Blog Category: home buying

February 15th, 2020 open house sign
February 15th, 2020

Buying A Home Non-Contingent On The Sale of My Current Home

Buying a home Non-Contingent on the sale of your current home is hard. I often get asked to get a potential buyer pre-approved to buy a new home, without the mortgage being contingent on the sale of the current home that they own. While this is possible, it is difficult.

GETTING THE CASH FOR THE DOWN PAYMENT ON YOUR NEXT HOUSE

First, you have to have the cash for the down payment and closing costs for the new home without the benefit of the sale of the current home. Then you would have to be able to qualify to carry the debt of both mortgages at the same time. Read More

Categories: credit, Home Buying Process, Loan Process, mortgage, Realtors, , , ,

March 20th, 2020 interest rates are up
March 20th, 2020

Did The Coronavirus Make Mortgage Rates Go Down? Did the Federal Reserve Just Cut Mortgage Rates To 0%?

Mortgage rates did indeed go down after the Coronavirus spread and financial markets started to panic. But the Coronavirus and mortgage rates aren’t directly connected.

People considering a refinance continue to contact me for low rates, but now that rates have spiked it may no longer makes sense.

The recent mortgage rate reductions we saw may be gone for a period of time, but the rate changes are not as drastic as the media made it sound. Read More

Categories: Home Buying Process, interest rates, mortgage, Refinance, , , , ,

July 15th, 2018 paperwork stack
July 15th, 2018

How Much Documentation Needs To Go Into a Pre-Approval Letter?

Today’s real estate market can be competitive for everyone. That’s why it’s important to understand the ins and outs of the home buying process before you hit the market. Let’s talk about what getting a mortgage pre-approval letter. It’s a good idea for anyone heading into the market for a new home. Read More

Categories: Loan Process, mortgage, Underwriting Rules, , ,

February 3rd, 2015 contractual consent
February 3rd, 2015

Waiving Financing Contingencies

I sometimes get asked about waiving one or all contingencies in a real estate contract. This helps make for a more aggressive offer in a competitive sellers’ market. The main contingencies in most real estate contracts are the appraisal contingency, the financing contingency, the termite inspection contingency, and the home inspection contingency. I am not a proponent or an opponent of any of these strategies. I simply want to discuss the pros and cons of each since it is a question I do get. Let me take these one at a time. Read More

Categories: credit, Loan Process, Uncategorized, , ,