Browsing All Posts filed under »Advice«

A Little Known Strategy for Cutting Mortgage Payments – “Recasting”

January 11, 2011

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Recently the New York Times printed an interesting article on the concept of “recasting” as a means of lowering mortgage payments. From the article: “A little-known strategy, called “recasting,” or “re-amortization,” is available through some mortgage lenders and servicers. It involves paying off a lump sum of the principal amount and asking to have the […]

FHA Gives Home Buyers One-Month Window

September 1, 2010

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The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium. After October 4, the monthly insurance premiums on FHA loans will increase by over 63%. What does this mean for home buyers?

PA Turnpike Slip Ramp coming to Malvern, Route 29

August 7, 2010

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Chester County will finally get its slip ramp, an all-electronic interchange linking Route 29 in Great Valley with the Pennsylvania Turnpike. The announcement was made Wednesday at a gathering of state, county and township officials, transportation experts and the developers who have hundreds of millions of dollars invested in local corporate and retail parks. Located […]

In 2010: Rent or Buy A Home?

June 14, 2010

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First time home buyers have a lot to consider this summer when making the decision to rent or buy a home: interest rates are at all-time lows, there’s still plenty of housing stock and prices are at or near their lowest in years. Still, deciding whether to buy a home or rent an apartment can […]

County Department of Housing and Community Development announces informational grant meetings

February 23, 2010

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The Montgomery County Dept. of Housing and Community Development will hold three public meetings designed to inform county residents about the Community Development Block Grant (CDBG), the Emergency Shelter Grant Program (ESG), the HOME Investment Partnerships (HOME) Program and the American Dream Downpayment Initiative (ADDI). The county is required to complete a Five-Year Consolidated Plan […]

Fannie Mae offers option to save home from foreclosure – “Deed for Lease”

November 18, 2009

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Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the options of renting their homes for a year. The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it will only add to the mushrooming losses at the company, which has received […]

Why You Shouldn’t Keep a Mortgage Just for the Tax Deduction

March 10, 2009

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This is a post from CJ at WiseMoneyMatters.com. This post represents CJ’s viewpoints, which are not necessarily my viewpoints. (Although I, too, hope to pay off my mortgage early.) The other day, I was telling my wife’s grandmother that we had sold our house. We are downsizing in order to eliminate our mortgage more quickly. […]

50% of Foreclosures Concentrated in 1% of the Country

March 10, 2009

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Nearly 12 percent of all American home owners with a mortgage–a record 5.4 million–were one month late or actually in foreclosure at the end of 2008, according to data from the Mortgage Bankers Association. Among home owners with subprime adjustable-rate mortgages, 48 percent are behind in their payments. The increase in foreclosures is being fueled […]

Can You Still Buy Without a Fixed Mortgage?

January 28, 2009

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Buying a house doesn’t necessarily require getting a 30-year, fixed-rate mortgage. More and more people are exploring alternative financing plans as it gets harder to get a conventional bank loan. Here are some creative ways to pay for a home, according to some financial experts:

It May Be Time to Think About Buying

December 5, 2008

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“Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we’ll look in the rearview mirror and realize that we missed a golden age for first-time homebuyers.” Read more…

Alternatives to Avoid Foreclosure

December 5, 2008

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The type of mortgage loan you have may determine what types of alternatives you may be eligible to pursue. Please contact your lender and a Housing Counseling Agency to discuss which alternatives you are eligible for, and which one is best for your situation.

FHA Raises Upfront Premiums

September 2, 2008

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The Federal Housing Administration announced Tuesday that it is increasing the upfront premiums charged to most borrower to guarantee that a mortgage will be repaid.

Looking for buyers on the Main Line – The fever for big houses built on spec cools off

September 2, 2008

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For at least five years, the practice of tearing down existing, older homes in neighborhoods along the Main Line and putting up new speculative mansions was common – until now. The market for tear-downs and homes built on spec, without buyers lined up, has come to a halt, a casualty of the housing downturn. Most […]

End in Sight for Seller-Funded Down Payments

September 2, 2008

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Prospective homeowners have until Oct. 1, 2008, to use down payment assistance from a seller to purchase a house.

Pulte to Match $7,500 Credit for Home Buyers

August 6, 2008

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Pulte Homes plans to match the $7,500 tax credit that the federal government is offering to first-time home buyers as part of its housing stimulus package.

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Main Line-based Realtor providing professional representation in the acquisition and disposition of real property in the southeastern Pennsylvania counties of Chester, Delaware, Montgomery, & Philadelphia.

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Edmund Choi, Real Estate Professional in Greater Philadelphia

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