All articles in Mortgage Lender Raleigh North Carolina

Under Contract & House Has Been Damaged; Now What?

There’s an old adage He Who Has the Gold Makes the Rules aka ‘ The Other Golden Rule’. Nothing could be further from the truth in this scenario so the best answer here is ‘It depends’.

How far can a Mortgage Lender go to collect Deficiency Judgments?

Through deficiency judgment, court holds you liable for the mortgage debt that remains unpaid after foreclosure. When the selling price of a property is less than the actual loan balance, it becomes difficult to eliminate the mortgage debt completely. In such a circumstance, the lender may take legal action against the borrower to collect the amount that remains unpaid after selling the property. Apart from the unpaid debt, there are the other charges associated with the foreclosure procedure that can be included into the deficiency judgment. Continue reading How far can a Mortgage Lender go to collect Deficiency Judgments?

HUD Predicts Some Rents increased by as much as 25% in Raleigh – Cary MSA 2013

English: Downtown Raleigh, North Carolina, 12 ...
English: Downtown Raleigh, North Carolina, 12 October 2008. (Photo credit: Wikipedia)

HUD has just published the 2013 Area Median Income limits and the 2013 Fair Market Rents for use in Raleigh – Cary MSA. You may be asking yourself “why should I care about HUD Median Income Limits”?  If your plans to move to Raleigh or Cary include buying, selling or simply renting a home (and by “home” I also mean an apartment) in the Raleigh – Cary Metropolitan Statistical Areas (MSA) this should be very important to you. That is why I’m filing this post under the category of “SAQ” or what I like to call “Should Ask Questions”. Continue reading HUD Predicts Some Rents increased by as much as 25% in Raleigh – Cary MSA 2013

Market Update – Monday February 27, 2012

Market Commentary – Mon, Feb 27 – 11:10 AM ET

Logo of the National Association of Realtors.

           The National Association for Business Economics (NABE) reported on Monday that its economists have forecasted that the unemployment rate for 2012 should be around 8.3% down from 8.9% that was reported in November. Within the report it was revealed that builders should break ground on 700,000 new homes this year, up 15% from 2011 and predict 850,000 in 2013. Continue reading Market Update – Monday February 27, 2012

What Gives My Mortgage Company the Right to Hold My Insurance Claim Check?

The Escrow Department will likely be the same department that will cash and hold your insurance claims check. Don’t be surprised if your bank/lender actually place a hold on the check for up to five business days due to the protential for fraud given the number of mass losses that have occurred recently.

When Should I Get A Survey?

Property Boundaries


Fences should not be considered an indication of property boundaries. Legal property boundaries are demarcated by surveyor pins or stakes. These are typically 1/2″ to 3/4″ round iron pipes flush or buried slightly below land surface. Newer pins might have yellow or orange caps that indicate the surveyor’s license number. Continue reading When Should I Get A Survey?

Underwriting Tip – VA Loans Unmarried Applicants

Question: My partner and I are not married and only one of us is an eligible veteran while the … More Underwriting Tip – VA Loans Unmarried Applicants

What is Private Mortgage Insurance?

I have PMI?

What Private Mortgage Insurance and why do I have it?

Years ago when your grand parents bought a home they saved each extra penny they could until they had enough for a down payment that was equal to at least 20% of the  price of their dream home.

More likely your grand father was likely was  returning veteran of WWII or the Korean War and then they used their entitlements benefits under the GI Bill and probably bought their firs home with a VA loan with no money down.

For the rest of us who can’t put together a tidy sum of 20% in cash for a down payment on a home which in  Raleigh could be as much as $35,000 there’s Private Mortgage Insurance (PMI).
Private mortgage insurance exists in a variety of forms.

Here is an example of just a the most common;

Continue reading What is Private Mortgage Insurance?

Raleigh Area July 4th Fireworks 2011 Rain Make Up Schedule

If you are like me and have a young family you can appreciate how much effort goes into packing the family into the car for an excursion that will likely keep them out well past the  kids usual bed time.

Cary's Koka Booth Amphitheatre

The Fourth of July is one of those rare occasions that our kids are out of the home past 6pm and they had been eagerly awaiting this outing all week.

Since moving to Raleigh North Carolina four years  ago from Traverse City Michigan we always take in the festivities at Cary’s Koka Booth amphitheatre.

Actually we watch it from the patio balcony overlooking the pond from a fabulous office building on Regency Parkway that used to comprise the sprawling IBM Campus before moving to the Research Triangle Park. Continue reading Raleigh Area July 4th Fireworks 2011 Rain Make Up Schedule