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What is “Making Home Affordable” all about?

The Making Home Affordable Program is part of the Obama Administration’s broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers strong options for homeowners: (1) refinancing mortgage loans through the Home Affordable Refinance Program (HARP), (2) modifying first and second mortgage loans through the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP), (3) providing temporary assistance to unemployed homeowners through the Home Affordable Unemployment Program (UP), and (4) offering other alternatives to foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA).

Mortgage Lenders What Are They

Mortgage lenders is that word we use to lump together all the institutions and organizations who give money to people to buy their homes in the form of home equity loans. These are our lenders: banks, companies that have some sort of loan program, insurance providers and trust companies

Continue reading Mortgage Lenders What Are They

How to add registered domestic partner to title after home purchase complete

QUESTION

I am buying a house and mortgage is in my name only. I would like to add my registered domestic partner to the title after escrow closes. How is this done?

ANSWER

You will have to sign a quit claim deed  and add your partner to the property deed. Your name will be mentioned as the grantor of the property whereas both you and your partner’s name will be mentioned as grantee to the property.

Housing Market Predictions

Are you still considering investing in real estate or are you just curious as to the state of your home’s market value in the near term? We admit that these days it’s hard to know where the market is headed. Some people will predict the value of property to go up only to see them come tumbling down again the next week. Some days we see an optimistic surge, some days we don’t. So what is really going to happen now? Continue reading Housing Market Predictions

When Should I Refinance?

Generally speaking, if you can earn the refinancing costs (normally 1%-3% of the loan value) back within two to three years, and it’s a home you’re prepared to stay in for much longer than that,it’s usually a good option to refinance your mortgage. From a risk perspective if you have an adjustable rate mortgage, refinancing to a low 30 year fixed rate may also be a good idea because it will ensure your repayments never skyrocket and place you under financial duress.

Also, never blindly trust mortgage brokers who will give you life-of-loan refinance savings calculations that may not factor in the taxation implications (mortgage interest is tax deductible). Also, consider the opportunity cost of refinancing.

Refinancing Home Loans

Could you make more by putting that money into other investments? You can search on-line for a number of refinancing calculators and do the numbers based on your own personal situation. So do your homework before looking to refinance and like any financial product or service always shop around to get the lowest fees and best rates. Should I Refinance My Home?

Interesting bits

Latest from the News

Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.