a first-time home buyer is defined as someone who has not owned a primary residence in the three-year period ending on the date of purchasing the home. Married couples are considered first-time buyers if neither spouse has owned a residence in the previous three years.”

The mortgage process — from pre-qualification to closing. Buying a new home is one of the most exciting and life-changing events many of us will ever experience. it’s important that you be well prepared and understand the steps involved in …

The mortgage process — from pre-qualification to closing. Read more »

Even with higher energy prices, consumers continued to spend freely on other items last month. The March sales figures from about two dozen large retail chain stores released on Thursday were stronger than expected. Consumer spending accounts for about 70% of economic activity, so this data was encouraging news for the economy.

Therefore, many people may be better served by having a smaller mortgage payment under a 30-year fixed – and then saving or investing the extra money. Note, saving and investing rather than spending the extra money is the key point here.

Mortgage Rates Increase  An improving economic outlook was unfavorable for mortgage rates this week. The Dow stock index reached a new high for the year, as investors shifted funds from bonds to stocks. Weaker than average demand for the 7-yr …

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“We’re looking at ideas on how to create jobs. This creates jobs in that (one-year) window of time.”–Rep. Harold Brubaker (R-Randolph) speaking about the merits of HB 485 New Home Purchase Stimulus.

Q&A: Impact on Credit Scores? QUESTION: Can a Home Equity Line of Credit (HELOC) impact my credit score? ANSWER: Credit expert Linda Ferrari (author of “THE BIG SCORE: Getting It and Keeping It, Buying Power for Life”) explains that HELOCs are …

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Today’s historic low real estate prices in Raleigh North Carolina and the surrounding areas along with similarly low rates have made homeownership the best tool or hedge against inflation the average person can use to protect themselves from the imminent rising prices. If you have been waiting for the bottom, this loan officer is going on the record as saying THIS IS IT! Of course we will have no way of knowing that to be true until we look back six months from now and see that I was right, but by then it will be too late and you will have missed the best opportunity to have bought real estate in easily 30 or more years!

Remember, housing will likely be in a much better position in the second half of the year and at that time rates could be a bit higher. Now’s the time to take advantage of the combination of low rates and affordable housing.

This increase could cost your buyers more money each month for their total monthly mortgage payment. What can your buyers do? If they are close to contract, advise them to buy now before the new mortgage insurance premium takes effect. They must have an active loan application for the subject property prior to April 18, 2011.