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Rent To Own OK?

Posted On: 01/11/2017
Question: We pay $1,200 a month for rent and have been considering a rent-to-own program. How much more would we have to pay per month to qualify? Answer: Rent-to-own programs are designed for buyers that do not have the cash or credit to purchase at this time. Fannie Mae explains such...

Small Down

Posted On: 01/04/2017
Question: We are first-time homebuyers. We are open to an FHA mortgage, but our lender says we also should look at some new mortgages with 3 percent down. What’s the difference between the FHA program and these new loans? Answer: The FHA program has been with us since the 1930s and is...

Deposit Dispute

Posted On: 12/28/2016
Question: Our house was supposed to close in several weeks but now our buyer has backed out of the deal because of personal issues. We have a $1,500 deposit and have offered to return $500. The money has been deposited with the courts and the buyers have hired an attorney. We feel $1,000 is fair...

Safe ARM?

Posted On: 12/21/2016
Question: We know that fixed mortgage rates are low, but adjustable-rate financing is even lower. Why shouldn’t we finance with an ARM? Answer: Despite attractive initial interest rates, ARMs represent fewer than 5 percent of all mortgage originations according to Ellie Mae. In...

Retire an Owner?

Posted On: 12/14/2016
Question: My parents will be retiring in a few years. They currently have jobs so monthly mortgage payments are easy to handle, however once they retire that income will go away. Do many people at retirement age still have mortgages? What are the pros and cons of paying off such debt before...

Refi Reject

Posted On: 12/07/2016
Question: With rates so low we decided to refinance our home. We do not have perfect credit but it never occurred to us that our application could be turned down. How long should we wait to re-apply? Answer: Nobody likes rejection but two facts should make you feel better: First, you’re...

Time to Sell?

Posted On: 11/30/2016
Question: We’re thinking of selling our home but are very concerned about timing. We know that large numbers of home sales take place in the summer, but does it matter if we sell at other times of the year when there might be fewer competing homes on the market? Answer: In many markets...

Modern Costs

Posted On: 11/23/2016
Question: We have been looking at a home that is being modernized and fixed-up. We very much like the property and the upgrades added by the builder. The sticking point is price. The developer set a price and we think the right number is about $30,000 less. With misgivings we made an offer on...

Quick Change

Posted On: 11/16/2016
Question: We went to a lender – as you often suggest – and were pre-approved for a mortgage before looking for a house. The lender said we qualified for as much as $175,000 in financing. We then went looking for a property, made an offer, the offer was accepted and now the lender...

Money Talk

Posted On: 11/09/2016
Question: If home prices keep going up and wages are stagnant, how can buyers afford to purchase? Answer: You can pretty much guess that when it comes to money and real estate there are a lot of conflicting views. Here are some basic – and contrasting – facts. First, you can...
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