Delaware First Time Home Buyer Tips – Getting Started on Your Home Purchase

John Thomas June 24, 2010

Delaware First Time Home Buyer Tips – Quick Tips for Getting Started on Your Home Purchase

Buying a home can be a complex process, but it doesn’t have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when your mortgage professional needs them.

To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets.

In order to expedite the paperwork process, start gathering the following items: Keep Reading...

Delaware Mortgage Rates – June 23, 2010

John Thomas June 23, 2010

Delaware Mortgage Rate Advisory for June 23, 2010

This week’s FOMC meeting has adjourned with no change to key short-term interest rates. This was widely expected and has not affected the markets or mortgage rates. The post-meeting statement did help influence opinions and bond trading. One of the points of interest was a comment that said the “economic recovery is proceeding” which differed slightly from the previous meeting that said economic activity continued to “strengthen.” Traders are taking that to mean the economic recovery is at a slower pace than previously thought. Keep Reading...

Delaware First Time Home Buyer Tips – Stop Paying Your Landlord’s Mortgage

John Thomas June 22, 2010 Tags: Delaware First Time Home Buyer

Delaware First Time Home Buyer Tips Stop Paying Your Landlord’s Mortgage!

It’s staggering when you think about the cost of living, especially if you’re a renter and not a Delaware homeowner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You’re paying their mortgage when you could be building equity in your own property.

What if I don’t have the money to buy a home right now? Keep Reading...

Delaware First Time Home Buyer Seminar – July 10, 2010

John Thomas June 20, 2010

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, July 10, 2010, at 10:00 AM. The seminar will last about 2 hours and each participant will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans.

Each participant will receive a Free Audio CD on Homebuying 101, Credit Scoring Handbook, Homebuying Handbook, and an opportunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar. You will also learn the importance of credit in buying a home and learn valuable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing. Keep Reading...

Is there a Delaware Transfer Tax on Refinance?

Is There a Delaware Transfer Tax on a Refinance

There is no Delaware Transfer Tax on a refinance, this is a common question but there can never be a transfer tax on a refinance because a transfer is when the property changes hands from one owner to another. The tax on a refinance is called a mortgage tax. Delaware doesn’t have a mortgage tax either. The only government fee you will pay on refinancing a home in Delaware is the recording fee to the county for recording the new mortgage. Delaware technically doesn’t have a transfer tax it is actually a transfer fee. This is a big distinction because a fee is not tax deductible as a tax would be. The Delaware transfer fee on a purchase is 3% total. Customarily split 1.5% to the seller and 1.5% to the buyer. Keep Reading...

Did First Time Homebuyer Tax Credit get Extended?

John Thomas June 17, 2010

The Senate had put a provision in a bill that was to extend jobless benefits and some other provisions to help the economy but the bill was voted down on a test votes so it went back the to the finance committee to be re-worked. In the re-working, Senator Reid added a provision to extend the deadline for closing on your loan from June 30th to September 30th in order to still receive the First Time Home Buyer Tax Credit. The bill hasn’t been voted on by the Senate, just the amendment to the bill. The bill must pass the Senate and then the House. Keep Reading...

Delaware USDA Rural Housing Loans Still Available June 15, 2010

John Thomas June 15, 2010 Tags: Delaware USDA Rural Housing Loan

Can you still get a USDA Rural Housing Loan for the purchase of a home in Delaware even though they have run out of guaranteed funds? There answer is YES if you call me 302-703-0727, we are still are to provide funding for USDA Rural housing loans for Delaware, Maryland, Virginia, and Pennsylvania. But you call another bank the answer is going to be “no” because they are not willing to hold the loan on a conditional commitment and wait for Congress to approve more funding, but don’t believe them if they tell you it is not available right now, what they are really saying is, we can’t do it and we don’t want you to go to someone who can do it so we are going to lie to you and tell you it is not available right now. Keep Reading...

Budgeting Tips – 25 Biggest Wastes of Your Money

John Thomas June 14, 2010

Here is a list of the 25 biggest money wasters:

1. Lotteries
2. Buying a new car every few years
3. Anything that is “new and improved”
4. Credit Life Insurance
5. Investing on the advice of someone you have never met
6. Fancy Restaurants
7. Buying something on sale that you don’t need
8. Courses that teach you how to buy real estate for no money down
9. Optional cable television services
10. Investing in something you don’t understand
11. Life insurance for children
12. Spending vested pension benefits when you change jobs rather than rolling them over into an IRA
13. Boats
14. Credit card loans
15. Buying Property you have never seen
16. Gold cards
17. Lavishing expensive gifts on loved ones and friends – or on yourself
18. Driving to work alone
19. Lending money to friends
20. Holding on to investments for sentimental reasons
21. Sunroofs
22. Designer-label clothing
23. Low-interest savings accounts
24. Buying anything to keep up with the Joneses
25. TV Shopping Keep Reading...

(302) 703-0727

Is There a Delaware Transfer Tax on a Refinance