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Consumer Reports: How to Fund a Down Payment

Consumer Reports: How to Fund a Down Payment

Employ these strategies to obtain that all-important sum By Tobie Stanger Last updated: January 29, 2016 [Consumer Reports] More than one-third of respondents in Consumer Reports’ national homeownership survey of more than 1,500 millennials said they didn’t own a home because they hadn’t saved enough for a down payment. They might be surprised to learn that since […]

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Home Buyer Success Story, 2nd Edition ~ First Time Homebuyer Programs

One of the biggest deterrents for many would be applicants for a first time homebuyer programs is feeling like they are overqualified. Many of the applicants I speak with are apprehensive because they feel they will be turned away if they are not destitute or have substantial savings. Whenever I am speaking with a potential […]

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Home Buyer Success Story, 1st Edition ~ Becoming a Homeowner

The first time I spoke to Andrea she described her current living situation to me. She was in her mid 30’s and renting a room in a house with 3 other roommates. She always had the goal of becoming a homeowner but was never quite able to save enough for the substantial financial investment required […]

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What is a Reverse Mortgage a/k/a HECM ?

What is a Reverse Mortgage a/k/a HECM A reverse mortgage or “HECM” (home equity conversion mortgage) is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, […]

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Suddenly Fierce Competition in Housing Market

Suddenly Fierce Competition in Housing Market Decrease Font SizeTextIncrease Font Size Mar 13 2015, 12:38PM The competition in today’s housing market is suddenly fierce, so fierce that some are calling the cops. “We got shut down!!” laughed Catherine Luther, an agent with Channing Real Estate in the Boston area. “I’ve been in this business for 30 years, […]

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Now Is the Best Time To Refinance Since 2013

A massive mortgage refinance boom was experienced in the United States during 2013. Now, the economy presents another opportune moment to refinance a home mortgage. The cost of fuel has been plummeting, which has given investors little reason to believe that inflation is going to take place in the U.S. anytime soon, and thus, investors […]

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CalHFA Follows President Obama’s Lead on Housing

The California Housing Financing Agency announces their FHA Streamline Guidelines allowing CalHFA borrowers to take advance of the recently reduced Mortgage Insurance. The Obama administration has taken a bold step toward improving the overall housing situation for homeowners and future homebuyers. It was announced in early January that the annual mortgage insurance premiums charged to […]

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The CFPB Gives Small Lenders a Leg Up

On Thursday, January 28th, 2015, the Consumer Financial Protection Bureau (CFPB) proposed rules for small mortgage lenders to offer loans to borrowers with higher debt levels than previously acceptable.  The Wall Street Journal notes, “The Consumer Financial Protection Bureau is the latest victory in Washington for the community lending sector, a powerful lobbying presence on […]

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97% LTV? Can It Be?

The rumors are true.  Mortgage giants, Fannie Mae and Freddie Mac both recently announced their plans to once again purchase loans at 97% loan-to-value (LTV) when it comes to first-time homebuyers.  This has been a highly debated topic in the past, as some believe borrowers that put only 3% down on a mortgage are more […]

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Obama Administration Takes Bold Step on Housing

The Obama administration has taken a bold step toward improving the overall housing situation for homeowners and future homebuyers. It was announced that the annual mortgage payment premiums charged to homeowners of government-backed loans would be reduced significantly. With the new change the insurance premiums assessed by the Federal Housing Administration will be reduced from […]

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What is an FHA Streamline Mortgage?

A FHA Streamline refinance is just as it sounds, a streamlined way to obtain a rate reduction, and recently with the announcement of reduced mortgage insurance, to lower monthly mortgage expenses for FHA homeowners, even more.  Broadview Mortgage has offered this unique product, the FHA Streamline, dating back to its inception and licensing under HUD in 1988. FHA began offering […]

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FHA TO REDUCE ANNUAL INSURANCE PREMIUMS Frequently Asked Questions

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS Frequently Asked Questions 1. When will the FHA’s new annual premium rates take effect? The reduction is effective as of January 26, 2015. Borrowers with case numbers assigned on and after January 26, 2015 will be eligible for reduced annual mortgage insurance premiums. 2. What steps do I need […]

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Mortgage Included in Bankruptcy – When Can I Buy Again?

