Busy on the Economic News Front, and Interest Rates Drop
Economic news: Historically, rates come down the first week of October, so we will see if they behave historically next week with the big numbers on Wednesday,Thursday and Friday. But even this week leading up to the BIG week, was busy on the economic news front. We...
A Buyer with Less than 20% Down HAS to Pay PMI…FALSE
A buyer with less than 20% down HAS to pay PMI. FALSE. In fact, there are 4 ways to pay PMI and 2 of them are not monthly. Here’s how: On a $400,000 loan on a condo with 5% down, you might have to pay $300 per month for PMI. However, to avoid that monthly fee,...
How the Unemployment Rate Affects Real Estate Investors
Economic news: The first Friday of the month we always get the previous month’s employment data. The Federal Reserve is putting a lot of weight on this data in their assessment of the overall economy. Think of it this way: if they don’t feel the employment numbers are...
True or False: You Can’t Have More Than 1 FHA Loan at a Time…FALSE
FALSE! With homebuyers feeling confident about the real estate market again, they are wanting to “move up”. Problem is, money. So they think they can do FHA 3.5% down. RIGHT. But they already have an FHA loan. WHAT to DO? Well, if their family has grown, or they are...