Mistakes That Could Cost You At Closing

Posted: July 27, 2010 at 10:00 am by: Leslie

For most, the home buying process can be a stressful time, no matter how organized you think you are. Between finding the perfect home, getting financing, dealing with appraisals and inspections and finally closing on your new home, unexpected surprises are almost always inevitable.

After recent blows taken by the mortgage industry, lenders have been pressured to enforce stricter rules when in comes to providing loans to homebuyers. For example, Fannie Mae’s Loan Quality Initiative, which went into effect June 1, now requires lenders to track any changes to a borrower’s financial situation between applying and closing. No longer does pre-approval mean a borrower is definitely approved.

To avoid causing delays or changes to your mortgage closing, Bankrate.com has come up with a couple things borrowers should stay away from in the days or weeks before closing.

  • Getting a new credit card or auto loan
  • Charging up credit cards
  • Changing jobs

Because mortgage approval is based on a debt-to-income ratio, any changes affecting a borrower’s debt or income before closing could potentially harm a closing or even give a lender reason to turn down the borrower for a loan. To find more on why these mistakes could cost you your mortgage, visit Bankrate.com.

Homebuyer Remorse Down – Home Loan Knowledge Up

Posted: July 20, 2010 at 10:00 am by: Leslie

Results are in and it looks like homebuyers are more satisfied and more informed when it comes to their big ticket purchase. In a recent Bankrate.com study done by Princeton Survey Research, 90% of homeowners say they don’t regret purchasing their new home. Despite record number foreclosure and unemployment rates, only 9% of homebuyers say they have regrets about buying their current home. The biggest regrets were caused by not being able to sell their home and not being able to make the monthly mortgage payments.

•  Americans are more knowledgeable about their home loans than they were even two or three years ago.

The study took place from June 24 through June 27 of this year and polled 1,001 randomly selected adults. The poll also found that only 8% of homebuyers didn’t know whether or not they had a fixed-rate or adjustable-rate mortgage. This was a huge drop, in the right direction, from the 26% of borrowers who didn’t know their loan type just two years ago when Bankrate commissioned its previous study.

To find out more results from this study including what mortgages have become the most popular and who has the most regret when it comes to new homes purchases, visit Bankrate.com.

Military Home Shoppers Now Have More Reasons to Buy

Posted: July 13, 2010 at 10:10 am by: Leslie

If you’re in the military and still in the market for a new home, the incentives to make that purchase just keep piling up. For most of us, the time to sign a contract on a new home and receive the homebuyer tax-credit has come and gone. But for those qualified service members who have been ordered on a period of official extended duty still have almost another year to find that perfect home and cash in on up to an $8,000 tax credit.

And now Maryland has announced a its own homeownership incentives aimed at providing a much needed relief to Maryland’s housing market and protecting home values in BRAC-impacted areas. This new initiative, the Maryland Mortgage Program (MMP), includes $100 million put aside for mortgage loans to Maryland homebuyers in the 10 counties that will be most impacted by the U.S. Military’s Base Realignment and Closure (BRAC), a historically low and competitive mortgage rate of 4.5%, and an assortment of down payment and closing cost assistance. Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner explains, “The combination of lower rates and the $100 million BRAC set aside, as well as the associated down payment and closing cost assistance options available to borrowers, positions the Maryland Mortgage Program as a great option for BRAC families and all potential homebuyers in Maryland.”

•  BRAC is the single largest source of economic growth in Maryland since the end of World War II, and is expected to bring nearly 24,000 new households to Maryland by 2015.

For over 30 years, MMP has provided Maryland’s families with dependable and flexible mortgage loans and now its focus is on welcoming military families relocating to Maryland for BRAC. Visit the Maryland Mortgage Program website to learn more about these new homeownership incentives.

Interiors: The Best of 2010

Posted: July 6, 2010 at 9:00 am by: Leslie

We’re excited to let you know we’ve completed our 6th annual edition of New Homes Guide’s Interiors, featuring our area’s finest model homes and clubhouses. You’ll not only find this awesome addition to our magazine in every copy of New Homes Guide’s July/August issue, but it’s now available on our Interiors microsite for even more convenience.

Within its pages you’ll find hundreds of inspiring images of some of the coolest kitchens, bedrooms, family rooms, amenities and more, all available to you from our area’s best home builders. And if you’re impressed with what you see in Interiors, wait until you step foot in some of these models and clubhouses using our on-line My Road-Trip feature, it’s really amazing what builders are offering homebuyers these days.

Being able to take tours of these amazing interiors is just part of the fun you will experience while searching for a new home. We hope you enjoy this insider’s look into these great models and clubhouses, and be sure to let us know what impressive features you are hoping to find when searching for a new home.