Updated: December 18, 2014 by John Krochman Since the midst of the Credit Crisis we have been focusing on educating folks about strategies to buy again after bankruptcy, foreclosure, short sale or deed in lieu of foreclosure. One of the most common questions we get is in regards to a mortgage or mortgages that were […]

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Millenials Have No Savings

Millenial wages have not kept up with the rising cost of living.  In the past, wages have kept up with the rage of inflation, but The Atlantic has revealed that “wages for young people are increasing 60 percent more slowly than overall United States wages” (2014). The median wage for workers in all major industries […]

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Fannie Mae and Freddie Mac officially detail their plans for 3% Down Mortgages

On Monday December 8th, 2014, Fannie Mae and Freddie Mac officially detailed their plans to change the mortgage industry.  Their highly controversial plan to lower the down-payment requirement to 3% is intentioned to make homeownership more accessible to those borrowers with little cash on hand but good credit, good borrowing history, and while it sounds […]

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New Mortgage Guidelines Will Help Many Prospective Home Buyers Get Over the Down Payment Obstacle

It is pretty obvious and almost goes without saying that at this point in American Real Estate, the down payment on a home is the single largest obstacle in the home buying process.  And unfortunately for prospective homebuyers and the mortgage industry alike, the down payment is the first step towards homeownership, because purchasing a […]

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Mortgage Rate Decline Wrapping up November

Mortgage rates were slightly lower [at the end of November], but it was in no way indicative of the improvements seen in the mortgage-backed-securities (MBS).  MBS, above anything else, dictate mortgage rate movement, but the relationship isn’t always one to one.  Shortened holiday-related trading sessions are prime time for these periodic disconnections.  In other words, it’s not […]

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Washington D.C. Wants to Say Goodbye to Fannie Mae and Freddie Mac

On Wednesday November 19th, 2014, a Senate Banking Committee hearing was held with the Federal Housing finance Agency Director Mel Watt.  The discussion consisted of updated lending standards, the topic of possible reducing the principal for troubled homeowners, and the future of GSEs Fannie Mae and Freddie Mac.  Senator Tim Johnson in the hearing stated, […]

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I Mustache You A Question: Would You Be Able to Shave Enough Money So That You Could Retire In Your 30s? Mr. Money Mustache Can.

A Canadian man named Pete who goes by the online blog alias, Mr. Money Mustache, is noted as a post-recession personal finance expert, and he has a very different way of looking at the ‘how to get rich quick’ theory, because no one wants to end up working until age 65 with very little to […]

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Why Couldn’t Ben Bernanke Refinance His Mortgage?

Just over a month ago the media was buzzing with headlines about Ben Bernanke, and how even he, former chairman of the Federal Reserve, could not refinance his mortgage.  The blame for something so seemingly unfathomable was placed on modern lending standards being too stringent.  On October 16th, 2014, I posted a blog entitled, “Lending […]

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For Those of You with $195 Million to Spare, Behold the Palazzo Di Amore Estate

Billionaire Real Estate investor Jeff Greene has listed the affectionately named  Palazzo Di Amore estate on the market with an asking price of $195 million, making it the most expensive private residence on the market in all of the United States. The property is being listed by Joyce Rey & Stacy Gottula/Coldwell Banker Previews International.  […]

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Broadview Mortgage Refinance Options

At Broadview Mortgage, Knowing Your Options is Easy as 1… 2… 3… Broadview Mortgage has several choices when you are ready to Refinance, or complete a Mortgage Analysis to determine if there is benefit for you to Refinance.  The low mortgage interest rate environment remains steady due to somewhat lackluster growth in the economy, mainly due […]

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Prepare Early for your Retirement

Retirement.  It is such a daunting topic that it is up there next to the morbid ones.  Merrill Edge reports that there is a huge fear that we will live long enough to run out of money. Today, Americans in the workforce are more responsible than ever for securing their retirement, as social security slips […]

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New Home Sales at Six-Year Highs

