August 15, 2013 |
Mortgage down payments as low as 3 percent — and even 100 percent loans — are returning. That may be good news for buyers who haven't accumulated a lot of savings. But there are some trade-offs: Mortgage payments will be higher because more money is being borrowed and because private mortgage insurance is required for down payments that are less than 20 percent. With that in mind, buyers may want to consider renting for a longer time and saving more for a larger down payment to make sure they can truly afford a home.
June 14, 2013 |
The refinancing boom may be cooling down, but the move to shorter mortgages — especially 10-year loans among pre-retirees — appears to be accelerating. Some community banks say 10-year mortgages, once an insignificant niche option, are now accounting for increasingly large chunks of their business. For example, Rockville Bank in South Windsor, Conn., reports that 10-year loans represented a surprising one-fifth of its total residential mortgage originations in dollar terms last year.
May 23, 2013 |
Whether you are a first-time buyer or seasoned veteran, obtaining a home loan today is more difficult than ever. The level of lender scrutiny and the maze of loan programs has never been more complex or illogical. The key to navigating this "Kafkaesque" process is selecting the right mortgage loan officer. But before you open up your personal information vault, do your own due diligence. There is one Web site that makes the loan officer investigative process relatively easy. The National Mortgage...
March 22, 2013
Gerald K. Fay, 68, a former Weichert Realtors loan officer who later became a drug and alcohol counselor at Edgehill Retreat Center in Winchester, Va., died March 8 at his former wife's home in Alexandria. He had lymphoma, said his son, Cameron Fay. Mr. Fay, who lived in Winchester, was a vice president of the old First Dominion Mortgage Corp. in Alexandria from 1983 to 1995. He then worked as a loan officer at what is now Weichert Realtors in Northern Virginia until 1999. In 2000, he became a drug and alcohol...
November 28, 2012
Calvert County BOOTH, Roger William, 79, of Owings, a construction worker, died Oct. 30 at Calvert County Nursing Center. TAYLOR, Odessa M., 64, of Prince Frederick, a Verizon employee, died Oct. 24 at Bradford Oaks Center, Clinton. Charles County ALSCHER, Margaret Lillian, 88, of Waldorf, a loan officer, died Nov. 19 at home. BOUVIER, Hilda May, 88, of Waldorf, a homemaker, died Nov. 4 at Civista Medical Center. BOWLING, Pamela Kay, 70, of Bryantown, owner of Everything Amish, died Nov. 2 at home.
November 6, 2012
Charles E. Castle Jr., 73, who built Ace Fire Extinguisher Service into one of the largest fire extinguisher sales and service companies in the country, died Nov. 5 at Suburban Hospital in Bethesda after a stroke. He was a Rockville resident. The death was confirmed by his son Daniel Castle. Mr. Castle was a loan officer for Maryland National Bank in Washington before buying Ace Fire Extinguisher Service in 1968. The College Park-based business was then a two-truck operation.