Entries by Steve Furlong

Benefits to Home Ownership for Business Owners

For business owners, many benefits exist to owning a home near your principal business location. In addition to all the standard benefits of home ownership, business owners can help offset commercial and industrial tax levies by strengthening the residential tax base of a municipality. When a home is sold it generally carries positive economic value […]

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Qualified Mortgage Rule

Upcoming Changes to the Qualified Mortgage Rule The primary impact home buyers and home owners will see from the Qualified Mortgage (QM) rule is the ability to repay provision. Here in Minnesota, we have been ahead of the national curve due to changes made to state law in 2007 and 2008. Mortgage originators have been […]

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Why Use Zillow?

As a mostly-inclusive, online real estate search engine, Zillow offers users more information than most real estate web searches. Not only does it incorporate the active listings on the MLS, but also simultaneously shows pre-inventory data. This pre-inventory is information on mortgages that are in default, or have been to foreclosure auction, and may be […]

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New Changes to FHA Mortgagee Letter

This message was released by the U.S. Department of Housing and Urban Development covering the newest update to FHA loans. Mortgagee Letter 2013-26 Date: August 15, 2013 To: All FHA-Approved Mortgagees Subject: Back to Work – Extenuating Circumstances Purpose: The purpose of this Mortgagee Letter (ML) is to: Provide minimum underwriting standards and criteria for […]

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President Obama Reflects on Steve Furlong’s Question

  President Obama discusses the future of Fannie Mae and Freddie Mac. Steve Furlong had his question directly answered by the President! See the full webcast here: http://www.whitehouse.gov/photos-and-video/video/2013/08/07/president-obama-answers-your-housing-questions-zillow The question was: “President Obama: If Congress is successful in scaling Fannie Mae and Freddie Mac down, what model fills the gap?” His answer was that less […]

Glossary of Real Estate Terms

Welcome to our Real Estate Glossary. We hope that these definitions will help you to better understand the home buying and selling process. Adjustable-rate mortgage (ARM): a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Also sometimes known as a variable-rate mortgage. Amortization: loan payment by equal installments of […]

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Real Estate Professional Roles

List of Real Estate Roles Mortgage Specialist This finance professional prequalifies you for the mortgage. He/she reviews your income and ability to afford a home, credit history, and the subject property to insure the loan meets current guidelines. He/she can discuss the financial advantages of home ownership vs renting. May be helpful in helping you […]

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How to Fix Your Credit

Identify what the negative items are that reporting in your credit file. You can review all of your credit information here:www.annualcreditreport.com. AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. It is a free service as long as you do not request your credit score. The individual credit scores usually […]