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Convincing a stubborn homeowner to sell

By Dian Hymer, Monday, January 9, 2006.

The playing field has improved for home buyers. But, many sellers have yet to wake up to the new reality.

This means that buyers may run up against sellers whose dreams are out of sync with the market. If you're crazy about their house, what can you do to convince the sellers that you're the right buyer without paying an over-inflated price?

First, realize that pride-of-ownership is firmly ingrained in some sellers, particularly if they've owned and cared for their home for many years. Also keep in mind that many sellers may have unrealistic expectations.  more...

Can high credit score help cancel mortgage insurance?

By Robert Bruss, Monday, January 9, 2006.

DEAR BOB: I have a FICO (Fair Isaac Corp.) credit score of 750 and wonder why I am still paying PMI (private mortgage insurance)? --Jennifer R.

DEAR JENNIFER: Congratulations on your superb FICO credit score. However, that has nothing to do with your obligation to pay PMI.

Purchase Bob Bruss reports online.

When you bought your house or condo, you probably paid little or no cash down payment. Because of your high FICO credit score, your lender approved a high loan-to-value-ratio mortgage.  more...

Decoding mortgage lender rate sheets

By Jack Guttentag, Monday, January 9, 2006.

Q: "What are rate sheets?"

A: Rate sheets are tables of interest rates and points (henceforth "prices") prepared by a lender. The prices are those the lender is willing to accept at the time the sheet is distributed.

Q: "Who gets rate sheets, and when and how do they get them?"

A: Each morning, retail lenders distribute rate sheets to their loan officer employees, and wholesale lenders distribute theirs to all their approved mortgage brokers. The prices hold for the day, unless a new rate sheet issued later in the day replaces them.  more...