Blog

Find a Great Agent

As technology grows in the housing industry, so does the need for real estate agents, with the two working in conjunction with each other rather than against each other, Chris Heller, CEO of Keller Williams, explained in an interview after an earnings release. “Even with more technology and a stronger market, we are seeing fewer people doing it on their own,” Heller said. “Buyers and sellers still need advice and interpretation of the data that is available to them, and they still need that expert guiding them through the transaction.” Due to the emergence of technology, the role of a real estate agent changed, but definitely is not going away. The National Association of Realtors® noted in a survey last year that even though the Internet is a top source of where Millennials found their…
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Benefits of Refinancing

I was speaking with a friend of mine this morning regarding refinancing and he asked a handful of great questions that not all homeowners know the answers to. Luckily, McCormick Mortgage is glad to answer any and all mortgage financing related questions. If you currently own a home, now is a fantastic time to refinance. You may have asked yourself the following question: “Why refinance?” There are multiple reasons to look into whether or not refinancing is a smart move. Here are four categories that generalize “reasons to refi.” 1) Reduce your monthly payment 2) Consolidate outstanding debt such as a first and second mortgage. 3) Tap into built up equity in your home. (Help pay for college or home projects.) 4) Change mortgage programs or terms. (Go from a 30 year to a 25,…
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Borrowers AND Sellers: Watch out for Closing Fund Theft!

Our friends at Lakeside Title Company shared an interesting article this morning. While the majority of advertisers are well intentioned, we all know that there are criminals out there doing their best to take was isn’t theirs. As your closing date approaches, you should take care to notice suspicious emails, messages, or letters. Here is how Closing Fund Thieves steal: The individual or group of individuals discover the closing date or other information regarding the closing. Then, they send an email, message, or letter posing as a real estate professional or title agent claiming that there has been a change to the wiring instructions provided to you. This ‘New’ account information happens to be the criminals account. Before you realize it, all the money you worked hard to save up…
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Home Buyers Seminar

Home Buyers Seminar

Home Buyers Seminar Tuesday, February 24th | Oscar's Ale House in Eldersburg | 6:30 to 8:00 Thinking of buying a home? Join us to learn about working with a realtor, resolving credit issues and financing your home. Everything you need to know about purchasing your first home will be covered. Complimentary Beer and Wine. No reservation required. Please join us for fun and informative evening.
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USDA Financing

USDA financing is a wonderful financing option for purchasing a property in “rural” areas of Maryland.  This past week, we just heard that USDA has extended the deadline for using the existing eligible area.  This means that the eligible areas are not shrinking as had been planned. Most of Carroll County is eligible as is a large part of Frederick County USDA financing is 100% and the mortgage insurance is less than a third of FHA.  The maximum income is $94,500 and average credit is allowed.  The seller can pay all closing, so you can purchase a home for no money. It’s a great deal.  Call for details.
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Fannie and Freddie, Yes or No?

Fannie and Freddie, Yes or No?

There is a lot of talk by both parties these days, about whether to shut down Fannie Mae and Freddie Mac. These are the purported villains from the recent great recession and mortgage meltdown. Well before things went bad, Fannie and Freddie were pretty good. These secondary mortgage giants made sure there was enough money to lend and generally wrote the rules on who could qualify for a mortgage. What went wrong? Well, President Clinton thought that everyone should be a homeowner and pressured Fannie and Freddie to relax the rules. It went south from there, and Wall Street bought any loan that had a pulse…Meltdown! Now the regulators want to get rid of Fannie and Freddie, but wait, they are making tons of money and soon pay back the…
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Should You Refinance to Pay for College?

Should You Refinance to Pay for College?

College tuition is not a favorite topic of conversation, especially since private colleges can run as much as $60,000 a year and state schools are pushing $30,000. These days student loan interest rates are as high as 7.9%. Most families have not saved enough to cover tuition. They have saved some, but usually not enough. So is it worth it to take money out of our homes? Well, here’s the math. If you take $100,000 out, it will cost you $495/month for a 30 year loan at 4.5%, $630/month for a 20 year loan at 4.375% and $740/month for a 15 year loan at 4%. These rates have become even more appealing when you consider the payments are tax deductible. It sure beats the student loan rates. Don’t forget we can have little Johnny or Mary…
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