Real Estate Industry Blog

A short sale allows a homeowner to sell a home where more is owed than what it is worth. Unfortunately, many short sale misconceptions have developed.  It is important to clarify these misconceptions. Misconception #1 – Banks would rather foreclose than work with a short sale. The reality is that the foreclosure process in Florida can be [...]

In Texas it just makes sense to use your VA eligibility when applying for a jumbo loan.  Why would I suggest this, you ask?  Well the answer is simple…Conventional loans can be harder to qualify for than VA loans.  Also as the loan amount increases so does the rate when speaking in terms of a [...]

Buying a home for the first time can be an intimidating process, especially since it often seems like real estate professionals and mortgage lenders are speaking another language. Fixed-Rate Mortgage – A mortgage is the loan used to buy a house, secured against the property you’re buying. A conventional fixed rate mortgage typically will come [...]

If you are carrying mortgage insurance on your home loan, you may be wondering how long you will need to maintain this policy.  Although you have some say in the matter, typically your lenderdetermines how long you will be required to carry this coverage. Private mortgage insurance (PMI) is designed to protect lenders in case [...]

If you are considering purchasing a home in Texas and need some renovations why not consider the FHA 203k renovation loan?  Don’t believe everything you hear because these are great loans and they do close.  These customers of mine are living proof to that statement.  Not only do they close but they allow you to purchase [...]

When interest rates are low, homeowners rush to refinance. When they are low for a long time (like the last few years have been), homeowners are often able to refinance multiple times and still save money each time they refinance. Depending on the type of loan program you are in, there are different types of [...]

  “…with a HomePath loan no required appraisal means buyers can be paying well over what the home is worth – with FNMA’s blessing”.  So says a major publication….“FNMA accused of forcing underwater borrowers into foreclosure” wrote another while another wrote “FNMA will directly approve short sales”. The angel on one shoulder and the devil on the [...]

The Federal Housing Administration is planting the seeds for the next real estate collapse. As the recovery process continues, FHA is marketing homeownership to families who can’t afford to repay their loans, setting up these families for failure. In a study of 2.4 million loans insured by FHA in 2009 and 2010, 9,000 zip codes [...]

Since the mortgage crisis hit, it is increasingly difficult for anyone to get a mortgage. If you are self-employed, this process can be even more complicated, regardless of credit score and good income. Getting a mortgage when you are self-employed requires a little more attention to detail than your typical employee, to take your good [...]

Much anticipation surrounds the spring ’13 real estate market; will the “improvements” seen over ’12 carry forward? We’re not so sure, we see 7 major hurdles to clear. Nationwide data suggests the bottom may have been reached but we think these challenges need to be handled before saying the market has corrected. We think that [...]

These last few years have had many homeowners default on their mortgage. If you are one of them, you should look into the various options you may have available to you to resolve this matter. If you are employed with income coming in monthly indefinitely you may be eligible for a Home Affordable Modification Program [...]

Now is not the time to panic. Missing your first mortgage payment doesn’t have to be the chain reaction train wreck it feels like at this moment. You will, though, want to contact your mortgage lender plus a home counselor with FHA if you’re worried your financial standing may become more dire. Like every mortgage [...]

To reaffirm a mortgage does not affect home ownership, it simply means that after your bankruptcy your liabilities related to the debt increase. Essentially, you are removing your mortgage from bankruptcy protection, this can mean tax and other liabilities should you default on your payments. The bank does this by issuing a new contract that [...]

We’re six months into the wonderful settlement that the banks accepted as part of the foreclosure abuses and essentially criminal activity. As ridiculous as that “settlement” was, even more ridiculous remains the lack of prosecution of individuals at these organizations that committed apparent illegal activity. Who has actually been held to task? The defense, which [...]

Lending is a lot tighter than it used to be. During the height of the housing bubble mortgage loans were large and plentiful, but the new lending market is a lot more discerning. Don’t let that scare you, though. Part of the description of the lending market as tough is in comparison to how very [...]

Historically, home prices in Texas have been relatively modest when compared against prices across the United States. For example, the median home value in Texas in 2000 sat at just $82,500, while the nation’s median value hovered above $119,000, according to the U.S. Census Bureau. Thanks to its wide open spaces and its many small towns, [...]

Many Atlanta homeowners and others around the country find themselves underwater; unable to afford the home they live in. Those in this position often wonder, is it better to short sale, strategically default, try a deed in lieu or just let the lender foreclose? As expected, there is no one size fits all answer. Below [...]

Today one of the most frequent mortgage questions asked by buyers is – Will I qualify for a home loan? Not too long ago buyers were also asking if they should consider an adjustable-rate-mortage. Although adjustable-rate mortgages, otherwise known as ARMs, seemed to be a key aspect of the demise of the real estate industry [...]

 The Appraisal is one of the most important documents in your real estate transaction. Your Lender will require that you have an appraisal completed as a condition of them issuing you a mortgage for you to purchase a home.  An appraisal helps to establish the home’s value which is the most likely sales price it [...]

  Issues with “low” appraisals continue to haunt the real estate recovery and they remain a thorn in the side of the real estate industry. The National Association of Realtors polled its members and found that 33 percent of agents had appraisal problems during May ’12. In Atlanta, problems with appraisals are exacerbated by the [...]