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Mortgage and Lending - American Financial Network - NMLS #196099
Timely and relevant information about obtaining a mortgage, credit scores, FHA, VA, and No Down Payment Loans in the DC Metro area.

ARCHIVED BLOG POSTS

2021 

A neighbor asked me, "Is buying a home still affordable, even with sales prices rising rapidly here in Northern Virginia (NOVA)?"The answer is YES houses are still affordable because most folks use a mortgage to finance a portion of their purchase, and interest rates are still near historic lows,...
05/28/2021
VA zero down home loans typically have rates 1/2% lower than conventional loans. Maybe that doesn't much to you, but if you live in a $500,000 house, and plan to live in your house for five years, you would save almost $8,000 on your home loan. A conventional loan at $500,000 with a 3% rate gives...
05/27/2021
Let's see what industry leaders in mortgage and realty are saying about the second half of 2021, and the first half of 2022:realtor.com“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring a...
05/25/2021
The following is an important message from a real estate agent I respect because she sells more homes than any other agent with whom I work. Are you married, and separating or divorcing? Will you be selling your jointly owned property? There are some REQUIREMENTS to attend to when selling jointly...
05/24/2021
I was looking over the news headlines online when I found a story about multiple applications with bids going as high as $5,000 over list price. Rental listings in the Multiple Listing Service (MLS) are including screening comments such as, "Credit score must be 740 or higher," and "Applicants mu...
05/24/2021
What is an Escalation Clause and how can it help you negotiate a winning offer when multiple offers will be in contention. An Escalation Clause is an addendum that is added to an offer to purchase a house. It says that you will beat any other offer by $1,000, $2,000 or $5,000 (any amount you choo...
05/20/2021
This is the tale of two Bobs, and their pathway to wealth. Bob A and Bob B were in the market for a $600,000 house. Bob A's goal was to save enough money for a 20% down payment to avoid Private Mortgage Insurance (PMI) and get a low interest rate on his loan. 20% of $600,000 is $120,000. Bob and ...
05/19/2021
 Buyer Sam engages agent Bob as his buyer agent. Buyer Sam says he plans to buy a house with his VA loan with zero downpayment in the $800,000 to $1million price range. Agent Bob refers Sam to loan officer Markita to get PREAPPROVED, not prequalified. What's the difference? A preapproved goes pas...
05/17/2021
An agent, Susan, with whom I have frequently worked over the years, was helping a military couple buy a house. The clint's names are Brad and Dawn.  They had bid on three different houses and lost all three times because Brad insisted on bidding the list price, and not a nickel more. They were go...
05/08/2021
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Down PaymentsOne of the most important questions in the pre-qualification process is the down payment.   The traditional down payment in the past has been 20% of the loan amount. First time homebuyers may not have 20% to put down, but that's okay because today, there are 10% down loans, 5% down ...
05/07/2021
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