Mortgage / Finance

Anybody that's hung around the ActiveRain “water cooler” for any length of time understands the value of the relationships built on the site. AR is so much more than a social networking site, however.


It's also the place to get up-to-the-minute information on topics that affect your clients. Ask yourself: what's the most confusing aspect of buying a home for the real estate consumer? The answer is most likely financing the purchase. Credit scores and how they affect the mortgage rate, types of loan products, points, fees – whew! -- there's a lot to know about mortgages.


To serve your clients effectively you need to know about this stuff and keep abreast of changes in the mortgage industry. Thankfully, ActiveRain is not only popular with real estate agents and brokers but with finance professionals as well.


Whether you're an agent trying to figure out what the Fed's latest move means to your clients or a mortgage pro who needs input on how to build relationships with real estate agents, ActiveRain is the place to tap into a wealth of knowledge.

Recent blogs on Mortgage / Finance
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Mortgage Rates Are Dropping. What Does That Mean for You? Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy. Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well by saying: “Mortgage rates dropped even further this week as two main factors affecting today's mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.” So, what does that mean for your ...
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By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Commercial Bond Yields CMB       ‌ 5 Year - 3.32%* EST. CANHOU 06/15/28 [-0.06%]     10 Year - 3.42%*EST. CANHOU 06/15/33 [-0.06%]   * denotes interpolated rate GoC 5 Year - 3.03% CAN 09/01/27 [-0.05%]   ‌ 10 Year - 2.91% CAN 06/01/32 [-0.06%]   ‌ 15 Year - 3.03%* Est. 12/01/36 [-0.05%]   ‌ 20 Year - 3.03%* Est. 12/01/41 [-0.05%] GOC Bonds are for reference purposes only
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By Robert Rauf
(HomeBridge Financial Services (NJ))
Down payment assistance, for everyone?? Well, maybe not for everyone but darn close.At Homebridge we have a new program that can help buyers that are tight on cash and provide them either 3.5% or 5% down payment assistance. There is the possibility the DPA can be forgiven after 5 years of on time payments, but there are a few ways to structure things that may  be a better fit for you.  This program is available with NO income restrictions, and you do NOT have to be a First time buyer.It will be based on an FHA loan with FHA MIP and generous ratios. and based on FHA loan limits for your area.Do you think this will be a good fit for you? If so, reach out to me, I would be happy to help.  And if you want to see 30 seconds of my talking head you can find me on  IG: @Robrauf  (IG is definite...
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By Melissa Thompson, I'm a real estate agent helping buyers and sellers
(Thompson Real Estate)
Buying a home is one of the biggest financial decisions you'll make in your life. It's important to be realistic about how much mortgage you can handle so you don't end up in a financial bind. Below are some of the things you should consider:1. Evaluate Your Current Financial SituationThe first step in deciding how much mortgage you can handle is evaluating your current financial situation. Look at your income, expenses, and debts to get an idea of how much you have available for a mortgage payment. Make sure to also factor in your other monthly expenses, such as utilities, insurance, and transportation costs.2. Determine Your BudgetAfter a clear picture of your current financial situation, you can start determining your budget for a mortgage payment. A general rule of thumb is that you...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
In our last post we discussed the concept of Reasonable Collection Potential - RCP. In this post we’ll get into some details relating to the rules around specific RCP amounts.As a refresher RCP is the key metric in evaluating potential options when dealing with your tax debt. It’s intended to provide the IRS with an amount which they believe is available to settle the debt. It’s an approximation of what they could collect through “forced” collection methods - liens and levies.The first component of RCP relates to your assets. This includes all assets - your home, car, RV, money in your bank account, retirement accounts. For assets other than cash the IRS allows a discount of 20% to an assets fair market value. This discount - referred to as a “quick-sale” discount is intended to reflect...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
Reasonable Collection Potential - RCP - is the key concept in dealing with the variety of tax debt solutions offered by the IRS. RCP is used by the IRS in evaluating your suitability for participating in various programs including: Installment Agreements - where your tax debt is paid off over time Offer In Compromise - where the IRS allows for less than full payment in satisfaction of your tax debt Currently Not Collectible - where the IRS determines that you cannot currently make any payments and agrees to hold off on collection efforts for a period of time RCP represents the amount that the IRS determines is available to satisfy your tax debts. It includes an analysis of your assets and your future earning potential - after providing for living expenses.The IRS has tools available to ...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
