by Roberta Murphy We now have the chance to read through the recent Stimulus/Spending Bill that was passed largely unread by our Congress. The earmarks and pork anger many, but there is good news on the real estate front: Owners of second homes and other real estate investments will now be able to refinance their mortgage loans if they are guaranteed or held by either FannieMae or FreddieMac–and if the…
by Roberta Murphy This months hot real estate question: Which homeowners will benefit from President Bush’s recent interest rate freeze for subprime loans? And who will be left out in the cold? It’s a question on the mind of both mortgage and real estate professionals alike. Drumroll. The winners, who may receive a five-year extension (and possibly even longer) on their low introductory mortgage rates, are those: Whose mortgage loans…
by Roberta Murphy For almost two years now, there have been serious rumblings and grumblings about Option ARM and interest-only mortgages that could put a number of buyers into default. I initially gave the dicey mortgages issue detached interest, because our clients tend to be a conservative lot when it comes to borrowing. We deal with few real estate speculators and most of our clients are solid buyers of primary and secondary homes. My…
