1. What Does Fair Isaac’s New Credit Score Model Mean to Mortgage Applicants?

    Fair Isaac Corp (FICO) , the company that calculates the country’s most widely used credit score, recently announced that it will recalibrate its scoring system, including giving less weight to medical related debt. It will also stop including records of failures to pay bills if the consumer has settled with a collections agency or paid the debt.

  2. Three Great Reasons to Get Pre-Approved Before You Begin Looking for Your Next Home

    It’s important to understand the difference between a pre-qualification and a pre-approval. These terms are often used interchangeably, but getting pre-approved is a much more rigorous process than getting pre-qualified. For example, before CapCenter provides a pre-approval letter, we obtain a current credit report and credit scores for every prospective borrower. We carefully review the income and asset information disclosed on the pre-approval request and look for any red flags that could be an issue down the road.

  3. What You Need to Know about the Home Inspection Process

    Important facts to know about home inspectors include:
    •The buyer decides whether or not to get a home inspection. The upside for the buyer is that problems are discovered before the transaction closes and could result in a lower price or a credit from the seller.
    •Not all inspectors are created equal. Home inspectors are regulated by the state (or not at all). There’s no national licensing standards or requirements for liability or E & O insurance. Two trade associations (NAHI and ASHI) attempt to promulgate professional and educational standards, but they really have no enforcement mechanisms.
    •Inspectors get business from real estate agents…which creates a potential conflict of interest when they do find problems.

  4. Adjustable Rate Mortgages (ARMs) Regain Foothold

    In April, ARMS made up 8.4% of all home loan applications, up from 8.2% in March, and 7.7% in February. The last time ARMS’ share of morgage applications has been this high was June 2008, according to the Mortgage Bankers Association.

    But, is an Adjustable Rate Mortgage right for you?

  5. Obama Administration Loosens Mortgage Rules

    Concerns about the tepid housing recovery have prompted the Obama administration and federal regulators to loosensome of the most significant post financial crisis initiatives to tighten mortgage lending standards. Yesterday (May 13, 2014) Mel Watts, the new overseer of Fannie Mae and Freddie Mac, said the mortgage giants should focus more heavily on making more credit available to prospective homeowners.

  6. Preparing for Divorce….What Will Happen to Your Mortgage?

    If you’re thinking about divorce or in the early stages of a separation, it’s important to figure out what will happen to your home – especially if there’s a mortgage on it.  Usually both spouses are co-owners of their property and both are on the mortgage.  To keep the home, you will need to refinance […]

  7. Help for Underwater Homeowners via HARP

    As home values continue to rise in most markets, an estimated 9.3 million homes remain “deeply underwater”, according to RealtyTrac.  These are situations where property values are at least 25% lower than the outstanding mortgage debt on the property.  If your home falls into this category, and you could benefit from refinancing with current interest […]

  8. FHA Loans vs. Conventional Mortgages

    The Federal Housing Adminstration (FHA) is the largest insurer of low downpayment home loans and, during the dark days of the mortgage industry meltdown,  experienced a meteoric rise in popularity.  Now that the market has settled back down, how do you know if an FHA loan is the best option for you?  Unfortunately, the mortgage insurance […]

  9. Flood insurance rates in Virginia will rise

    For many years, the government has offered subsidized flood insurance on homes and business constructed before rules existed about building close to the water.  However, premiums collected from homeowners have not been sufficient to cover the losses, leaving the taxpayers holding the bag.  On Friday, President Obama signed legislation that will cause premiums to begin to […]

  10. The Pros And Cons Of Using A Realtor VS For Sale By Owner

    When it comes to selling a piece of property, owners are usually not aware of the pros and cons of using a realtor vs for sale by owner. Below are some of the pros and cons of using a Realtor vs selling a home on their own. The Pros One of the best things about […]