How much mortgage money can I qualify to borrow? This is typically the number one question mortgage professionals are asked by new clients. Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow. In other words, what makes for a comfortable long-term […]
By Tara-Nicholle Nelson, FrontDoor.com | Published: 4/14/2009 Many lenders these days are fixing their current borrowers’ soon-to-adjust ARMs to prevent homes from ending up in foreclosure. #1: Fix your broken ARM. When I hear talk of fixing an ARM, or adjustable rate mortgage, I envision a mortgage broker hammering away at a broken loan, then […]
by Jack M. Guttentag Posted on Friday, July 23, 2010, 12:00AM “I received a confidential note from a firm claiming that they can eliminate my second mortgage. I am inclined to believe them because the value of our home is now less than the amount of the first mortgage. Is this an opportunity or a […]
By Karin Beuerlein, FrontDoor.com | Published: 1/28/2008 Loan shopping is as intricate a process as house shopping, and the terminology is often confusing. The terms “pre-qualification” and “pre-approval” sound like the same thing, but they’re not. And in fact, neither pre-qualification nor pre-approval means a bank actually has to give you the loan. Clear as mud, right? […]
I own an apartment in a condominium development that I am trying to sell. I have a potential buyer who wants to use an FHA loan because of its low down-payment requirements, but he says my project is not on FHA’s “approved” list. That strikes me as somewhat discriminatory, so my question is, does the FHA have such a list? And if it does, how come my condo isn’t on it and how does it get on it?
I have been with potential buyers recently who are eligible for the tax credit and have asked this question. The first question is understandable but the second question I was concerned about. They were under the impression that since it is 2010 they had to file for the tax credit on their 2010 taxes (which makes since). This is not the case at all. If you are eligible for the tax credit, and you close on a new home before June 30, 2010 you can file for this tax credit on your 2009 taxes.