OurBroker Logo
Have A Real Estate or Mortgage Question?   Please Click Here.
OurBroker.com | Real Estate News : OurBroker.com
feature photo

Hot Topic #1

Why Subprime Mortgages Are Back

Subprime mortgages – once the bad boys of real estate lending – are coming back. Figures from the Federal Reserve Bank of St. Louis show that between 2007 and the start of 2013 subprime mortgages fell off the radar for most banks but now they have begun to make a significant comeback. What happened to […]

| February 3rd, 2014 | Continued

feature photo

Hot Topic #2

What’s A Qualified Mortgage (QM)?

One of the better ideas to come out of the Wall Street Reform Act was to create something called a “qualified residential mortgage.” You want to know about such financing because most lenders will offer nothing else — and that’s good news for borrowers. Under Wall Street reform several federal agencies are supposed to work […]

| September 21st, 2010 | Continued

feature photo

Hot Topic #3

How To Read The HUD-1

Since January 1st, 2010, all real estate transactions have been settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction. The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — […]

| November 8th, 2009 | Continued

feature photo

Hot Topic #4

How Do We Get Rid of the FHA Mortgage Insurance Premium?

Question: I bought a home with FHA financing. We have a monthly insurance premium (MIP) with each payment. How do we get rid of this cost? Answer: When you bought your home you purchased with little money up front, perhaps 3.5 percent down. This means a lender put up as much as 96.5 percent of […]

| October 20th, 2008 | Continued

feature photo

Hot Topic #5

What Are “Front” and “Back” Ratios?

Different loan programs use different calculations, or ratios, to qualify would-be borrowers. The “front” ratio is generally equal to your monthly costs for principal, interest, property taxes, and property insurance (what lenders call “PITI”). The “back” ratio includes the front ratio plus all regular monthly costs such as credit card payments and auto payments. For […]

| August 28th, 2008 | Continued

feature photo

Hot Topic #6

What’s A Title insurance Re-issue Rate?

It sometimes happens that a property is sold or refinanced more than once within a five- or ten-year period. In such instances, if title insurance is obtained from the same firm, it’s often possible to get a re-issue (discount) rate. The discount can represent a significant savings, thus it is worthwhile to ask if such […]

| August 26th, 2008 | Continued

The Latest News

post thumbnail

Should We Dump Mortgage Insurance?

Question: I have always felt that mortgage insurance benefits just a select few and if it were withdrawn or otherwise eliminated and people required to put at least 5 percent down and preferably not more than 10 percent, you would see huge home sale increases. People would also have a much easier time when they […]

March 23rd, 2015 | | 0 comments | Continued
post thumbnail

Does It Make Sense To Prepay An ARM?

Question: We often hear about the advantages of prepaying fixed-rate mortgages but not the benefits of paying ahead with ARMs. I have prepaid my ARM over time and now enjoy far lower monthly costs because of less principal and lower rates. Why not encourage more people to take this approach? Answer: You raise an important point. […]

March 16th, 2015 | | 0 comments | Continued
post thumbnail

Does Wall Street Home Buying Hurt You?

Question: Wall Street firms are buying up huge numbers of single-family homes. How does this impact private home buyers? Answer: We usually think of single-home real estate investors as local people who buy several properties and keep them over time or as rehabbers who buy properties, fix them up and then quickly re-sell. The entry […]

March 9th, 2015 | | 0 comments | Continued
post thumbnail

Is Your Real Estate Offer Confidential?

Question: We made an offer on a home. The listing broker said there were three more offers and we would have to increase our bid. The other offers, like ours, were all cash. How do we know there was another bid or that it was higher? If we raise and win (or lose) can we […]

March 2nd, 2015 | | 3 comments | Continued
post thumbnail

Fast Refinancing After A Short Sale — Here’s How

Question: We did a short sale on our home in May 2012. We then bought a house with cash in Oct 2012. Can we get a fast refinancing on our current home? Answer: A short-sale is a situation where a home has been sold for less than the mortgage debt, meaning the lender has taken […]

February 23rd, 2015 | | 0 comments | Continued
post thumbnail

Cash Buyer Discounts For A Fast Home Sale?

Question: Many buyers in today’s market are purchasing homes for cash. Sometimes cash buyers say they should get a discount because they can settle faster. Is this true? Answer: It’s likely true in most jurisdictions that cash buyers can settle faster than purchasers who need mortgage financing. However, this is not necessarily a reason for […]

February 9th, 2015 | | 0 comments | Continued
post thumbnail

How Buffers Limit Your Mortgage Borrowing

Question: We have recently tried to qualify for a mortgage. We know that the new rules allow us to devote as much as 43 percent of our income to housing costs and monthly debts. However, the lender says if our monthly debts exceed 41 percent of our income that it will not give us a […]

February 2nd, 2015 | | 0 comments | Continued
post thumbnail

Should We Overpay For Homeowners Insurance?

Question: We’re in the process of buying a home. The sale price is $225,000 but the insurance agent wants us to carry coverage for a property costing $285,000. Why do we need so much excess insurance — or do we? Answer: When you buy a car the price you pay has a package cost but […]

January 26th, 2015 | | 0 comments | Continued
post thumbnail

Will Lenders Accept Partial Mortgage Payments?

Question: Can you tell me why it’s okay for mortgage companies to reject partial payments when a borrower is behind? It seems to me that it’s bad business and not too good for the economy. Answer: Many mortgage servicers — but not all — are reluctant to accept partial mortgage payments from delinquent borrowers because they […]

January 20th, 2015 | | 0 comments | Continued
post thumbnail

2014 Foreclosures Down 18%, Says RealtyTrac

For the fifth year in a row foreclosure levels are down, signaling an end to the worst real estate collapse since the Great Depression. But while the numbers are greatly improved for 2014, the real estate market remains fragile with 1.1 million foreclosure notices generated during the year. “Despite the annual increase in foreclosure starts […]

January 15th, 2015 | | 0 comments | Continued