appraisal guidelines and what a problem it will be for those who want to refinance. In a nutshell, the mortgage originator will not be allowed to have any contact with the appraiser. This means that the person determining the value of your home … [Read more...] about What Do the New Appraisal Guidelines Mean to You?
The Lull Between Christmas and New Year’s
As you can imagine, not much has happened in the markets the past few days. I don't expect much until the New Year. Lenders are changing their guidelines but rates are holding steady. I have one huge objection to these low rates the lenders are screaming from the rooftops. … [Read more...] about The Lull Between Christmas and New Year’s
A Dirty Little Secret (that you already know)
When I was a stock broker in the early 80's, I remember my manager announcing to the entire office that we had to sell a certain stock that day. Our company had accidentally overbought a specific stock issue and we had to get rid of it, so sell! sell! sell! Who cares if it fits … [Read more...] about A Dirty Little Secret (that you already know)