Lenders Keeping Mortgage Rates From Going Lower?March 9, 2020Mortgage rates dropped to an all-time low last week as the benchmark 10-year U.S. Treasury note, which tends to influence the
A Lot Of Change In The Real Estate World Especially In South Florida Part 1
Dated: October 12 2016
When it comes to buying a home, one might think it's quite simple. I'm going to stop renting and buy myself a house. Or I'm going to sell my current house
and with that money, I'm going to by a bigger and better house. In this 1 week series of tips and home buyer education, I will explain several different topics...SOOO!
All I can say is STOP! Collaborate and Listen!!
No Vanilla Ice is not back, but he is flipping multi-million dollar properties. - More on that Flipping stuff later..that everyone says is easy to do..
There are many things to think about in today's Real Estate Market. Not only with the price of homes sky rocketing, but with all the new financing laws, you better be prepared.
So first thing... I don't know how many times I have to say this... Speak to your lender.
Not only did a lot of laws change in 2011. They kept changing in 2012, 2013, 2014, 2015 and NOW 2016!
Not for the better, but for the worse.
A huge thing is student loans.
By all means, if you don't need them, don't use them. Trust me, you will regret it when you want to buy a home or refinance.
Forbearance, deferment, Income based repayment...doesn't mean squat. Unless there's an actual payment on your credit report, they have to consider 1% of the loan balance as monthly debt.
Ex. $60,000 will equal to $600 per month the lender has to consider as the actual payment if your credit report shows $0 on student loans.
How does that affect you? Well, $600 per month is like saying you just lost $45,000 in purchase price.
This could mean the difference between the home you really want and the home you have to settle for. If you do happen to get a student loan and you want to buy a home. Do not put it on an income based, deferred, or forbearance status. Set it up for regular monthly payments - Amortized! Extremely important! Once you buy the house, you can always change it.
If you are confused or want to know more details, feel free to contact me. firstname.lastname@example.org or 305-432-4923
My advice is always free!
Stay tuned for tomorrow's tip on what not to do on your income tax returns!
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