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Archive for February 2011

Negotiate Your Closing Costs

new home construction and remodeling

Many customers don’t realize that closing costs are negotiable, mortgage experts tell The New York Times. “There’s a lot of room for negotiation in the costs of closing and consumers should examine every charge and not hesitate to challenge them and try to bring them down” says Barry Zigas, director of housing policy at the…

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Home Loans to Get Costlier


Borrowers with Fannie Mae-backed loans will face higher borrowing costs and interest rates, even if they have a perfect credit score, starting on April 1. The agency is imposing a “loan-level price adjustment” on several mortgages, in which borrowers will be charged more in cost or higher interest rate based on how much down payment…

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Tips for Choosing Upgrades for Your New Home

Bathroom Remodeling

Most home owners opt to add some upgrades to a new home, which can be rolled into the mortgage opposed to paying for them later on their own. But the choices of what flooring, lighting, or other upgrades to choose can be overwhelming. Designer Candice Olson, author and host of HGTV’s “Candice Tells All,” says…

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Home Sizes are Getting Smaller

Bathroom Remodeling

Home sizes continue to shrink across the country as families look to downsize and move closer to the city. “A McMansion was a trophy–often times a house with five or six bedrooms when you only needed two,” says Scott Phillips, a real estate agent with Keller Williams in Cleveland. The median home size in 2008,…

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Banks Want More Money Down from Buyers


Banks are increasingly telling borrowers that if they want to buy a home, they need to come with a higher down payment. Banks are requiring higher down payments in order to help mitigate the bank’s risk as home prices continue to fall. Plus, banks say larger down payments discourage delinquencies. The Obama administration last week…

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