Interest rates for second homes and investment properties are going up. In the last couple of weeks, the big agencies, Fannie Mae and Freddie Mac, basically said that they don’t want to have more than 7% of their whole pool of loans to consist of second homes and investment properties. So, for example, if they bought a thousand loans, they don’t want more than 70 of those to be second homes or investment properties. They’re cutting it down by about half from where it was before.READ MORE
This week we are talking about closing costs on purchases and how to understand them. Questions we’ll be covering include: What are closing costs? What are the typical average closing costs when it comes to a home purchase? How much are they?
We’re going to answer these questions in the context of a real sample deal that we’ve been working on. If you want to follow along with a visual aid, we suggest watching the video above.READ MORE
Today we are covering closing costs in relation to refinances. There’s a lot of confusion as to what closing costs are, especially when it comes to getting the prepaids right, and how much they usually cost.READ MORE