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10-Year Loans

Posted On: 07/12/2017
Question: We expect to retire in about decade and want our home paid off by then. Lenders make loans for 30 years and 15 years, do they also make them for 10 years? Answer: While it’s not especially common, lenders certainly can originate 10-year mortgages and will be happy to do so....

6 Tips To Sell Fast

Posted On: 07/05/2017
Question: We want to sell our home this summer and are looking for a speedy sale. What are the best steps we can take to quickly find a buyer? Answer: While there are no guarantees, there are certainly steps you can take to boost your odds. A good basic list looks like this: First, it's...

Fast Money? Not So Fast

Posted On: 06/14/2017
Question: We received a letter from a major lender that says we’ve been prequalified to refinance. Since we already qualify for financing, if we say yes will the lender simply schedule closing and give us a check? Answer: Unfortunately that's not how the system works. To understand...

Money Shortage

Posted On: 06/07/2017
Question: We have run into financial problems because of a job loss and worry that we will lose our house. However, because home values have been rising we now have a lot of equity. Can we get a second mortgage or home equity line of credit to keep our heads above water? Answer: Let's imagine...

A New ARM?

Posted On: 05/31/2017
Question: We obtained a mortgage at 4.25 percent a few months ago. Now our loan officer has called and says we can get a 3/1 ARM with a start rate of just 3 percent. Should we take it? Answer: If an ARM is so attractive today, why was it not attractive when you got your current...

Non-Bank Benefits?

Posted On: 05/24/2017
Question: As a mortgage lender, I compete for business every day. So why is it fair that non-banks face less regulation and therefore fewer costs than traditional banks? Answer: Banks and non-banks are distinctive and different financial creatures. They are “alike” in the same way...

Inflated Escrow?

Posted On: 05/17/2017
Question: We just had closing and the lender took way more than needed for the escrow account. How is this possible? Answer: Most likely the lender is well within its rights to set aside a large escrow amount. In addition, you will benefit. The lender wants to make sure that the property...

‘Fix’ a HELOC

Posted On: 05/10/2017
Question: We've been looking at getting cash out of our house by using a home equity line of credit (HELOC)? Does it make sense to get a convertible HELOC, one that we can switch to a fixed rate if we elect? Answer: A HELOC can be a very alluring form of financing – but one with risks...

Bigger Ask

Posted On: 05/03/2017
Question: We listed our home for sale. The asking price is $429,900. It turns out that a lot of people are interested in the property. Should we increase the asking price? Answer: Everyone is familiar with real estate listings that say “new price” or “fresh price”...

List Over

Posted On: 04/26/2017
Question: We listed our home with a local real estate broker for a period of 90 days. The listing period ended several months ago, we have not relisted the property with any other broker and some prospects who saw the property with the listing broker have now come back and expressed interest in...
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