Who are Fannie Mae & Freddie Mae and why should this be important to WNY home owners?
Fannie Mae and Freddie Mac are publicly-owned agencies overseen by the Federal Government. Fannie and Freddie have very simple and direct mission statements: To make sure that mortgage monies are available to homeowners who are...
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Foreclosure is a process — Not a type of Sale
“I want to buy a foreclosure” If I had a nickle for every time someone said that to me, I could retire. Many home buyers today want a deal! The news media is full of stories about foreclosures and home...
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Real Estate Explained | What is a Short Sale?
In today’s Real Estate market you may here the term “Short Sale” and you are probably wondering to yourself and afraid to ask “What is a Short Sale?“. Well basically a Short Sale in Real Estate is...
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FHA Repairs – What really has to be fixed before closing?
FHA Repairs If you are applying for an FHA (Federal Housing Administration) loan, you will need to understand about repairs and how FHA requested repairs may affect your ability to close on the sale of the home. If you are...
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Home financing: Making a down payment and paying for closing costs
For many prospective home buyers, one of the biggest barriers to home ownership is having the funds for the down payment and closing costs. Buyers might consider these options for raising these funds: Sell or borrow against an...
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How to Keep Your Mortgage Approval
Just because you have your mortgage approval letter does not mean you will be able to close on your home purchase. What happens after your mortgage approval may affect your eligibility. As a you need to remember that a mortgage...
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WNY Are you Stuck in Analysis Paralysis?
Yes you the guy sitting on the fence! And You with the overpriced listing sitting in the corner! Are you over analyzing what is happening in the Western New York Real Estate Market? There are some general rules that if you follow...
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Real Estate Explained | Deed In Lieu of foreclosure
Deed in lieu of Foreclosure is defined by Wikipedia as: “A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the...
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Mortgage Information For Home Buyers
General Financing Topics Loan Application Checklist for Buyers Mortgage Fraud 101 IRS Tax Deductions from your Mortgage Educate Yourself About Mortgage Fraud Interesting thought from Thomas Jefferson Can I get a home with...
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Options for those without a down payment
The first step is financing your dream home is Selecting a Mortgage Professional to determine what you can afford and how much money you will need for a down payment and closing costs. Before you go house shopping you need to...
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How to Select a Mortgage Professional in Western New York
Many buyers make a huge mistake when they select a Mortgage professional. They make the decision based on Interest Rate. But that is only one aspect of your decision. Questions to Ask Before you commit to a Western New...
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Erie County First-time Home Buyer Program
Can I get help purchasing a home? I am asked frequently about Buyer Assistance programs for first-time home buyers. There is a program that is sponsored by the Erie County Department of Environment and Planning to help eligible...
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Your credit report
In determining how much you can borrow to purchase a home, lenders look at a number of factors. The most important are these: your income, your debts, the amount of your down payment and your credit history. Lenders view your...
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Getting Mortgage Pre-approval
Getting pre-approved for a mortgage So you’ve decided to buy a place of your own. Congratulations! It’s one of the most important decisions you’ll make in your lifetime. But before you start your search, there’s...
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Interesting thought from Thomas Jefferson
So what happened with the mortgage crisis? How did we get there? Interesting thought to ponder: If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the...
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Refinancing your mortgage
Are you considering refinancing your mortgage – in other words, taking out a new mortgage to pay off your existing mortgage? There are some very good reasons to refinance a mortgage. Among the most popular reasons for...
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Loan Application Checklist for Buyers
If you are not purchasing your Western New York home outright with cash, part of that process is obtaining a Mortgage. Since applying for your Mortgage can be confusing, we have assembled a list of all the documents you will need...
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Why you should pre-qualify for a mortgage before you start your WNY home search!
Mortgage Pre-approval Advantages Knowledge — You will know exactly how much you can afford before you start home shopping. Competitive advantage — Sellers and real estate agents will consider you a serious...
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Earnest Money Deposit on your new Buffalo home purchase
What is Earnest Money Deposit? When you write an offer to purchase your Western New York dream home you will place an “earnest money” deposit. This deposit shows the seller that you’re serious about the offer to...
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Helpful information regarding the STAR Exemption
School Tax Relief Exemption (STAR) Information Basic STAR (no age limit and Income under $500,000) Application RP-425 completed and signed Ownership of 1,2 or 3 family home or condominium Must be primary residence ...
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