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Mortgage and Lending - American Financial Network - NMLS #196099
Timely and relevant information about obtaining a mortgage, credit scores, FHA, VA, and No Down Payment Loans in the DC Metro area.
RECENT BLOG POSTS
When folks go to settlement on a house they are buying, they are told, "The closing costs include a lender's title insurance policy. The title company asks you if you want an owner's title insurance policy. Folks are often befuddled, and don't know what to do, so they say, "Yes, I'll take it," no...
06/01/2021
A neighbor asked me, "Is buying a home still affordable, even with sales prices rising rapidly here in Northern Virginia (NOVA)?"The answer is YES houses are still affordable because most folks use a mortgage to finance a portion of their purchase, and interest rates are still near historic lows,...
05/28/2021
VA zero down home loans typically have rates 1/2% lower than conventional loans. Maybe that doesn't much to you, but if you live in a $500,000 house, and plan to live in your house for five years, you would save almost $8,000 on your home loan. A conventional loan at $500,000 with a 3% rate gives...
05/27/2021
Let's see what industry leaders in mortgage and realty are saying about the second half of 2021, and the first half of 2022:realtor.com“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring a...
05/25/2021
The following is an important message from a real estate agent I respect because she sells more homes than any other agent with whom I work. Are you married, and separating or divorcing? Will you be selling your jointly owned property? There are some REQUIREMENTS to attend to when selling jointly...
05/24/2021
I was looking over the news headlines online when I found a story about multiple applications with bids going as high as $5,000 over list price. Rental listings in the Multiple Listing Service (MLS) are including screening comments such as, "Credit score must be 740 or higher," and "Applicants mu...
05/24/2021
What is an Escalation Clause and how can it help you negotiate a winning offer when multiple offers will be in contention. An Escalation Clause is an addendum that is added to an offer to purchase a house. It says that you will beat any other offer by $1,000, $2,000 or $5,000 (any amount you choo...
05/20/2021
This is the tale of two Bobs, and their pathway to wealth. Bob A and Bob B were in the market for a $600,000 house. Bob A's goal was to save enough money for a 20% down payment to avoid Private Mortgage Insurance (PMI) and get a low interest rate on his loan. 20% of $600,000 is $120,000. Bob and ...
05/19/2021
 Buyer Sam engages agent Bob as his buyer agent. Buyer Sam says he plans to buy a house with his VA loan with zero downpayment in the $800,000 to $1million price range. Agent Bob refers Sam to loan officer Markita to get PREAPPROVED, not prequalified. What's the difference? A preapproved goes pas...
05/17/2021
An agent, Susan, with whom I have frequently worked over the years, was helping a military couple buy a house. The clint's names are Brad and Dawn.  They had bid on three different houses and lost all three times because Brad insisted on bidding the list price, and not a nickel more. They were go...
05/08/2021
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MarkitaWoods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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NMLS# 190699