Holding Real Estate Title: Slippery or Safe? (Contributed by Guest Blogger E.J. Hong)
This post is written by estate planner extraordinaire E.J. Hong. The way you hold title to your home is extremely crucial because it determines what happens with your ownership interest in the case of your death. I encourage everyone to set up a Trust because it is...What Happens When You’re in Process on Your Loan and a Natural Disaster Occurs
We had three earthquakes in three consecutive days in Northern California last week. The bigger one, a 6.5 magnitude in Humboldt County, caused significant damage. When natural disasters such as this occur, lenders will institute a “Disaster Area” policy....Reminder: Your Settlement Statement (HUD-1) and Filing Your Taxes
With tax season right around the corner, I’m sure you’re all starting to collect your pertinent documentation. Remember that if you closed a home purchase or refinance in 2009, you will want to provide your accountant a copy of your Settlement Statement...Why You See Advertisements for ARMs where the APR is less than the Note Rate
I walked into my bank the other day and saw this advertisement: “5/1 ARM: 3.875%, APR 3.675%!!!” (The exclamation marks were the bank’s, not mine). This has always been one of my pet peeves because it seems so misleading, although technically,...Financing Contingency Periods in this Market
With the new Home Valuation Code of Conduct (HVCC) law, I have no control over whom to order your appraisal from. Without this control comes the lack of a relationship with the appraiser to ask them to appraise your home in a timely manner. Your Realtor should know...Significant Change to Max Qualifying Ratios Allowed
Beginning December 11th, it will officially be harder to qualify for a home loan. In the past and up until 12/11/09, lenders allow(ed) your qualifying ratio to go up to 55%, at least with compensating factors of good credit and 20% equity or down payment in a home....Happy Thanksgiving!
Have a special Thanksgiving holiday with your friends and families! The bond market is closed today and tomorrow it will close early. Most lenders will be closed until Monday, so interest rates will not be issued until then. I appreciate your loyalty and readership...Interest Rates are at Near-Bottom Levels
I saw some unbelievable interest rates this week and they’re still going strong. My experience is that they don’t last long, so if you can, I definitely recommend taking advantage. And remember, if you can’t refinance traditionally because you have...Good News! The $8000 Tax Credit has been Extended as well as Expanded!
The $8000 federal tax credit has been extended and expanded! The credit, which was supposed to expire 12/1/09, has now been extended to 4/30/10. In addition, there will be a 60-day extension if you go into binding and official contract prior to April 30th. In addition...Loan Calculator
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