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...Temporary High Balance Loan Limits are Extended for 1 More Year
Congress voted and approved a one-year extension on the temporary FHA, Fannie Mae and Freddie Mac loan limits. The loan limits vary by county, but are established by taking 125% of the county’s median home price and determining that as the upper limit, with $729,750...Crunch Time for the 1st Time Homebuyer Tax Credit
There are rumors that the 1st time homebuyer tax credit will be extended, but at this moment, it is technically expiring on November 30th (must close escrow before 12/1/09). In fact, I think that Congress will be voting this week on whether or not to extend it, but...Be Prepared to Pay Your Property Taxes in Escrow
This is the time of year when the 1st installment of property taxes are due. Their due date is November 1st and their “late” date December 10th. If you’re like me, you want to hang on to your money as long as possible, so a lot of people wait until...Purchasing a Home with a “Bonus Room”
I’m seeing some listings that tout a “bonus room,” suggesting that you get an extra room included in the purchase price. What you need to know is that this is another way of saying that the addition (or conversion) was unpermitted, meaning that the...Getting Prequalified versus Getting Preapproved, Part 2 of 2
After your initial conversation about prequalifying and after determining what you feel comfortable with as your “max purchase price,” it is strongly recommended, if not necessary, that you get preapproved for a loan. This is not just getting credit-approved, like...Getting Prequalified versus Getting Preapproved, Part 1 of 2
It is much better and much more important to get preapproved. Let me start out with the details of a prequalification first. The first thing you are going to do when you start thinking about buying a home is to call a bank or a mortgage broker to see what you can...Loan Calculator
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