Until a few minutes ago I did not know the word chatbot. Our IT person put a
Chatbot on my www.dougknowsrealestate.com page. It is interactive and answers
residential real estate questions quickly — wait there’s more. We have asked it… Read the rest
A customer sent me an email asking when is it a good time to buy. Instead of re-writing the contents here is the email I sent to him.
A reverse mortgage loan is simply another type of mortgage…with a couple of great features. The best one?
You don’t have to make monthly payments!
You can pay any amount, any time, if you choose, with no penalty but…the choice … Read the rest
Yesterday the Feds increased the Fed Funds Rate by a quarter percent….as expected. Unexpectedly, after-meeting official comments eliminated reference to “accommodative” rates and indicated two more potential increases in 2018 instead of one.
What does this mean? There are pros … Read the rest
The U. S., along with along with many other countries, has reached record levels of consumer and government debt.
The reasons why are too numerous to mention here, but interest rates, kept too low for too long, is one of … Read the rest
Refinancing a mortgage must make sense…and by “make sense” I mean to the lender receiving the application. For refinance transactions, lenders require that the loan provide a documented “Net Tangible Benefit” to the client.
Lowering interest rate and/or payment, or … Read the rest
Business regulations, including extensive ones governing financial services and lending industries, would be unnecessary if all business people operated honestly.
One of the regulations in RESPA (Real Estate Settlement and Procedures Act) addresses “kickbacks”. It’s illegal to pay commissions, referral … Read the rest
Credit, with debt-to-income ratio and equity, is a critical factor in determining mortgage loan approval. And, for approved applicants, credit score plays a major role in determining loan costs.
For example; let’s assume a mortgage amount of $400,000, 80% of … Read the rest
Despite numerous regulatory changes, new disclosure requirements, and lending restrictions, the same basic loan qualification factors still apply. Does a potential borrower earn enough to be able to make payments on all their monthly obligations? Have they shown consistent willingness … Read the rest
A recent article indicated that all-time low housing inventories and higher prices have hampered affordability both for first-time and move-up buyers.
Today’s low inventories began with the 2008 housing collapse. Foreclosures reached all-time highs and investors bought up foreclosed properties … Read the rest
The question most often asked by mortgage applicants, is “What’s the rate”. But that’s not often their real concern. It’s understandable to think interest is key but it’s only a part of a transaction. The primary concern for most mortgage … Read the rest
Recently, I wrote about mortgage math and this article is another aspect of that math.
Over the years, I’ve observed that most people, but not all, know the approximate rate on their mortgage. They know because it’s usually their largest … Read the rest
There is more math in the mortgage process than meets the eye and most borrowers, and even many loan officers, don’t understand all potential ramifications. It’s important to work with someone who does in order for them to present the … Read the rest
A person called me today concerned that the Fed Discount, Prime Rate, etc will be rising and is considering a refinance. I computed for him the cost of ALL money that he has borrowed and this is the formula to … Read the rest
Thanks to the recent decline in mortgage rates, which have since inched up some, the so-called “refinanceable population” has swelled 30% to 6.7 million homeowners.
These are the folks that Black Knight Financial Services singled out as standing to