The Bait and Switch
When I came out of college, I got a job selling cars and some of my fellow car salesmen were involved in the old “bait and switch” tactics of selling.
Cash-IN refinance?
A cash-in refinance is when the new mortgage is smaller than the existing mortgage and the homeowner brings cash to the closing table. In contrast, a cash out refinance is where the old mortgage is less than the amount of the new mortgage and the borrower receives cash back.
Reverse Mortgage for Purchase?
We usually think of a reverse mortgage as a way to help people over 62 use the equity in their homes to upgrade their quality of life. But what if they want to buy a new home?
Divorce Mortgages
A divorce mortgage is a refinance transaction that removes the departing spouse from the current debt secured by the home. The spouse retaining the property refinances the loan that is in both parties name with a loan in their name alone.
Keeping Up With The Jones’
Last month, I received an email from a reader of this column telling me that the problem of “keeping up with Jones” was one of the main reasons we got into real estate trouble in this country.
Can you still get a mortgage?
You do not have to be Bill Gates to get a mortgage, however, mortgage requirements have tightened up considerably. Unless you are a vet applying for a VA mortgage, 100% financing is gone.