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home inspector appraising a home

Appraisal Shortage Causing Delays In Home Sales

CNBC published an article on their Real Estate blog entitled, “‘Massive’ shortage of appraisers causing home sales delays” Below are a few quotes that summarize the story quickly, in case you don’t have the time or patience to read the article yourself. “The appraisal shortage is massive. You’re seeing significant delays, you’re seeing cost increases, …

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5 Reasons for a Mortgage Refinance Other Than Lowering Your Payment

Naturally, if you’re paying 6% for your mortgage and you can refinance at 5%, you’re gonna do it. Although cutting your monthly payment remains an important motive, there are at least five other reasons to consider a mortgage refinance, for long-term savings and convenience. 1. Change your mortgage term If you decrease the term of …

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U.S. May Back Refinance Plan for Mortgages

The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing. One proposal would allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent, according to …

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Assets and Your Mortgage Application

When lenders evaluate mortgage borrowers, we look at four things: income (the ability to repay), credit (the willingness to repay), collateral (appraised value and property condition) and assets (cash in the deal and cash reserves after closing, mostly). Of the “four legs of the table”, assets are the least discussed, and yet may be the …

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