The Commerce Department reported on Friday that September New Home Sales rose by 0.2% from August to 467,000 annualized units, which was a six-year high. However, August, which was originally reported at 504,00, was revised to 466,000. In addition, sales in June and July were also revised lower. The Census Bureau collects new home sales […]

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The Millennial Home Buying Speed Bump

The Millennials: a generation of almost 100 million Americans born between the time period of the early 1980s and the early 2000s.  Currently the majority of this generation is in their teens and twenties.  Standing as the first generation to come of age during a massive technological shift to the point where technology has been […]

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Lending Standards are So Tight Even Ben Bernanke Can’t Refinance his Home Mortgage

Yes, you read that correctly.  Ben Bernanke, former chairman of the Federal Reserve recently applied to refinance his home mortgage and was shocked to hear the results: that he had been denied.  At an October conference in Chicago, IL hosted by the National Investment Center for Senior Housing and Care, Bernanke revealed this information to […]

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Buy Again Options After Bankruptcy

Buyer options after bankruptcy: Buy Again After is a term used to describe the thousands of families that fell victim to foreclosure, short sale or deed in lieu of foreclosure as a result of the 2008 Housing Crisis. In the midst of financial tumult, many folks were left little little option but to turn to bankruptcy protection in […]

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Video: How to Remove Mortgage Insurance

The Great Escape: How to Get Rid of Your Mortgage Insurance If you are a homeowner and put less than 20 percent down, you are probably paying some type of mortgage insurance. Mortgage insurance is included with most loans with exception to VA loans. Depending on the type of loan program used for financing you […]

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Today’s American Dream

Source: CNN Money Click to enlarge Growing up we were always taught that the American Dream was the opportunity to own property, and the standard image of the dream was a house with a white picket fence.  This year CNN Money came out with an article in response to a poll it hosted asking whether […]

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Rising Student Debt Exhibits Strong Correlation to a Slowing Housing Market

Student loan debt has skyrocketed from about $200 billion to $1.1 trillion in the past decade.  On Friday, September 19th 2014, Real Estate Consulting, an advisory firm, released a report entitled, “Student Loans Will Cost the Industry $83 Billion This Year” detailing the impact of student loans on home buying.  The report arrived at the […]

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A Renter’s Dilemma: The Down Payment

At the moment the media is sending out a lot of mixed messages with regards to the health of both the economy and the housing market.  Some reports are adamant that the housing market is on a downward slope, whereas others view the present moment as a time which the economy and the markets are […]

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The Millennial Age Group is More Likely to Make Their Mortgage Payments on Time Than Others.

One of the big three credit reporting agencies, TransUnion, came out with a report entitled, “The Industry Insights Report”, discussing trends in various industries during Q2 of 2014 as part of an ongoing quarterly analyses of credit-active U.S. consumers and how they are managing credit related to specific industries.  The three industries covered in the […]

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The Housing Market Epidemic: Rate Lock Syndrome

It is undeniable that interest rates are a huge driver of the housing market.  When looking for a home, one of the first questions a prospective homebuyer asks is: “what are the current interest rates?”  Whether this is effective way to shop or not, interest rates due ultimately influence decisions.  As interest rates have remained […]

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Homebuyers and Sellers Diverging on Market Conditions

The gulf between homebuyers and sellers is widening, according to a new Redfin survey of more than 700 agents and partners across 35 U.S. markets. Sellers are overpricing their homes and more buyers refusing to get in bidding wars, the survey found.“In May, 40 percent said that they planned to list their homes above market […]

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Picking Up the Pieces After a Foreclosure

Foreclosures are never a positive matter, but to all of the former homeowners out there who had their homes foreclosed upon: keep your head up because all is not lost.  With time, diligence, and adequate research, there are plenty of ways to rebuild oneself after a foreclosure has taken place.  The first thing to do […]

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Home Prices in California Continue to Climb. What Sets it Apart From the Rest of the Country?

A May 2014 survey called the Realtors Confidence Index conducted by the National Association of Realtors detailed where Realtors expect the most growth in home prices throughout the nation.  The parts of the country where Realtors expected the most growth, between 5%-7%, included Oregon, California, Colorado, Hawaii, Texas, Georgia, and Florida.  The figure below depicts […]

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