Category: Mortgages

Why Are Condos So Hard To Finance?

The good news is that they’re not as difficult as they were several years ago. As Carl Spackler would say … A customer wrote in this morning about an investment property they’re looking to buy in Blacksburg. As many parents of students at Virginia Tech and Radford do, they want to buy a place for their kids to live in while they’re here at school, and the relative stability of the New River Valley market has meant that – for the most part – these have been solid investments. It wasn’t always the case, however. A quick back story … …

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The Fed Raises Rates – So Now What?

As expected, the Federal Reserve raised short-term rates today. This is the first such increase they’ve made in a year, and the second in a decade. So what’s it mean for real estate mortgages? The Federal Reserve is the bank of the United States – they regulate monetary policy, and they provide stability within the central banking system. And while an increase in short-term rates might seem to be a bad thing, it’s actually an indication that the Fed sees the US economy in positive terms, and is bringing interest rates up to better mirror inflation. While it’s true that mortgage …

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What Does A Trump Presidency Mean For Mortgage Rates?

Tap tap tap. Is this thing on? It’s been a long time since I blogged with any regularity at all, but today seemed an appropriate day to dust things off and get back into the saddle. I was speaking to a group yesterday and was asked about the blog, where I was reminded that it had been far too long since I had done this blogging thing. So … let’s get back to this, shall we? Now’s as good a time as any. There was a relatively significant event in the United States yesterday, one in which hundreds of millions of …

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Rocket Mortgage, from Quicken

If you watched the Super Bowl Super Bowl commercials, you might have seen an ad for Rocket Mortgage, Quicken’s new loan product that promises a mortgage loan from onqfinancial.com with just a click of a button. Is getting a home loan really that simple? Our clients can spend days or weeks compiling all of the necessary documents a lender will need just go get a preapproval – then you have the appraisal that needs to be done, the loan needs to get funded, and new guidelines established in 2015 mean that everything has to be prepared and off to the …

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Documents You’ll Need To Get A Mortgage In 2015

You’ve decided to buy a house. Congratulations! You’ve written the offer, and while you’re waiting for the seller to sign you’re driving by the house to see it and show friends and family … you’re excited, and you should be! Now the seller has signed the offer, and it’s ratified. You’re buying a house! You’re over the moon! And then you start to receive emails and calls from your lender, asking you for this document/that document and more. You’re not so excited any longer. Buying a house is exciting, and while the process of getting a mortgage can be tedious, it’s …

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What’s The Loan Process Look Like?

This morning at a home inspection, I was talking with a client who’s under contract to buy a home here in the New River Valley. As we’re oft to do, we got to talking about the timing of everything going forward, and I mentioned underwriting. “What’s underwriting?“, he asked. Whoops. Forgot that not everyone is a real estate dork like myself, so on the drive back from the home inspection I thought I’d list out the steps to getting a loan approved and closed (not to be confused with the paycheck advance loans procedure). There are more items within each …

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100% Financing IS Available in Blacksburg

For the longest time I’ve been under the impression that 100% loans have not been available within Blacksburg and Montgomery County; those programs just haven’t been available. Then earlier this week, I learned of a program that StellarOne Bank has been offering to do just that. The requirements are: up to $300000 loan value 700 credit score borrower(s) can’t make more than $68800 per household if you’ve had a foreclosure or bankruptcy more than 36 months from loan application, you may still qualify This is potentially really big news for folks who have been struggling to get into the Blacksburg …

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How Many Buyers in the New River Valley Are Cash Buyers?

“Cash is king”, they say. And for the last few months, reports have been floating around that as many as 50% of buyers in some real estate markets around the country are using cash to purchase their homes. Fifty percent. The New River Valley of VA isn’t the rest of the country, but I wondered how many buyers in 2013 used cash to buy their real estate. Of the 1476 homes sold in the NRV January 1 through November 30, 21.4% (317) of those transactions were listed as all-cash sales. Not exactly 50%, but statistically significant, I’d say. And that …

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How To Protect Your Credit Score When Getting A Mortgage

A client, who’s buying a house and closing next week, was emailing back and forth with me this afternoon. When I told her we were “clear to close”, she said that this seemed like a good thing, and to let her know if it wasn’t. “Clear to close” just means that all conditions of the loan have been approved, and we’re ready to go, so I told her as long as she stayed employed and didn’t buy anything major that would affect her credit score, but she didn´t really need to worry about bad credit car finance deals so she …

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