About this column:
Claudia has been in the real estate and mortgage business for 9 years and brings wisdom and perspective to housing and development in Ellicott City. Each week she'll share her well-researched views on a topic that matters to homeowners, renters and business owners in the community.One of the key terms people will hear during discussions about mortgage qualification is DTI. DTI stands for debt-to-income, also referred as a debt-to-income ratio. It is a ratio of the amount of a loan applicant's monthly outgoing debt divided by his or her monthly gross income. The monthly debt that is a part of this ratio only includes expenses that show on a credit report -- and includes the new mortgage payment. For example, if you make $5000.00 per month and you have $1800.00 in debt including your new mortgage payment you would divide 1800/5000 to end up with 36. That would mean your …
BRAC has become a household name in the Ft. Meade area but also in Howard County. BRAC (Base Realignment and Closure) will bring many new jobs, households and lots of traffic to the surrounding areas. Currently Ft. Meade is the 4th largest installation workforce in the Army. There are 15,000 residents on base and 35,000 vehicles a day driving on and off base. There are 156,000 jobs currently on Ft. Meade and in the Ft. Meade area (Rt. 32 Business Park and NSA). Between 2007 and 2015, BRAC will add 42,000 jobs, according to the Howard County BRAC Task Force. The majority of those haven’t begun…
Financing can be intimidating but it’s like any other decision you have to make; once you are educated you can make the right one. Loan guidelines have changed drastically over the past 5 years and banks are very careful who they lend money to. When choosing a loan, whether for a purchase or refinance, be sure to check all of your options first. FHA – This acronym stands for Federal Housing Authority which is part of HUD (Housing and Urban Development). FHA loans are known to be ‘government backed loans.’ You can get this loan type from almost any lender. They are able to offer you better …
Many of us have made our New Year's resolutions and set our best goals for 2011. A lot of those will be financial resolutions and some may deal with purchasing and refinancing a home. For those who are looking to buy or refinance, it would be helpful to have some knowledge around the predicted housing market trends for the upcoming year. The market is on the road to recovery, but it is a long road. As you may suspect, 2011 will produce more foreclosures, mostly on luxury homes and homes above the $350,000 range. If you're in the market to buy in that price range ($350,000-$1 million) keep a…
Last week's column explained the FSBO (For Sale by Owner) process along with some pros and cons. For those who have tried and are frustrated with the FSBO process and would like professional help, or for those who aren't interested in selling themselves, this column is for you. Listing agents, commonly called sellers agents, should have the education and experience you need to get your house sold. It is true homes are sitting on the market a little longer these days, but with a good listing agent, your house can be sold. When interviewing listing agents, there are a few characteristics you …
FSBO, or For Sale by Owner, has become a popular topic in real estate. Five years ago when homes were selling in a week, it wasn't hard to get a contract and close within 30 days. Today, professional realtors spend hundreds in advertising, countless hours negotiating and stay up late to oversee the transactional details. It is still a challenge to sell a home these days. A homeowner can sell their own home but they need to have a few tools in their back pocket and lots of knowledge. They should also know when they're at the point that they need to turn to a professional for help. Here is …
Times are tough, even in the most affluent communities. Our house values have spiked and decreased over the past five years. Some local homeowners who didn't refinance or buy at the height of the market still have equity. Others, however, may have little or none. And many local homeowners are upside-down in their values (they owe more on their home than it is worth). The market will add value at its normal increment, but there are additional things you can do to increase value. If you're like me, HGTV is always on in the background, and I'm constantly soaking in ideas. These will help …
The counties surrounding Howard have seen peaks and valleys with housing values, days on the market and average sold prices over the past 4 years. Howard County however, and particularly Ellicott City, has maintained its statistics despite tough market conditions. The 21042 and 21043 zip codes are historically known to be a stable area to live in with great neighborhoods, superior schools and a thriving local economy. Those characteristics have created stability for the Ellicott City community. Ellicott City offers single-family homes, townhomes and condos along with a lively Historic …