Absolutely! Well not always….Before we begin let’s review a few things. When a tax return is filed that the IRS “assesses” the tax (make a record of the return filing). If the return reflects a tax due (total tax liability exceeds tax withholding and estimated tax payments) the IRS expects payment of the amount due. If no payment is made the IRS begins collection efforts. The IRS has a period of 10 years from the assessment date to collect the debt (the Statute of Limitations or SOL).An Offer In Compromise (OIC) is, as the name implies, an offer by the taxpayer to the IRS to pay less than is owed. Why would the IRS agree to accept less than is legally owed by a taxpayer? The short answer is that they don’t believe that the tax debt can be collected before the expiration of the SOL.Do yo...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
In previous posts we’ve discussed the IRS Collection process - including items such as “Reasonable Collection Potential” (RCP) and the “Statute of Limitations” (SOL). These terms are relevant to this discussion so you should review the Collections post before continuing on with this post.The most common tax debt settlement solution used by taxpayers is referred to as an Installment Agreement (IA). This type of arrangement allows for payment of a tax debt over time. Note that for the period of time that any tax obligation remains outstanding interest continues to accrue on the unpaid balance. This payment arrangement provides two benefits - it stops the IRS from other collection activities (i.e. seizing of assets) and provides for tax debts to be paid over time.If you’ve read our previou...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
Absolutely - this means the IRS is about to take your stuff.Let’s back up a bit. A levy is the seizure of your property. This property can be real or personal - your home, land, a vehicle, money in your bank account, etc. This sounds like a dramatic step for the IRS to take - and it is. However a tax collection case to getting to this stage generally involves a lack of action being taken by you (those notices that the IRS keeps sending that end up in the trash), or you’ve been contacted the IRS, they have requested information and you haven’t responded.Before property can be levied the IRS must provide to the taxpayer: Notice and Demand Notice of Intent to Levy Notice of the Right to a Hearing The IRS can’t just start taking your property because you owe taxes. In most situations our ex...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
Consider this common scenario - you owe the IRS for back taxes - you think you’ve come up with a plan to put the debt behind you - you can sell your home, pay off your mortgage, pay off the IRS, and have a few dollars left over.You list your home for sale and, lo and behold, you discover that a potential buyer has disappeared.  Apparently the IRS has put a lien on the house.  What happened and what do I do next??If you’ve read our previous posts you know that the IRS automatically obtains a lien against all your property if you fail to pay your taxes.  This “silent” lien arises automatically after the IRS demands payment and there is no payment. In connection with this lien the IRS files a Notice of Federal Tax Lien (NFTL) against the taxpayers property.  This is the public notice of th...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
I just received a letter from the IRS - they say they filed a lien against my house - does that mean they are planning to take it - help!The short answer is no - filing the lien does not mean they intend to take your house. In this post we’ll describe how the IRS uses liens in connection with collecting back taxes.Before we talk about liens lets back up a bit. In the US we have what is referred to as a “voluntary” tax system - the IRS relies on taxpayers to file tax returns and make payments.After filing a tax return the IRS “assesses” the tax reflected on the return (basically they record the tax debt in their records). The assessment date is not the date you file a return or the date received by the IRS - it is the date the tax liability is recorded. Typically this happens shortly aft...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
The IRS wants your money! We all know this but what happens when taxpayers either don’t file tax returns or don’t make payments with filed returns?You diligently gather all your tax information and prepare a tax return. Unfortunately the returns show a balance due and you don’t have the money to make a payment. So you do nothing… Now the next year rolls around - this time you don’t even prepare a tax return - you’re worried that filing a return this year will highlight the fact that no return was filed last year. And the cycle repeats…Then the IRS contacts you because it has information from third parties that show that you should have filed a return - a W-2 from your employer, a 1099 from your client, a 1099 from your bank.Now full blown panic sets in - what do you do?First things firs...
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By Bradford Simmons, CPA providing tax debt resolution services
(Ocean Consulting Services LLC)
