Tag: Brandon Nicely

How Is A Credit Score Broken Down?

Credit scores.  Can’t understand them, but without a good one – or lots of cash – buying a house is not attainable. Without a good credit score, the best interest rates aren’t available to you. Without the best interest rates available to you, homes at good values rapidly become unaffordable. A while ago, Marianne Lane gave us a two-part series on credit scores.  I was cleaning some things up yesterday, and came across a visual of how a credit score is actually determined, and I thought this might be even more helpful. Clear as mud, right? Two quick points that …

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Brandon Nicely Reminds Us – Again – About the First-Time Tax Credit

A question came in for Brandon Nicely on the blog over the weekend from Josh.  He wrote: Q: Brandon, what problems have you seen first-time buyers experience in applying for their tax credit? A: By now, most everyone has seen the basics of the tax credit: Sign a contract by April 31st, and close by July 1st If you haven’t owned a home for the last three years you’re eligible for up to $8000 back, and up to $6500 if you’ve owned your principle residence for 5 out of the last 8 years No repayment necessary if you live in …

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Brandon Nicely Recaps the First-Time Buyer Credit

From Brandon: As we wind down to the expiration – again – of the first-time buyer credit, I thought it would be a good chance to recap some of the questions we keep hearing in my office regarding the credit.  Don’t wait until the last few days to get serious … If you’re looking at taking advantage of either the $8000 first-time buyer credit or the $6500 move-up credit, you must meet these guidelines: Must sign a contract by close of business on April 30th 2010 and close by close of business on June 30th 2010 Must be your Primary …

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How Interest Rates Work

Brandon Nicely wants you to know that interest rates aren’t quite as scary as one would think.  Here’s a video to prove it: _______________________________________________________________ Brandon is a branch partner at Alcova Mortgage. He enjoys doing his taxes, firewalking and competitive eating, but not necessarily in that order. You can reach him at brandon@alcovamortgage.com, or 877-552-7150.

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New Forms Make Understanding the Details Easier

I wrote a couple of months ago about the new Good Faith Estimate and HUD-1 forms that went into effect on January 1 2010, and they’re here – they’re now in the system and home buyers and sellers will now see them being used. The mortgage process shouldn’t be smoke and mirrors; for a long time, borrowers would hide fees in different places, making it seem like a lender’s fees were lower when in reality they were charging the same – or more, in some cases – than their competitors.  That’s not an indictment of the mortgage industry, just an observation …

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“Looking Back, Looking Ahead” – By Sarah Cox, The Roanoke Times 12/27/09

Last Sunday, Sarah Cox wrote a post entitled “Around The Property“, and she followed it up this week with a piece entitled “Looking Back, Looking Ahead”.  While the article is supposed to be about what buyers should expect in 2010, it probably should also be titled “False Hope”. Reflecting on the past year, broker Mary Wright of NRV Gateway Realty, Sales Director Diana Blair of RE/Max 8, and Brandon Nicely of Alcova Mortgage shared their thoughts about real estate in 2009.  Blair noted that in both September of 2008 and 2009, the average price per square foot of homes on …

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Four Reasons To Consider Buying Your First Home

Why should I look into buying my first home?  Let me give you 4 quick reasons: Increase net worth – In a comparison of renters versus homeowners, the Federal Reserve Board of Consumer Finance found that the average net worth of renters was $4,000, while that of homeowners was $184,400.  A home plays a huge part in your financial future. Tax deduction – One of the largest tax deductions available is the amount of interest paid on a mortgage.  On a $150,000 loan, at a 5.5% interest rate, you can write off as much as $8,000 as deductions.  Consult your tax …

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“Around The Property” – By Sarah Cox, The Roanoke Times 12/20/09

Sarah Cox of The Roanoke Times recently did a piece reflecting on the real estate market in 2009 – it looks like it’s going to be a multi-part story, below is copy of the first part.  Images embedded are my own, taken from the Virginia Employment Commission website. Reflections How was 2009 in real estate terms?  Those who wanted to buy were sitting pretty.  Those who needed to sell learned that positioning their homes for a buyer’s market was a new experience compared to previous years. According to Diana Blair, sales director for RE/Max 8, buyers are now paying 95 …

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How Many New River Valley Loans Are Resetting in 2010?

I was asked by a local reporter recently for some end-of-year thoughts on the New River Valley real estate market, and while I haven’t yet started working on the 4Q report yet, I started to wonder how many loans in the NRV will be resetting in the coming year. Peoples mind might be asking themselves, “ Can I get a loan with bad credit?” A loan “resets” when its’ initial time period – 1 year, 3 year and 5 years is common – expires and it resets to a different interest rate.  Typically, you’ll see resets in Adjustable Rate Mortgages …

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To Point, Or Not To Point – THAT Is The Question

To pay points or not to pay points:  Everyone has heard the term “buying down the rate”, or “paying points”, but what does it really mean and should you be paying these? Before you decide whether you should pay any points you need to know what points actually are, how long you intend to be in the loan and to compare current rates to historical trends. Points are up front fees paid to obtain a better interest rate on a loan.  One point equals one percent of the loan amount, so if you pay a point up front it will …

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