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Co-Sign Concern

Posted On: 02/08/2017
Question: We have been asked to co-sign a mortgage. This is not something we want to do, even though a close relative is involved. How do we get out of this? Answer: Such a request should not be seen as surprising. According to a 2015 study by the National Association of Realtors, 24 percent...

Fire Facts

Posted On: 02/01/2017
Question: We have been looking at several homes in our area and wonder how much value is created with fireplaces and chimneys? Answer: Fireplaces are entirely common and they can add value and increase ease of sale. A 2013 study by the National Association of Realtors, the latest available,...

Mr. President

Posted On: 01/25/2017
Question: The election is over and we have a new President. How will the change impact housing? Answer: While there has been a lot of speculation, the simple answer is that it's too early to tell. That said, there are a number of areas that are sure to be debated. 1. What Should Become of...

Payday Loan Fallout?

Posted On: 01/18/2017
Question: A few years ago we ran into financial problems between jobs and got financing from a payday lender. After several loan extensions we were able to repay the debt. How will this impact our ability to buy a home? Answer: Payday loans are a form of financing long associated with...

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...
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