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.
There is a saying in business that 20% of the people you deal with create 80% of your aggravation. I believe this to be true because I have seen it time and time again in my own life. The question is: what do you do with the 20% that you consider as toxic people?
Fuller Sotheby’s International Realty Agent Dan Polimino tells us that when it comes to the Real Estate transaction buyers still don’t get along with sellers and visa versa.
A common myth among people with an ARM (Adjustable Rate Mortgage) is that they can switch to a fixed rate mortgage when they see interest rates headed up. This is like waiting to put on your seat belt before a traffic accident. By the time you react, it is too late. Remember that interest rates float down and jump up.
This is a mortgage without any closing costs added on to the loan or paid by the borrower. Examples of closing costs would be origination fees, discount points, appraisal cost, processing, underwriting fees, title insurance and recording fees. A mortgage where these costs are added in is not a true no cost loan.
In this week’s market update Dan Polimino tells us why it’s not a good idea to buy the highest priced, most improved home on the block if you think you might sell it one day.