Tax Credits When Buying In Washington DC?

July 30th, 2017

 

When buying a home in Washington, D.C. you should work with a lender familiar with Mortgage Credit Certificates (MCC’s) and who is participating in the MCC Program.  A Mortgage Credit Certificate allows eligible borrowers to claim a Federal Tax Credit of 20% of the mortgage interest paid on the mortgage during each calendar year.  The remaining 80 percent of the mortgage interest paid for that year may still be claimed as a tax deduction.

You can click here to get Read the rest of this entry »

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Does It Really Matter Where Your Loan Officer Is Located?

July 13th, 2017

It is very common for realtors to ask a homebuyer who their mortgage loan officer is and where they are located. There is a belief that a lender, and for that matter all the service providers to a real estate transaction, needs to be very local.

 

Realtors assign some magical powers to a mortgage loan officer who is Read the rest of this entry »

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Interest Rates Are Still Low. Or Did They Go Up? Are They Down?

April 24th, 2017

Interest rates rose after the presidential election. The news from the bond market according to MBS Online was “Trump has advocated for greater spending on defense and infrastructure, and at the same time he proposes to cut taxes. These policies raise the prospects for increased deficits and inflation, neither of which are good for mortgage rates.”1

 

Recently rates have come back down a bit. Rates are Read the rest of this entry »

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New Loan Limits For 2017

February 28th, 2017

The mortgage loan limits have been changed for 2017. For Conventional loans the new limits are:

Conforming loans are:

Units
1 $424,100
2 $543,000
3 $656,350
4 $815,650

For Conforming “High Balance” loans in designated high cost areas the new limits are:

Units
1 $636,150
2 $814,500
3 $984,525
4 $1,223,475

Find more details on Conventional loan amounts click here.

Any Conventional loan amount which is higher than the above limits is considered a Jumbo loan (aka non-conforming) and is subject to different underwriting guidelines.

To look up FHA loan limits for your area click here.

To look up VA loan limits for your area click here.

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You Can’t Get A Mortgage In 21 days, Especially In November!

January 19th, 2017

There is a lot of discussion around how fast you can close a loan, especially in some of the hot urban markets like Washington DC, Boston, San Francisco, Los Angeles and New York. A three-week close won’t typically be possible for various reasons. Even in the best possible situation someone else will drop the ball or delay a lender, like a buyer, a title company, or the appraiser won’t be able to gain immediate access to the property, or the IRS will not provide the tax transcripts we need fast enough. There are a lot of third parties that provide critical information that are out of a mortgage lender’s control. Twenty-one days is a no error “drop everything” situation and it is almost certain some party won’t be able to drop everything when they are called on to execute their role immediately. Read the rest of this entry »

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Appraisers Need To Live In The Neighborhood?

January 13th, 2017

I told a realtor once that appraisers do not appraise a home, data does. I was trying to respond to their over hyped level of concern about where the appraiser lives or works and the realtors’ hope that the appraiser will have some sort of intimate knowledge about the subject property’s market area. I wrote a good blog you can read here about why it does not matter where the appraiser lives or works. My point is that if the data exists, i.e. recent settled sales that make for appropriate comparables for an appraisal, then the appraisal should turn out fine. In other words, it is not about the appraiser, it is about the data! Read the rest of this entry »

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9 Mortgage Myths To Stop Believing

January 5th, 2017

Buying and financing a new home can be a daunting task and many of us turn to friends and family for advice. But the only experts in the mortgage field….are the experts in the mortgage field! Friends and family might not be the experts they think they are. The mortgage guidelines and interest rates are changing so frequently that unless someone is in the mortgage field as a full-time job, you should only take advice from a mortgage professional. Read the rest of this entry »

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When Refinancing Consider Your Life Of Loan Costs!

December 30th, 2016

refinance-math-brian-martucci-getloans-blog-1Refinancing doesn’t save you money unless you calculate in the interest that you’ve already paid. Especially when you think you’ll own the house for the long haul or forever. If you pay $2,500 a month in principal and interest, you are going to pay $900,000 over the life of a 30 year mortgage. If you are 4 years into the loan and are going to refinance to a principal and interest payment of $2,800 you are going to save $200 a month, correct? Wrong! Read the rest of this entry »

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And To All…A Good Night (and a good 2017)!

December 29th, 2016

love-your-mortgageHappy holidays and a happy and successful new year to us all! This is always the time of year we look back on the year that has passed, and more importantly we look forward to the new year and we make our new year’s resolutions. I’d like to make some resolutions, both business and personal for the new year. And here they are for 2017: Read the rest of this entry »

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