Barry Ripp ~ East Bay Area Real Estate » 2009 » February

New Loan Fees

Barry Ripp — Tue, 30 Nov 1999 07:00:00 +0000

Home buyers to be dinged with new fees
Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.

Under the new guidelines, applicants will be charged more for down payments of less than 30 percent. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25 percent down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single-family home.

The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores.

To read the full story, please click here

This is a ridiculous new loan fee. In a time where lenders are already making it harder for home buyers to qualify, now they are charging more fees.

I thought you all should know about it.

~ Barry Ripp

Information obtained by the CA Asso of Realtors

Staging your home to sell

Tue, 30 Nov 1999 07:00:00 +0000

Staging home for sale worth the cost

By Paul Bianchina
If you’re selling your home, you obviously want to get it sold quickly and for the highest amount possible. One very important strategy to keep in mind is staging, which is simply the process of arranging the inside of your home so that it shows off to its full potential.

Staging plays up your home’s good features, such as enhancing a great view or drawing the buyer’s eye to some spectacular wood floors. It also helps to minimize some of the home’s drawbacks, such as making a small bedroom look larger. But also understand that staging does not in any way mean concealing structural defects, such as hanging a picture over a water stain or putting curtains over a broken window! …more

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~ Barry Ripp
Real Estate Broker
510-386-5066

Paying down your mortgage

Tue, 30 Nov 1999 07:00:00 +0000

Paying down mortgage faster can make sense – sometimes
Homeowners who find themselves with extra cash may be considering paying down their mortgage. While this can help some people in certain situations, like seniors close to retirement age or those with adjustable-rate mortgages, it may not be the best choice for all homeowners. Paying down the mortgage more quickly can save homeowners a significant amount in interest in the long run. However, some financial experts advise clients, especially those with fixed-rate loans at favorable interest rates, to use extra money to pay down high-interest debt and build up an emergency fund.

To read the full story, please click here:

http://www.washingtonpost.com/wp-dyn/content/article/2009/01/10/AR2009011000173.html

Hope this information is helpful.
~ Barry Ripp

Information obtained by the C.A.R.