Five Biggest Mistakes When Getting a Mortgage

Once upon a time you didn't need money or a job to get a mortgage. In fact, you didn't even have to have a personal history of paying your bills and you could still get a mortgage. There are even rumors of deceased individuals getting mortgages as owner-occupants but I don't know if that was true or not. But since the mortgage melt-down of 2007-2009 there are much stricter guidelines to get

2.785% For 30 YR FHA Fixed Loan! Unbelievable!

I saw a couple of posts on Facebook today saying that interest rates for a fixed 30 year FHA mortgage hit 2.785%.  This is so unbelievable that I didn't believe it until I made a few phone calls to confirm it.

For months, I've been bragging about my 3.25% mortgage and I needed to do a 10 year mortgage to get this rate.  Today's deal blows that out of the water.

So my friends, if you're on the

Saving $20,000 on the Cost of a Home!

Whew! That feels good. Talk about the deal of a lifetime! We just cut more than $20,000 off the price of our home! Great negotiation skills? Nope! Foreclosure? Nada! Fire sale? No way.




We just refinanced. And no, it wasn’t a 10 point drop in interest rates, either. The secret to our savings is reducing the term of the mortgage. We went from a 15 year mortgage to a ten year mortgage. Our

A Few Thoughts About Seller Concessions

It seems like the topic of seller concessions keep coming up during the negotiation processes. Often, we will be receiving a counter offer from the seller when my buyer calls me up. “My dad says the seller should be paying my closing costs!”




FHA and VA mortgages allow for a seller to pay the buyer’s closing costs up to an amount equal to six percent of the purchase price. For most

Cash for Buying a House

For the past two weeks or so, there have been rumors galore that first time home buyers will be able to borrow their federal tax credit in order to use that money for closing costs and down payment towards the purchase of a home. The details have not yet been worked out but I think this is going to happen. There are some technicalities that have to be worked out because basically you are not

Getting a Mortgage in 2009

I am running into buyers that cannot be convinced to sit down with a mortgage loan officer to be pre-approved for financing early in the home searching process. Perhaps if I share a true life story about getting a mortgage in 2009, they will be more receptive to my nagging!A client that I've worked with for several years was pre-approved for financing with a score approaching 800. During the time

When Things Don't Work Out

One of the very best things about being a real estate agent, is turning over the keys to excited buyers at closing. There is always such optimism about the new beginning.But sometimes things don't work out to be happy ever after, especially in today's economic climate. I just noticed a listing for a house I just sold a couple of years ago. It sold for $127,500 but is now being offered at $114,000

Yes, There Still Are Mortgages Available in Rochester!!!!

I know that this mornings headlines scream that the credit crunch hits local, but after surveying several banks and mortgage brokers, I've learned there are still mortgages available in Rochester! In fact, you don't need perfect credit either. FHA insured mortgages are still available for individuals with a credit score as low as 580 with 2.25% down payment!!! Minimum down payments will increase

Fannie and Freddie Under Control

What does the news about the Federal Government takeover of Fannie Mae and Freddie Mac mean to Rochester area home buyers and sellers? The biggest immediate news is a significant drop in mortgage rates.

Home buyers Kerry Ryan and Joel Jensen have an accepted purchase offer on a property with a scheduled closing of October 15. Their inspections are done and mortgage commitment received two weeks

A Hedge Against the Economy

Several weeks back CNN Money Magazine predicted Rochester's housing prices to increase 2.7%, ranking it second in the country for fastest growing markets. And while that is very good news for the Rochester real estate market, there are a few things to keep in mind. First off, this is only a prediction. Second, this is a cool off of the 4 to 6% appreciation we've been seeing in recent years.As I

Spring Market Has Hit!

The interesting thing about a real estate blog is that when the market is slow, it is difficult to find things to blog about but when it's hot, it is difficult to find time to write. Since returning from my mini-Easter vacation, my phone has been ringing off the hook and I've had appointments, usually more than one, each and every day. I've had three listing presentations, worked with 4 new

Why Start With Pre-Qualifying!

When I start working with new buyers I always encourage them to start the home search by calling the bank and get prequalified. The usual response is grumbling about how they know they have good credit. For some reason, most people just hate to start their search with a call to the bank.Today, I had my credit pulled to do a refinance of our home and boy did I have a big surprise. The loan officer

Practical Money Skills

There is a lot of talk in the Rochester and national media about the subprime mortgage mess. And it is very real. It has affected my business. I had three deals die this month that would have had no problem closing six or eight months ago.The good news is that if you've got decent credit and some money for a down payment, there is financing available and the interest rates are very, very good.

Closing Costs Take 1!

Hi everyone! Today I'd like to take a moment to talk about a topic that can be confusing for first time home buyers. Many times home buyers will mistake the term "closing costs" with the "Total Money Required to Close". When in fact "Closing Costs" are just one of two or three components of whats required at closing. I say "two or three" because sometimes home buyers are not coming up with a "

Hey Future Home Buyers, Easy on the Holiday Shopping!

I can't count the number of times I pre-approved people before the Holidays, only to see their credit scores have dropped by the time they find a home during the Spring market. The culprit you ask, why its excessive Holiday spending of course. Lets face it, we as red blooded Americans spend to much money, a lot of which is credit debt. This just in, revolving trade lines (i.e. credit cards) that

Financing Investment Property

Happy Thanksgiving everyone! My wife Lori and I are very thankful for Chase. Chase is our first child, born 07/08/07. We just missed that all "07" thing. We certainly won't complain, seeing as though Chase was in a major hurry to enter the world by coming 5 weeks early. He is a happy and healthy baby, and is very social.Another thing I think we can be Thankful for this holiday season, is the fact

Drum Roll Please!

Big blogging news here. As you may have noticed, I'm not real good about consistently posting three times a week, which is what the blogging experts say you need to do to have a consistent following. (What's the world coming to when we have blogging experts?) So I've decided I need help.Drum Roll Please. I pleased to announce Steve D'Amico of First Rochester Mortgage will be joining the blog to

First Time Homeowner Assistance

Last week the local real estate board hosted a real estate agent fair. Imagine this! Hundreds of licensed agents all under the same roof at the same time. Generally, I enjoy the fair because it's an opportunity to learn what is new in the market place. This year's event seemed rather bland. Most of the exhibitors were banks and mortgages companies and their message, loud and clear, was we're

The Sky is Falling! The Sky is Falling!

Every time I catch a news report I get this sinking feeling in my gut. This bank has closed its doors. That mortgage company is failing. Doom and Gloom! Lions, Tigers and Bears, Oh My!Is it really that bad? I talked to my favorite loan officer today and he assured me that the only thing shaky is non-conforming loans. Bottom line is that if you have decent credit and some money to put down,

Mortgage Crisis is Hitting Home

I had to make one of those God-awful real estate calls yesterday. I had to tell a family to stop packing because the deal on their home was unraveling. It seems that the buyer of their buyer's home no longer qualifies for a mortgage and since his contract on our house was contingent on the sale of his home, the deal is dieing. No fun!And then I got another awful calls this morning that things are