“Hi Gary. I really enjoy reading your newsletter. I have a question. My wife and I will be buying our first home in San Diego. Do the buyer and seller both attend the closing, or just the agents?”
***ANSWER:
None of the above.
Practices vary by geography. In some states, the buyer, seller, agents, attorney, etc. all sit […]
“What are interest rates today?”
***ANSWER:
That used to be a simple question with a simple answer. But now, even if you’re just asking about today’s fixed rate, you have to answer these questions:
1. Fixed for 3,5,7,10,15, or 30 years?
2. Interest only or amortized?
3. Amortized for 15 or 30 years?
4. No doc or full doc?
5. Conforming or […]
“Hi Gary. Our kids have finally moved out on their own. We love our four bedroom home, but we only need two bedrooms plus a den. Do you know of homes for sale like that in our neighborhood?”
***ANSWER:
Want my best advice?
Shut the door of your fourth bedroom and forget about it. Then use your third […]
“If a house is advertised ‘as is’, does that mean that the house has problems? And can you still inspect it and ask for something to be fixed?”
***ANSWER:
Great questions. Homes are typically advertised “As Is” for three different but related reasons:
First, indeed the home may have problems, ranging from ugly cosmetics to a damaged foundation. […]
“I heard that mortgage insurance is now tax deductible. Is that true?”
***ANSWER:
Yes and no.
(Quick background: If you buy with less than 20% down, some loans require you to pay mortgage insurance monthly or at closing. This “MI” insures the lender against loss in case you default.)
As part of the “Tax Relief and Health Care Act […]