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Patrick Stoy

Mortgage Consultant/Owner, Market Consulting Mortgage

Market Consulting Mortgage is a residential mortgage brokerage company with an experienced staff offering expertise in every area of mortgage lending ... from purchase to refinance. It has access to a full range of mortgage types,  

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Dec 15, 2017

FHA Keeps Pace with Appreciation of Housing Market

In response to the robust housing market, the Federal Housing Administration (FHA) announced recently that maximum loan amounts will increase in most parts of the country.  This is partially d ...

Nov 29, 2017

Conforming Loan Limit Maximums Rise Again

You may not see a bumper sticker about how conforming loan limit maximums will rise again, but that doesn’t make the news any less exciting. In a move signaling the strength of the economy as ...

Nov 20, 2017

How Tax Reform Could Impact Home Ownership

If it were possible to bet on whether the squabbling and partisanship in Washington will persist, I know where the safe money would be.   Given that it is basically impossible to describe the ...

Nov 3, 2017

Down Payment Insurance Eases Worries of Home Purchasing

What’s more terrifying than a ghost, goblin or witch hard at work over a steaming cauldron, brewing up a recipe for destruction? A well-meaning friend or family member, dropping a spooky tale ...

Oct 16, 2017

Pace Of Refinancing Activity Defies Expectations

In spite of the fact that interest rates continue to hover at the second lowest level since the presidential election last November, the number of consumers opting to refinance the mortgage on their h ...

Oct 2, 2017

Is Wilmington A Good Long-Term Investment?

In a recent article, I discussed whether it is a good idea to continue renting a home or make the leap and become a homeowner.  One of the underlying assumptions in favor of the case for home ...

Sep 24, 2017

The Numbers Don’t Lie: Buying Is Better Than Renting

The numbers make a compelling argument for why it’s a great time to stop throwing money away on rent and become a homeowner instead. The following example should help determine whether you sh ...

Aug 31, 2017

Six Ways Bad Credit Can Ruin Your Life

Okay, using the word, “ruin,” in terms of what a bad credit score can do to your life may be a bit of an overstatement.  It is probably more accurate to say that bad credit can pro ...

Aug 15, 2017

Real Estate Update: It’s Hot

The dog days of summer are not here yet, but a quick walk outside into the searing heat can sometimes feel more like a swim, with the blazing hot sun looming overhead and the air hanging like a damp o ...

Aug 1, 2017

Get A Leg Up On Savings With An ARM

In the wake of the financial crisis, the Adjustable Rate Mortgage (ARM) got a bad reputation.    Of course, there was no lack of evidence in the case against ARMs. There were many negativ ...

Jun 30, 2017

Easing Of Quantitative Easing

In a move that signals growing, widespread confidence about the strength of the national economy, the Federal Open Market Committee voted last week to increase the target range for interest rates and ...

Jun 16, 2017

Three Reasons Refinancing Makes Sense

With interest rates still hovering at historic lows and the threat of a number of potential rate hikes looming ominously on the horizon, it could make dollars and sense to do a refinance right now.&nb ...

Jun 1, 2017

Proven Techniques For Protecting Your Identity

The annual gathering of receipts, W2s and 1099s and the filing of taxes is bad enough. But getting a message from the IRS that someone has already filed under your name has the potential to make any d ...

May 15, 2017

New Guidelines Offer Forgiveness for Past Financial Troubles

Time was ticking away. I had some turnovers that day and my shot—usually reliable, sometimes infallible—just wasn’t working.  My coach pulled me aside and said, “Just ...

May 1, 2017

What To Avoid When Buying A Condo

With low maintenance and high affordability, condos are an excellent choice for many home buyers. Why spend the afternoon in the yard pulling weeds or mowing when you could just wander out to the c ...

Apr 14, 2017

Buy Now vs. Wait Calculator Aids Decision-Making

A unique online tool is being offered to help buyers decide whether it is better to wait or buy a home now. The calculator can help with a number of complicated questions, such as How much more expens ...

Apr 3, 2017

Change In Credit Bureau Reporting A Win For Consumers

Full disclosure - the title of this article is a bit misleading. Are recent changes to the major credit bureaus’ reporting standards a positive for consumers because some types of negative in ...

Mar 15, 2017

Trump vs. Dodd-Frank And The Down-Payment Myth

The reports about President Trump taking on Dodd-Frank may be a bit confusing. Who is this guy anyway, and why is he so unpopular? Did they get the order of his name wrong? Dodd-Frank actually refe ...

Mar 1, 2017

Is The Housing Bubble About To Burst?

A number of important economic indicators are pointing to a looming storm on the horizon for the housing market. Subprime lending is once again on the rise, eerily similar to the market conditions tha ...

Feb 15, 2017

What You Should Know About Home Equity Loans

With the appreciation we have seen in our market over the past few years and all the recent talk about a looming increase in interest rates, I have been receiving a lot of questions about home equity ...

Jan 25, 2017

Millennials Have Higher Education, Lower Paychecks

Kids today, I tell you what - they will never have to go into a library, pull a stack of books and go through the index to find relevant information. If they need to write a research paper, all they h ...

Jan 16, 2017

Strategies For Avoiding Capital Gains Tax

For many people, the aftermath of the holidays is associated with the disposal of Christmas trees, tinsel and decorations. It’s a time of year filled with resolutions and black-eyed peas, workou ...

Jan 2, 2017

How To Beat Rising Interest Rates

It’s no secret that financial markets don’t like surprises.   Unexpected changes and uncertainty can often lead to volatility and rapid fluctuations. The victory of Donald Trump wa ...

Dec 15, 2016

Mortgage 101: Understanding The Basics

Unless you have a mattress full of cash or an extremely wealthy - and possibly well-medicated - relative willing to give you the funds, chances are strong you will need to obtain a mortgage in order t ...

