Financing
Banks getting slower at processing loans
April 27th, 2009 categories: Financing, News and Views, Real Estate Tips, Trends
We’re seeing more instances of banks that are “ignoring” the closing dates on contracts – not all of them, but enough to be a concern. Other agents are reporting delayed closings as well. Sometimes the day before the scheduled closing the lender will ask for more information from the buyer – sometimes the lender will just say that they didn’t “get to it” and delay it a week, and then another week. Lesson 1: it’s not over until it’s closed. Lesson 2: have a contingency plan in case the closing is delayed.
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Reverse mortgages and the new housing bill
July 29th, 2008 categories: Buyer Tips, Financing, Seller Tips
Reverse mortgages are for older homeowners – the owners are allowed to mortgage their home for cash or for monthly income, all according to a formula based on the owners ages and the home value. The lender does not need to be repaid as long as the borrower continues to live in the house.
One of the provisions in the housing bill just approved by Congress, awaiting President Bush’s signature, is an increase in the maximum mortgage amount for a reverse mortgage – it is more than doubling to $417,000. In some high cost areas of the country the amount can be as high as $625,000.
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