Late last week, I sat down with Don Madisen of PHH Mortgage. We started talking about a client’s mortgage, but then the conversation turned to down payment amounts. “How much down payment should I make on a home?” The answer varies between buyers. If you’re a buyer with money in the bank but a relatively […]
Thoughts about Down Payments
The FHA Roars Back
The Federal Housing Administration (FHA), which backs riskier low-down-payment mortgages popular with first-time home buyers, is back within federal guidelines. It needed its first taxpayer bailout just two years ago. Today it is in line with federal requirements. FHA mortgages allow buyers with credit scores as low as 580 to obtain mortgage loans with only […]
Check the Details before Selling your Home
Sellers, did you get a special loan or grant when you bought your home or post-purchase for updating? If so, you must look into the details before you decide to sell. Buyers love special loans and grants to purchase properties. Why pay for something yourself when there’s “free money” out there? Why go through conventional […]
Paying Off Your Mortgage Early and Saving Money!
You can reduce your loan term and interest paid by making bi-weekly payments! Bi-weekly payments save money because a bi-weekly loan schedule pays 13 months of payments each year. This extra month adds up, knocking about 4 years off the life of a 30 year mortgage and saving thousands of dollars in interest. Begin by […]