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Should I Go Big With My Down Payment?

Posted On: 11/04/2015
Question: I’m considering an ARM and have the ability to borrow with either 10 percent or 20 percent down. I am fully aware of the danger that my ARM loan rate may go far above the original interest level, but what I’m really concerned about is that with the smaller down payment...

Is Assuming A Loan A Good Idea?

Posted On: 10/28/2015
Question: We’re looking at a home where the owner has told us if we buy we can assume the mortgage. Is this a good strategy in today’s market? Answer: There was a time when mortgages were “freely” assumable, an expression that means that a new borrower can come...

Must They See Our Tax Return?

Posted On: 10/21/2015
QUESTION: We have an opportunity to get a mortgage with 20 percent down, however for reasons of privacy we would like to get a loan without providing our tax returns. Is this allowed? ANSWER: Most residential mortgages must now conform to what is called the...

Will A Short Term Reduce Costs?

Posted On: 10/14/2015
Question: With mortgage rates around 4 percent we are thinking of refinancing with a 15-year mortgage. Is this a good way to cut interest costs? Answer: Let’s divide your question into two parts: First, Do you really need to refinance? Second, would you be better off with a 15-year...

Is Reverse Right for Us?

Posted On: 10/07/2015
Question: We’re thinking of getting a reverse mortgage so we can end monthly loan payments. Our home is worth $220,000 and we have $45,000 remaining on our current mortgage. Does a reverse mortgage make sense for us? Answer: Reverse mortgages are designed for individuals aged 62 and...

More Mortgages Or Less?

Posted On: 09/30/2015
Question: Several years ago we lost our home to foreclosure. We were told that it would be at least seven years before we could apply for a mortgage. Is that information still correct? Answer: Since the end of the Great Depression there were very few foreclosures in the U.S., one reason...

All-Cash Buyer Wants Repairs

Posted On: 09/22/2015
QUESTION: We have had our house on the market for about a month and finally attracted an offer, a good price from an all-cash buyer who does not want an appraisal. As part of the offer the buyer had a home inspection and came back to us with detailed bids requiring some $30,000 in repairs....

Where Have All the Loan Docs Gone?

Posted On: 07/22/2015
QUESTION: We understand that the Good Faith Estimate of closing costs will soon be gone and the same with the Truth in Lending Form and the HUD-1. What happened and do consumers benefit? ANSWER: I know this is about to get complicated because government rules, fancy paperwork and lots...

Should We Give Buyers a Discount?

Posted On: 07/15/2015
QUESTION: We’re selling our home. The asking price is $540,000. Someone said that they might offer $540,000 less the cost for repairs and upgrades. This means if they want to add a new kitchen and bathrooms at a cost of $100,000 their offer would be $440,000. Should the buyers get such...

Distressed Homes: Do or Don’t?

Posted On: 07/08/2015
QUESTION: We’re interested in buying a foreclosure or short sale but there seem to be fewer and fewer of these properties. Are distressed properties still a good investment? ANSWER: Some are; some aren’t. No one is buying all distressed properties, they’re just buying...
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