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.
The market value of condos may be further depressed by new Homeowner Association (HOA) requirements set by FHA. FHA loans are the most popular mortgage product for condos because of the combination of low down payment and easier qualifying.
Fuller Sothebys International Realty Agent Dan Polimino tells us this week why it’s important a seller of a home take a tour of the other properties for sale in their neighborhood.
This wonderful five-bedroom, four bath, 3800 square foot home rests just steps away from a quiet greenway path, and Redstone Elementary School.