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When you’re getting ready to apply for a mortgage loan, you’re likely to hear a lot of terminology (or “gobbledeygook” … “mumbo-jumbo” … whatever you’d like to call it) with which you might be unfamiliar. Here’s a glossary of terms you’re likely to hear, and it’s probably a good idea to know their meanings.
1. […]

There’s no doubt that choosing a home is an important decision and you want to do it right.
As a buyer, here’s what actually happens: A home has been placed on the market for which the seller has established an asking price, as well as other terms. In effect, this is an offer. At this point, […]

Few people can buy a home for cash. According to the National Association of REALTORS®, nearly 9 out of 10 buyers now finance their purchases, which means that virtually all buyers — especially first-time purchasers — require a loan.
The real issue with real estate financing is not getting a loan (virtually anyone willing to pay […]

Over the past couple of days, we’ve discussed the warning signs, as well as some common problems associated with “predatory lending”. When you’re shopping for a low-cost loan, it’s extremely important to know the right questions to ask of any lender, so that you can choose the loan that best suits your needs. Working with […]

Nearly all predatory lending occurs in the “subprime market,” where loans are sold to people with less than ideal credit histories. Subprime loans have played an important role in helping millions of consumers achieve homeownership, but, unfortunately, some lenders abuse their role and take unfair advantage of vulnerable borrowers. Here are some common problems with […]

For most families, buying a home is the biggest and smartest purchase they ever make. Unfortunately, not all loans are in their best interests.
When loans hurt instead of help, they can quickly lead to foreclosure and even bankruptcy. It’s important to learn the warning signs and common problems associated with predatory lending, and to ask […]

Chevy Chase Bank Faces Suit Over Adjustable-Rate Mortgages
With college costs looming for their four children, Bryan and Susan Andrews were looking for a way to cut their monthly expenses.
The sales pitch that came in the mail seemed perfect: A mortgage at 1.95 percent, fixed for five years.
“It sounded like a really good program,” Susan Andrews […]

Now is a great time to be a buyer! Not only is there an unprecedented inventory of homes for sale in Anne Arundel County, Annapolis and the Chesapeake Bay Region, interest rates are still at historical lows!
For Monday, February 19, 2007, mortgage rates are ranging from 5.375% to 5.875% (source Yahoo! Finance). These rates assume […]

When you’re getting ready to purchase real estate, whether it’s in Anne Arundel County or anywhere else for that matter, you know the importance of having good credit. The better your credit score, the lower your interest rate. The lower the interest rate, the more home you’ll be able to afford.
People with higher credit scores […]

When it’s time to buy a home you may wonder how much house you can afford with all of you other financial obligations. Among other things, you probably have a car payment, some credit card debt, and maybe a hefty student loan installment to pay each month. Keep in mind that there will be more […]