09 Jan 2014
By Mark Feder
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Dodd-Frank’s Latest Gift: The Qualified Mortgage Rule

Home Buyer Tips
The Dodd-Frank Wall Street Reform and Consumer Protection Act's latest provision - the Qualified Mortgage rule - is going to effect on January 10, 2014. While, like many of Dodd-Frank's other features, its ability to protect customers remains to be seen, one of its impacts is already clear. Taking out a home loan just got harder. The QM rule contains a set of provisions that, if followed, may protect lenders from lawsuits. They will also make it harder for customers to qualify to borrow money to buy a house. Verifying Incomes Lenders now have to follow stringent procedures to verify that borrowers…
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08 Jan 2014
By Mark Feder
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3 Considerations When Making A Down Payment

Home Buyer Tips
One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to pay "discount points" to lower your interest rate. There are pros and cons to doing both and each borrower's situation will be different so it's important to understand which option is best for your individual need. Some Factors You Should Consider Include: Cost Of Borrowing - generally speaking, to lower your interest rate will mean you pay a…
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26 Dec 2013
By Mark Feder
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Pitfalls And Warning Signs Of Making A Down Payment

Home Buyer Tips
When you already have a home, you may be interested in determining if a refinance is a good option. You will not have to worry about restrictions on down payments or some of the problems that can occur with a down payment. However, if you are considering purchasing a home in or the surrounding communities, understanding down payment restrictions is important. Gifting Of A Down Payment There are some programs that will allow you to use a gift for your home down payment. However, before you assume this, make sure you talk to your loan officer. Generally speaking, the lender…
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20 Nov 2013
By Mark Feder
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4 Tips To Save For That Down Payment

Home Buyer Tips
In order to save up a huge amount of cash for the down payment on your first mortgage, you need a solid savings plan! When you take out a mortgage on your new home as a first time homebuyer, the more you can pay as a down payment the better. The down payment on a mortgage reduces the principle of the loan and means that you will be paying tens of thousands less in interest payments over the life of the loan. Most financial experts recommend that you should save up at least 20% of the value of the home…
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