Millennials and homebuying questions - these go hand in hand. Of course, most homebuyers have a lot of questions, but this generation has a unique position where they are between those who had to put 20% down in order to buy a house, and those who do not believe they will ever have the money [...]
Mortgage applications are up both from last week and last year at this same time. There were 4.5% more mortgage applications submitted last week than the week before, and 6.1% higher than the same time last year. This is the highest level of new purchase mortgage applications since April 2010. CNBC has a great article [...]
Millennials are not buying homes often in many areas, and there is good reason. Millennials don't always have the money for a downpayment to buy a home! An article in USA Today discusses the student debt and lack of savings that can create this issue. A company by the name of Apartment List figured out [...]
What factors can affect my mortgage interest rate? Did you know if you called to get a mortgage, and your best friend called the same day, you could potentially get two different mortgage rates? How could this happen? Why? The Consumer Financial Protection Bureau's website, http://www.consumerfinance.gov/, which is a government-run website, put together a list of [...]
New 3% downpayment programs will become available in December 2014, thanks to Fannie Mae and Freddie Mac. According to a Bloomberg news report, the companies will start offering this low downpayment program beginning December 13th. Currently, Fannie Mae and Freddie Mac make up more than half of new home loans. They have allowed down payments as [...]
Beware of Deceptive Mortgage Advertising Another Mortgage Minute with Dan Murtagh! Thank you, Dan! "With all of the regulation in the mortgage industry these days I am fascinated at some of the deceptive advertising that I still hear on the radio and on the internet. If you are shopping for a mortgage and you see a [...]
Considering an ARM? Why you should or shouldn’t consider an ARM (Adjustable Rate Mortgage.) Adjustable rate mortgages (ARMs) are perfect for some borrowers because ARMs provide a low interest rate for an initial payment period, making the initial monthly payments less than those a fixed-rate mortgage usually offers. Adjustable rate mortgages acquired a bad reputation [...]
FHA loans can be a good loan program for many buyers; however it is not the only low down payment option. Conventional 5% down financing is available, and in most cases, the mortgage insurance is much less than FHA -- in some cases it may be 50% less! So while FHA may offer a lower [...]
I am pleased to introduce Dan Murtaugh, of Sandy Spring Bank, who will be writing Mortgage Minutes for us on a regular basis. Dan has been in mortgage banking for over 17 years, and is known for his professionalism and advice. He is a graduate of St. Mary's College of Maryland, with a degree in Economics. [...]
Many buyers when deciding to buy a home need to obtain a mortgage or finance their house. Trulia, a real estate website, came up with a five page guide that describes what a homebuyer needs and should know, and educates them on financing a home. Thank you, Trulia for this guide! Do you know what [...]