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Home Buying 101 Archive


Loan Modification is Stressful; Know Your Options

When the Obama administration rolled out the Home Affordable Modification Program (HAMP) in 2009, officials estimated 3 to 4 million borrowers would seek relief from their mortgages through the program amidst the worst recession and housing market collapse in decades. More than two years later, those projections have proven to be optimistic, to say the least. According to the Treasury Department, about 700,000 homeowners had sought aid from HAMP through the third quarter of 2011.


NAR Home Buyer and Seller Survey Reflects Tight Credit Conditions

Recent home buyers are staying well within their means with notably higher incomes and modestly higher down payments than buyers in the previous year, due to the restrictive mortgage credit environment, despite historically favorable housing affordability conditions, according to a study released at the 2011 REALTORS® Conference & Expo. The 2011 National Association of Realtors® Profile of Home Buyers and Sellers is the latest in a long-running series of large national NAR surveys evaluating demographics, preferences, marketing and experiences of recent home buyers and sellers.


Find the Right Home: HomesDatabase.com Unveils ‘Lifestyle Search’

MRIS, the Mid-Atlantic region’s multiple listing service (MLS) marketplace that facilitates $36 billion in yearly sales, has launched a new “Lifestyle Search” feature as a major upgrade and enhancement to its consumer website HomesDatabase.com, the organization has announced.


Not All Home Inspections Are Made Equal

A home inspection is a crucial component of making a smart home-buying decision. According to Jay Gregg, director of marketing for Pillar To Post, not all home inspections are equal. Gregg, who has experience in home inspections, sales marketing and as a previous Pillar To Post franchisee,


How to Predict Local Home Prices

You’re about to put an offer on a home, but you’re worried that prices will sink and you won’t get the best deal. You’re putting your home on the market and you want to get the most you can for it but you can’t wait forever to sell it. You’ve found a great deal on a foreclosure that looks like a great investment, but how will you know what will it be worth a year from now? Wouldn’t it be nice if you had more than a guesstimate to guide you as you make one of the most expensive decisions in your life?


Five Ways to Fight a Low Appraisal

What do you do when the appraisal on the dream home you want to buy comes in below the price in the offer the seller has accepted—even as much as 10 to 20 percent below? Chances are that raising the cash for your down payment and closing cost has tapped you out. Finding thousands more to make up the difference between the appraised value and the contracted amount is out of the question. You’re not the only buyer who has hit the low appraisal snag. This past June and July, 16 percent of real estate pros reported a cancelation in a sale, mostly due to a large number of low appraisals.


MONEY Magazine Reveals Annual “MONEY’s 100 Best Places to Live in America”

“MONEY” magazine has revealed the 2011 list of "MONEY's 100 Best Places to Live in America," highlighting small towns across the country with populations of 50,000 or less. For the annual cover-story, on sale August 19, MONEY looked for places with the optimal combination of job opportunities, fiscal strength, top-notch schools, safe streets, good healthcare, cultural and outdoor activities, and even nice weather.


95 Percent of Refinancing Borrowers Choose Fixed-Rate Mortgages

In the second quarter of 2011, fixed-rate loans accounted for about 95 percent of refinance loans, based on the Freddie Mac (OTC: FMCC) Quarterly Product Transition Report released yesterday. Refinancing borrowers clearly preferred fixed-rate loans,


6 Tips for Success at Real Estate Auctions

RISMEDIA, July 5, 2011—With foreclosures flooding the real estate market, many property buyers and investors are hitting the auction circuit looking to capitalize on the next great deal. For those that are new to the auction block, there are a few ‘rules of thumb’ you’ll want to keep in mind before placing your bid. PropertyAuction.com provides some essential tips when looking to get in on the auction action, including:


The Value of Home Warranties: Protect Your Wallet

RISMEDIA, June 30, 2011—Even with home sales and prices continuing to fall nationwide, millions of Americans will still navigate the process of buying and selling homes this summer, and for many, the sheer volume of details and decisions can be


Mortgage Insurance Cancellation: The Myths and Realities

RISMedia, June 3, 2011—When it comes to private mortgage insurance (MI), there are several myths that exist that make buyers reluctant to consider a conventional loan with MI as an option when purchasing a home. One of the more common misconceptions is that cancelling MI is a difficult—not to mention time-consuming—process. The irony is that the majority of buyers don’t harbor those same beliefs or reservations about an FHA insured loan when, in reality, FHA coverage may be less easily cancelled, or take longer to cancel, than MI.


Your Leadership Needed: Nearly Half of Home Buyers Surveyed Don’t Understand Essential Information about Mortgages

RISMEDIA, May 5, 2011—As the housing market continues to struggle, home buyers appear ill-prepared to take out a mortgage, answering basic questions about mortgage information wrong nearly half (46 percent) of the time, according to a Zillow® Mortgage Marketplace survey. In fact, 44 percent admitted they are not confident in their knowledge of mortgages or the mortgage process. Zillow® Mortgage Marketplace, with Ipsos, surveyed prospective home buyers, asking them to gauge their own knowledge of mortgages, and asking basic questions about mortgage facts.


Study Examines the Impact of Homebuyer Education and Counseling on Mortgage Performance

RISMEDIA, April 29, 2011—Potential homeowners who participate in pre-purchase education and counseling programs may be more likely to pay their mortgages on time, although the evidence on this point is not consistent and compelling, according to a study released today by the Mortgage Bankers Association (MBA). The study also finds that those who participate in default counseling are more likely to have their loans modified.


House Rich Rule #12 – Share the Brain Trust

RISMEDIA, April 13, 2011—Don’t let Washington or Wall Street stop the entrepreneurial spirit in you. We are in a period of history right now where as an entrepreneur, you want to build wealth and you can’t rely on anyone else. The real estate market is here for you and the revival is


Real Estate Deep Dive: Raleigh, NC

April 8, 2011—In our last installment, we talked about the Las Vegas market and likened it to investing in stock options - volatile and risky, but with incredible upside potential. Not for the faint of heart. Today we go to the other side of the spectrum. The Blue Chip market


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