You have tax debt and need help. We’re here to walk you through the tax collections process and develop a personalized plan to address your tax situation.Let’s review our debt resolution process.To begin with we can assist at any stage of the process: Are you about to file your tax returns but don’t have enough money to send in payment - we can help Are you receiving notices from the IRS about your tax debt - we can help Did the IRS notify you that they intend to file a Notice of Tax Lien - we can help Were you just notified that the IRS intends to seize / levy your property - we can help Has the IRS already started taking your property - we can help In other words it’s never too early or too late for us to help.First up - who am I / why should you trust me to resolve your tax debt. I’m...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Four Things That Help Determine Your Mortgage Rate If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically. If you’re looking for ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice. Your Credit Score Credit scores can play a big role in your mortgage rate. Freddie Mac explains: “When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid back yo...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Saving for a Down Payment? Here’s What You Should Know. As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start. If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why. The 20% Down Payment Myth If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac explains: “. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.” Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According t...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Expert Forecasts on Mortgage Rates If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow? As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the professionals. Here’s a summary of the latest mortgage rate forecasts from housing market experts. Experts Project Mortgage Rates Will Stabilize While mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll start to stabilize in the months ahead. According to the latest projections, mortgage rates are exp...
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By David Krichmar, DaveYourMortgageGuy.com
(www.DaveYourMortgageGuy.com - Legend Lending)
Conventional 30 year Mortgage: 5.875%Credit score:740LTV:75%Loan Amount: $300kAPR: 6.415%FHA 30 year: 6% Credit Score:740LTV:96.5%loan amount: $300kAPR: 6.915%Conventional 15 year: 5.25%Credit score:740LTV:75%Loan Amount: $300kAPR: 5.335%Rates are Subject to ChangeCall me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible. 
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By Charles Ross - (785)-819-6944, Love To Help People
(eXp Realty LLC Salina Group)
Are you thinking about purchasing a home but unsure if your credit is ready? Don’t worry; you’re not alone. Many people are in the same boat. The good news is that you can do some simple things to get your credit ready for a home purchase.Follow these seven tips, and you’ll be on your way to credit success! Know your credit score. Understand what's in your credit report. Stay current on your payments. Check for errors on your credit report. Pay down your debt. Manage your credit limits. Don't apply for new credit before buying a home. By following these tips, you’ll be ready to get credit ready to purchase a home.Know your credit score Your credit score is one of the most critical factors in determining whether or not you will be approved for a home loan. If you don’t know your credit s...
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By Matt Brady, One of San Diego's Best Lenders
(Watermark Capital)
We received unemployment and labor data last Friday and markets rejoiced on the news. Although unemployment ticked lower, there were signs of a weakening labor market that investors focused on.Nonfarm payrolls increased by 223,000. Even though this was above expectations, it was lower than the 256,000 increase from the prior month.Another sign of weakness was wage growth. Wages increased by 0.3% for the month, versus the 0.4% expectation.The Fed has mentioned how they need to keep rates high partially because of the strong labor market. They believe a strong labor force will put pressure on prices for goods and services, thereby keeping inflation high.The labor market remains strong but this is one of the first times we have seen signals of softening, and that is all that was needed fo...
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By Joe Jackson, Clintonville and Central Ohio Real Estate Expert
(Keller Williams Capital Partners Realty)
This is an excellent post with great information. Thanks for sharing it.Have a super fantastic week!Joe Jackson, Realtor-KWCP As you plan ahead to sell your house and make your move, you may be wondering what lies ahead for mortgage rates and home prices. Here’s a look at expert insights on where both may be headed so you can make the most informed decision possible.    Mortgage Rates Will Continue To Respond to Inflation   There’s no doubt mortgage rates skyrocketed in 2022 as the market responded to high inflation. The increases we saw were fast and dramatic, and the average 30-year fixed mortgage rate even surpassed 7% in the fall. It was the first time they’d risen that high in over 20 years.   In their quarterly report, Freddie Mac explains just how fast the climb in rates has been...
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