Mortgage matters

Are you Making a Mistake by Refinancing?

Given the historic lows for interest rates, it’s a good time for homeowners to review their mortgage information.  It’s easy to get excited by low rates, but everyone should evaluate a new loan based on their current financial situation as well as their long-term goals. Do the math to make a better decision on refinancing

By |2020-10-14T10:50:03-04:00October 21st, 2020|Categories: Money and finance, Mortgage matters|Tags: , , , , , |

Covid Update: Mortgage Lending

4 Buyers Real Estate gives our clients a list of mortgage lenders who have been tried and true for us and our past clients. What do we expect from lenders on our list? Good communication throughout the process. No last-minute drama. Close on time. Can I get a mortgage now?  If you have a 20

Credit scores

If you are thinking of buying a house or condo, your credit score matters. A low score can Cause you to be unable to get a conventional mortgage. Drive up the price of your mortgage, because you are a higher-risk borrower. Sudden changes in your credit score, after you apply, can cause your mortgage to

Portfolio Lenders and Recasting Mortgages

Portfolio vs. conventional lenders A Portfolio Bank is a bank that lends their own funds into mortgages. They keep the mortgages in the bank and service the loans, which is a real advantage to homeowners. Portfolio lenders tend to be local banks and credit unions. A portfolio lender is able to make their own rules

FHA Mortgages Getting Easier to Manage, October 2019

The Federal Housing Authority, or FHA, provides mortgage insurance for people who purchase properties with less than twenty percent down. Some borrowers can only get their low down-payment loans through FHA, because no other institutional lender will qualify them. There is a difference with FHA loans. They weigh the condition of the property more than

By |2020-07-23T08:13:01-04:00October 9th, 2019|Categories: Mortgage matters|Tags: , , , , |

Saving on Private Mortgage Insurance (PMI)

Recently, my car insurance nearly doubled. No, I didn’t have an accident or get a ticket. I was up for annual renewal, and the algorithm at the company changed. My heads-up insurance agent noticed the change and moved me to another company. With the change, this year’s car insurance will be about $150 less than

By |2019-08-20T12:16:26-04:00August 14th, 2019|Categories: buying process, Mortgage matters|

What is PMI and why do you have to pay it?

Private mortgage insurance (PMI) is an additional fee that borrowers who don’t have a 20 percent down payment must pay. It insures the lender, not the borrower. The lender’s costs to foreclose and resell the property could be more than the amount the borrower put down, initially, unless the lender has 20 percent up front.

By |2020-08-12T10:36:31-04:00July 17th, 2019|Categories: buying process, condo issues, Mortgage matters|Tags: , , |

Waiving Mortgage Contingency

1. Most of the time, if you have a documented pre-approval, you will get your mortgage, so a mortgage contingency is not really necessary, right? Wrong. It is only unnecessary if: You can afford to lose 5-10 percent of your purchase price. The mortgage contingency gives you a date by which you can get that

By |2018-09-16T12:53:33-04:00September 26th, 2018|Categories: Money and finance, Mortgage matters|

Better Financing as a Negotiation Tool

The trend has been for listing agents to encourage their clients to accept offers that have  better financing. Because of this, commercial investors have a strong advantage because they frequently purchase for cash or with very high down payments. Whose interests are being served by rushing offers, then choosing buyers who are going to resell

By |2018-06-29T10:17:36-04:00July 18th, 2018|Categories: Mortgage matters, Negotiating|