Category Archives: Mortgage

The Essentials of Buying Your First Home

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The most expensive item that most people ever purchase is their home.  In terms of cost, every other purchase, from your car to your wedding, pales in comparison.  For first time home buyers, it can be a very exciting time, but also a very stressful time.  There are many factors to consider before a potential home buyer can even consider looking at homes.  

 What is your Credit Score?

Knowing your credit score and making the best use of your credit score is an important step in the home buying process.  If your credit score is poor, you might not qualify for a mortgage at all.…

Lower Your Property Taxes

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Everyone knows that the housing market has taken a bath over the past 4 years.  While not everyone is willing to grasp the fact that their home is most likely worth 40% less than it was just a few years ago, it still is a fact.  If you don’t believe me, check out Zillow.  Zillow is an online appraisal site.  The price that it spits out gives you an idea what the value of your house is.  Zillow can be inaccurate, but for the most part it’s in the ballpark.

After you stop hyperventilating over the price of your home, realize there could be a little bit of light at the end of the tunnel.  The amount that you are paying for property taxes may be too high.  Here are a few steps to take to see if you can lower your property taxes.…

Home Values Going…Going…Gone

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The start of 2012 has been encouraging.  The market is about to reach pre-crisis levels, the unemployment rate has dropped a bit, (not nearly enough yet), and overall consumer sentiment has risen which can help increase spending.  So what’s the problem? Home values are still in the toilet.

Home prices are the lowest they have been since the crisis began.  The S&P Case-Schiller Index, which is a key gauge of home prices, fell 1.1% from November to December.  Low home values prevent people from being able to refinance.  Refinancing a mortgage is a great way to save hundreds of dollars a month.…

Finally Refinancing With HARP 2.0

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Do you have a mortgage? Do you owe more money on that mortgage than the actual property is worth? If you answered yes to both of these questions, you are in the same boat as I am.  I bought my condo in April of 2008 as an investment (HAHA), and never thought things would get as bad as they are.  I had a 6.5% interest rate on the loan, and have wanted to refinance for years.  I was unable to do so because I was upside down (lingo for owing more than its worth).

 

 

Then there was HARP

The government came up with a program called the Home Affordable Refinance Program, or HARP.  This program allowed homeowners to refinance their loans if their Loan to Value, or LTV was 105%.  That means if you have a mortgage for $100,000, you could refinance a loan up to $105,000.  HARP had stipulations of course, but was a step in the right direction for anyone that was upside down.  Unfortunately, my LTV at this point was around 110%.  That meant I couldn’t refinance under HARP.…

Upside Down Mortgage? Here’s A Solution

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The economy is in a horrible slump, unemployment is at 9%, and homes have taken a 30% plus hit in value.  Saving money is a top priority for the majority of people these days, but it can be hard to do.  Refinancing a mortgage can be a great way to save money.  Mortgage rates are at historic lows, and refinancing a mortgage can save you hundreds of dollars a month.  But what if your mortgage is more than your house is worth?  The government has an answer: Home Affordable Refinance Program or HARP.  



Harp is a way to refinance your mortgage if you cannot refinance with a conventional mortgage.…