This is a question every first time home buyer must ask. Unfortunately, most first time home buyers (or anyone else, for that matter) do not really know what it means to be “ready” to purchase a home. But when I get this question, I generally go over a few key points.   Where are you […]

This is a common question I am asked by clients, and I would say it is a pretty good question to ask. If you watch the news, there are reports seemingly ever day which contradict each other on the topic of down payments. Some will say put at least 20% down to avoid mortgage insurance […]

Over the weekend, several of my clients asked me about a few more acronyms that are thrown around by mortgage professionals and on the news, so I thought I would share one more round of acronyms with you, my loyal readers. I hope some of these descriptions help you in the home buying process. MBS […]

After the popularity of my last post on mortgage acronyms, I thought it might be a good idea to add a second part which focuses on terms relating to the application and application process. I hope this list helps you in your attempt to purchase a home. APR – Annual Percentage Rate. The rate of […]

The mortgage application, also known as the 1003 or the uniform residential loan application, is the primary form used to gather information to judge your ability to get a mortgage. It is 5 pages long, and can be intimidating to a lot of borrowers (especially first time home buyers). Today, I’d like to break this […]

In my post on property types, I briefly mentioned multi-family properties, but did not go into much detail. Since posting, I have had several requests for more information specifically about multi-family properties, so I figured I would post some more information, here. A multi-family property is exactly what it sounds like. It is a property, […]

I’ve recently discussed the different types of condos available, as well as what it means for a condo community to be considered warrantable. But a popular follow up question I am receiving on these topics relates to the “how” of financing – especially in relation to non-warrantable communities. Financing a unit in a warrantable community […]

In basic terms, a warrantable condo is a condo which belongs to a lower risk condo community. These units must meet specific guidelines to be approved as  warrantable, and are eligible for financing through the VA, FHA, or Fannie Mae, based upon which organization has deemed the property warrantable. If a property is not warrantable, […]

Following up on my last post talking about property types, I would now like to discuss the various types of condominiums. There are a number of different types of condominium communities, some with freestanding units which look like houses, and others which are attached, giving the homes the traditional townhouse/condo look. And while there are […]

It is fairly common knowledge that there are houses, townhouses, and condos, and while the difference between a house and a townhouse or condo is pretty self evident, the differences between condos and townhouses can get pretty muddled. And the difference between what type of property you purchase can impact the rate and terms of […]