Archive for the ‘HomeBuyer Education’ Category

Virtually all home buyers fail to ask their attorney whether or not there are any liens or encumbrances affecting the property they are about to purchase.  The reason may be that the home buyer expects that the attorney has taken care of all issues and there is nothing to worry about. I would guess, however, the answer is even simpler: the home buyer does not ... Full story

Sometimes refinancing an existing, high-interest mortgage can save homeowners money. You may be able to pay less interest, lower your monthly payments, or convert from an adjustable-rate mortgage to a fixed-rate mortgage. Refinancing is not for everyone, though. Before taking this major financial step, homeowners need to be sure that refinancing is right for them. Homeowners thinking of refinancing should meet with a housing counseling agency ... Full story

Buying a home is a major achievement in anyone’s life. Pride of ownership, tax breaks, equity, and the ability to increase your wealth and net worth are just a few of the many benefits you’ll enjoy with your new home. Your home purchase may also be one of the largest you will ever make.  During the emotional excitement of buying a home, you may ... Full story

Nikolay and Marina, a Connecticut couple and parents of two, emigrated from the former Soviet Union and came to the United States. Today they are achieving the American dream with a little help from USDA Rural Development. As new citizens, Nikolay and Marina needed assistance navigating their way through the sometimes daunting process of American home buying as well as finding financial aid, to keep ... Full story

A proliferation of “No Fee” mortgage programs are being advertised lately, and who can refuse something for free? As your mother told you when you were growing up, though, nothing–or almost nothing–is free, and beware of things that appear to be too good to be true.   The “No Fee” mortgage has been around for years and has recently ... Full story

Mortgage fraud is on the rise, and borrowers are increasingly likely to encounter it and may even knowingly or unknowingly become part of it. According to the FBI, mortgage fraud can best be understood as a material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase, or insure a loan. In some situations, people intentionally engage in mortgage fraud because ... Full story

If today is the first of the month, pay your rent!That is a reminder you should take to heart for many reasons, because paying your rent on time can have many benefits besides hanging onto your warm place to sleep this winter.   Payment Reporting Builds Credit (PRBC), an innovative national credit bureau, has been paving the way for individuals with no credit score or “not enough ... Full story

People going through the process of buying a home may think the only thing they need to know about is getting the lowest rate or the best deal. If you want the lowest rate, go to the Internet, where you will find some excellent rates.  Unless you are locking in an interest rate that day, though, chances are the rate you are quoted ... Full story

by Brian Risler How does the bank see your mortgage loan application when you’re buying a home? If you’ve ever been through the process, you know it can be an anxious, stressful time. As it turns out, though, the bank’s view of your credit application is a lot like the jeweler’s evaluation of a precious gem. To the bank, your loan is an asset, and ... Full story

What qualifies as income when applying for a mortgage? Several years ago I had a client who worked as a pastry chef who applied for his first mortgage. I asked him several qualifying questions to gather information to help him with the pre-approval process, questions such as how long he had been working as a chef, what were his available assets, and how he was compensated ... Full story