The Cobb Group Blog - mortgage

The New Rules of Homebuying Today: 5 Secrets To Succeed in a Red-Hot Market

5 New Rules to Go By!

1. Old rule: Find your dream home, then finalize your mortgage paperwork

New rule: Lock in a mortgage before you start your search

2. Old rule: Shop for homes you can afford

New rule: Shop for homes priced below what you can afford

3. Old rule: Tour a property, then take a day or two to decide whether to make an offer

New rule: If you love a property, act fast

4. Old rule: Offer below asking price and wait for the seller to counter your bid

New rule: Put your big number out there from the start

5. Old rule: Expect to buy a home after submitting one or two offers

New rule: It will probably take multiple tries before you succeed

Here’s an understatement for you: Buying a home today is not the same…

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Rethinking Mortgages For A Post-COVID Era That Still Benefit Consumers And Lenders

When I read this article I thought it was so valuable. We all know that once the pandemic is over we will have to deal with a fall out and it seems like we are continually questioning what that could be. It is definitely going to take a big dose of thinking “out of the box” and trying things that we haven’t done in the past. That being said, there are still so many unknowns. There is confidence that the housing market overall is much more stable than 2008 so riding through this with creativity is very positive & hopeful.

Amy Dobson, senior contributor for Forbes.com, delves into a few ideas.

There is more than one way to pay down your mortgage. And you don’t have to rob a bank to do it. 

Numerous federal agencies…

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Mortgage Rates Are at 3-Year Lows

Here Are 5 Questions to Ask Yourself Before You Refinance

Mortgage rates are resting near record lows — and that’s spurring a wave of refinancing activity as Americans look to take advantage of the savings a cheaper interest rate could bring.

Refinance loan volume jumped to the highest level since 2013 last week, especially among jumbo mortgage borrowers, on the heels of lower mortgage rates, according to data from the Mortgage Bankers Association. The average interest rate for a 30-year fixed-rate mortgage fell to 3.45% last week, Freddie Mac  reported, the lowest level since October 2016.

More than 11 million homeowners stand save to an average of $268 per month on their mortgages if they were to refinance at today’s…

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Cheap, foreclosed homes are hard to find. Here’s where to look and how to buy one

Note from The Cobb Group: Foreclosures are harder and harder to come by. The good news is these are easier to purchase than a short sale as the bank acts as the seller making them a standard buyer to seller transaction. Call us to talk about availability as well as pros & cons - 843-338-7256.

Should I buy a foreclosed home? 

For the right buyer, getting a foreclosed home can be an amazing deal. 

You can likely purchase a foreclosed house at a major discount, fix it up, and then live in it or sell it for a tidy profit.

But new research suggests it’s getting harder to find foreclosure bargains. There just aren’t as many on the market as there used to be. 

So, is it worth it to try to find and purchase a foreclosed home? 

That…

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That Superlow Mortgage Rate? It Could Be Even Lower

Interest rates have been plummeting, but the cost of taking out a mortgage hasn’t fallen as fast.

Falling rates are usually a boon to the housing market, since that typically lowers the interest rates that lenders offer on mortgages. Borrowers can then buy homes or refinance their existing mortgages at a lower monthly cost. But they haven’t been feeling the full benefit of the recent rate swoon, one reason the housing market has remained cool over the past year.

Melissa Cohn, a mortgage broker and banker at Family First Funding LLC in New York, said she has been trying to temper clients’ expectations in recent months about how low of a mortgage rate is available to them.

“A lot of people hear stories about where rates should be and come in…

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Mortgage Broker vs. Bank: Which Is Better for Buying a Home?

When you’re looking for a mortgage, to either buy a home or refinance one, you can use a mortgage broker or deal directly with the bank.

Using a broker to get a home loan instead of going directly through a bank loan officer or other mortgage lender has its pros and cons. Depending on your needs and situation, you'll have to decide which is right for you.

Going it alone

If you go it alone, you deal with the bank directly. If you're a regular customer and have a great relationship with your local bank or community bank, for example, you might receive better terms and interest rates. A local mortgage lender may work with you, especially if you already have accounts with the financial institution.

If you don't have a good working…

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11 Mortgage Questions You Don't Want to Ask

You can’t shock your loan officer. They’ve heard it all before. Count on the fact that your loan officer has answers to all the uncomfortable mortgage questions you may be too afraid to ask. Itchy topics like getting a home loan with no job, taking an ex off your mortgage after divorce, and filing for bankruptcy aren’t as scary as you think.

Opening up your personal life and your finances to someone you just met isn’t easy. Understandably, many borrowers are hesitant about laying all their cards on the table. Vanguard’s 2017 research found that a strong financial relationship is built largely on emotional trust. In short, looking out for a borrower’s interest. Finding a loan officer who’s not only willing but happy to answer some of your stickier…

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