Retirement Home Now?

By Judy Reed on June 19th, 2013

Thinking About Retirement ? Maybe you’re not ready to move into it but that doesn’t mean that you shouldn’t take advantage of the present opportunities to acquire the home you want to live in during retirement. The combination of the low interest rates, reduced prices and lower competition may never be this good again in ... [Continue Reading]

Understanding Mortgage Types

By Judy Reed on June 3rd, 2013

To quote a mortgage broker: “There is a different loan for a different need.” In other words, the type of mortgage you get depends on your individual situation. A good lender will get a sense of your needs from your credit report, your assets, and your employment history. He can then recommend some options for ... [Continue Reading]

10 Ways To Build Credit!

By Judy Reed on May 29th, 2013

Credit makes the financial world go ’round. That’s true for Fortune 500 companies, first-time homebuyers and aspiring college students alike. Lenders make decisions about the creditworthiness of borrowers based primarily on credit reportsand credit scores – two ways to quickly assess an applicant’s credit history. The strength of your credit history is what determines if you qualify for a credit card, ... [Continue Reading]

Tips For Buying Foreclosed Homes in Virginia Beach

By Judy Reed on May 20th, 2013

The housing market which was so strong several years ago has gone into a major decline and owners are unable to keep up with their home payments. Since the economy isn’t doing as well as most Americans expect, many mortgage lenders are increasing rates on adjustable mortgages, leaving tons of home-owners unable to keep up. ... [Continue Reading]

Common Questions from First-time Homebuyers

By Judy Reed on May 14th, 2013

Why should I buy, instead of rent? Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This ... [Continue Reading]

What is involved in buying a SHORT SALE?

By Judy Reed on May 7th, 2013

Short sales are as is because the seller has no money for repairs. You submit your offer the same as a regular offer except it not only has to be accepted by the seller but also the sellers bank. The sellers are selling the home for less then they owe on the property so the ... [Continue Reading]

Buy Your Retirement Home Early!

By Judy Reed on April 29th, 2013

Catherine Mettey, a civil engineer who lives in Wilton, Maine, had always dreamed of retiring to a home on the ocean. A while ago, while on a work project, she found just the right town—the village of Lubec, on the Bay of Fundy where Maine meets Nova Scotia—and better yet, her dream home, “a charming ... [Continue Reading]

Buying A House With Bad Credit?

By Judy Reed on April 22nd, 2013

One very frequent question has to do with bad credit and VA loan qualifying. Though VA guidelines state no credit score minimum for qualifying for a VA loan, a potential VA borrower with bad credit or even a bankruptcy can be turned down. VA-approved lenders consider debt-to-income ratios, residual incomes and loan histories, as well ... [Continue Reading]

Mortgage Rates Creep Toward Record Lows

By Judy Reed on April 15th, 2013

Mortgage rates saw a decline for the second consecutive week, according to the latest survey by mortgage buyer Freddie Mac. Loan rates fell once again as response to weak unemployment data reported by the Labor Department last week and continue to move closer to historic lows. The average rate for a 30-year fixed loan saw a ... [Continue Reading]

Freddie Mac’s New Short Sale Process ‘Beginning to Take Hold’

By Judy Reed on April 12th, 2013

Freddie Mac’s Standard Short Sale program has been in effect for close to five months now, and the GSE continues to work to publicize the program and inform borrowers of their options, most recently in a blog post Tuesday on Freddie Mac’s website. “Early results indicate that this program is beginning to take hold with ... [Continue Reading]