VA Loan Myths Busted

I don’t know about you, but I rarely have time to watch TV.  When I do have a spare moment to collapse on the couch and entertain myself, one of the shows I like to watch is Myth Busters.  I have only seen a few people that enjoy their jobs as much as these guys PLUS they get to educate people while making science fun.  I call that a win-win.

The way the world works, I started thinking about Myth Busters and that lead to Ghostbusters…”who you gonna call?” reverberating in my head. This lead to what myths abound in the mortgage industry that need busting?  There are many myths that I run into each time I have the privilege of speaking to someone looking to buy a home.

So grab your ectoplasma gun.  Put on your safety goggles.  It’s time to put some mortgage myths to the test!

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Are You Paying Too Much in Property Taxes?

If you have a mortgage it is highly likely that your payment includes your property taxes.  The majority of mortgage loans have an escrow account where your payment includes not only the principal (the money you pay to pay back the money you borrowed) and interest (the money you are paying for the privilege of borrowing money), but also money to pay your taxes, insurance, and mortgage insurance. Your total payment is also referred to as your PITI payment (short for principal, interest, taxes, and insurance).

The old saying, out of sight out of mind pops up for me here. Since you pay your real estate property taxes each month you might just throw away your tax bill or not give it a second thought once you have mailed it to your mortgage company to pay.  This could be a costly mistake.

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10 Ways to Lose Your Dream Home (Part 3 – Final Installment)

kid sleeping with teddy bear

I was cruising around Facebook earlier and a Realtor® friend of mine posted that she nearly had a heart attack when driving up to a home inspection today. Her buyer had pulled up in a brand new car (I know she was thinking – clearly he hasn’t read about the 10 Ways to Lose Your Home).  She, and the buyer, will live to see another day as the new car was the buyer’s brother-in-law’s car.

In the last two posts we have learned that if you want to close on your home it is best to stay in your current job, not let your payments fall behind, and not to buy any new cars or furniture.  By now, you are probably catching on that it is best not to change anything in regards to your financial situation when buying a home. Just three more items to discuss before we move on to other topics.

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10 Ways to Lose Your Dream Home (Part 2)

car with tires spinning or burning rubber

Don’t tell me what to do. Tell me WHY I shouldn’t do it so I can learn.

 Last post we learned about why quitting your job, buying a new car or using your credit cards can cause you to lose your dream home (if you missed that post, look here).  Now let’s tackle a few more things you don’t want to do if you’re buying a home. Well you shouldn’t do if you actually want to close on that house you have under contract.

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10 Ways to Lose Your Dream Home (part 1)

10 commandmentsI didn’t come up with the above “10 Commandments of Buying a Home”, but after over 20 years in mortgage lending I agree with these things completely. If you break one of these 10 commandments it is extremely likely that you could lose your dream home. For me, I don’t settle for just knowing what I should or should not do….I want to know WHY. I bet you feel the same way. You want to know why you shouldn’t do the above things.

Here is the WHY behind the WHAT NOT TO DO so you don’t lose your dream home! Continue reading “10 Ways to Lose Your Dream Home (part 1)”

What Getting Naked in Korea Taught Me About Buying a House

This blog post is dedicated to all of the medical personnel at Osan Air Force Base ER and the Brian Allgood Army Community Hospital at Yongsan Garrison who have taken amazing care of my sister; and to Cadi Jordan (find Cadi on Google+ +Cadi Jordan or Twitter @CadiJordan ) who is forever reminding me through her tweets and direct messages to take care of myself (I finally listened).
In case, you didn’t get the last minute text from me, you should know that I am in Seoul, South Korea at this very moment helping take care of my sister who was rushed to the ER last week. I found out that I was urgently needed and would have to fly out to Korea with about 12 hours’ notice.  There was quite a bit to do in those 12 hours; you have my apologies if you didn’t get a personal text or email with all of the details.  Please accept this post as a creative substitute for personal communication.

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