Dec 2, 2016

How To Keep Minor Problems From Becoming Major Headaches

With the holidays approaching, it seems appropriate to touch on a few strategies for ensuring that minor business problems don’t turn into major annoyances. Having in-laws in town for an extende ...

Residential Real Estate
Nov 15, 2016

Beware The Flip Gone Wrong

Similar to a witch enticing children with a house made of gingerbread, cakes and candy, a property flip with the latest and most highly sought-after amenities could potentially conceal a slew of hidde ...

Residential Real Estate
Nov 1, 2016

How to Ensure Buyer Deposits are Protected

One of the biggest areas of concern for buyers of real estate is losing out on their earnest money deposit. If something goes awry in this transaction and it turns out that my loan application does ...

Oct 17, 2016

New Credit Standards Could Change Your Score

Did your credit score recently increase for no apparent reason? Or did it fall inexplicably even though your behavior and financial situation hasn’t changed significantly? If you answered &ld ...

Oct 4, 2016

Why Now Is The Time To Buy

Things are good, just not quite good enough. Or else the situation is bad, even though a silver lining exists in many of the storm clouds. Reading the tone of the Fed can be a bit challenging somet ...

Sep 15, 2016

Don’t Let NC Closing Costs Be A Barrier To Homeownership

In a recent survey on Bankrate's website, North Carolina ranked as the third most expensive state in the nation for closing costs.  This information was a bit of a surprise to me, consider ...

Sep 1, 2016

Renovation Loans On The Rise In Hot Real Estate Market

Lately, it’s not uncommon to hear about a home selling within just a few days of being offered for sale. This can be quite frustrating for anyone actively looking for a home but there is a viabl ...

Jul 13, 2016

Strategies For Saving Money When Refinancing

With interest rates as low as they are, I have been getting lots of questions from home owners interested in refinancing their mortgages. This is certainly not surprising, considering the average inte ...

Jun 23, 2016

How to Overcome A Credit Dispute

Similar to the construction on 3rd Street in downtown Wilmington that was finally completed recently, a credit dispute can elicit groans of discomfort, hassles and irritations. When it comes to succes ...

Jun 3, 2016

Hackers Posing As IRS Agents To Steal Consumer Information

The latest scam affecting the Wilmington area involves hackers calling residential phone numbers, impersonating IRS agents. In the automated call, a robotic voice issues the following voicemail: &ldqu ...

May 18, 2016

Why It’s Risky To Make A 20 Percent Down Payment

For borrowers receiving advice from their parents, it’s probable they are hearing about the benefits of making a 20 percent down payment to purchase a home. The conventional wisdom says that mak ...

May 2, 2016

Good News From The Good Old USDA

In a move designed to make a lasting, positive impact on the levels of home ownership in our country, the United States Department of Agriculture (USDA) Rural Development has drastically reduced the f ...

Apr 25, 2016

Lender Policies Regarding Borrower Deaths Vary Widely

Titles are an element that I struggle with in writing these articles. For this one, I vacillated between “How to Keep the Family Home from Going into Foreclosure,” and “How to Avoid ...

Apr 4, 2016

Consumer Alert: Hackers Targeting Realtors’ Email Accounts

“Did you mean to send an email trying to sell me prescription medications from a Canadian pharmacy at a discounted rate? No? Well, I think your Yahoo account might have been hacked.” He ...

Mar 21, 2016

Fed Leaders Keep Interest Rates Low – For Now

In a recent press release from the Federal Open Market Committee, the tone is cautiously optimistic. Littered throughout the release is the word, “however.” Things are good, but other thin ...

Mar 8, 2016

Strategies For The Self-Employed To Secure Loans

Recently I was surprised to learn that the self-employed and the workers they hire account for three out of every 10 jobs in the U.S. These are the innovators and entrepreneurs, the job creators we he ...

Feb 25, 2016

Mortgage Rate Shoppers Are At Risk Of Missing Out

Mortgage rates spiked a bit higher several weeks ago when investors sold out of their bond positions and bought stocks. This trend continued for about a week, reflecting the volatility of the stock ma ...

Feb 15, 2016

Millennials Capitalizing On The Benefits Of Home Ownership

The latest updates in real estate, the mortgage industry and the national economy are an endless source of fascination for me. Considering I’ve been in this business for nearly 17 years and I wo ...

Jan 20, 2016

Interest Rate Hike Creates A Surge In Mortgage Applications

The power of the media to shape public opinion and exert influence on our national economy is something that never ceases to amaze me. When the Federal Open Market Committee voted to increase the fund ...

Jan 8, 2016

Practical, Easy Steps For Saving Money

As I mentioned in a previous article, the level of home ownership in our country has been declining for many years. Since owning a home is a great way to build wealth, and home owners have more of a v ...

Dec 1, 2015

ECB Stimulus Could Spur A Decline In Mortgage Rates

In a recent meeting, the leaders of the European Central Bank (ECB) shared their belief that it will likely be necessary to release an additional stimulus package to facilitate a recovery for the stru ...

Nov 4, 2015

TRID Implementation Squarely In The Rearview

For the majority of this year, those of us with interests in real estate have been operating underneath the ominous, confusion-casting shadow known as the TILA-RESPA Integrated Disclosures (TRID). The ...

Oct 13, 2015

Cash Flow Is The Chief Advantage To Buying Rental Properties

Far and above any other type of investment, rental properties have the ability to generate a monthly cash flow. Even in an environment where housing prices are falling, and economic variables are maki ...

Sep 24, 2015

Follow Up: Seminar Highlights Knowledge Of Wilmington Investors

When I hosted an informational seminar recently about the intricacies of real estate investing, the depth of knowledge that the audience put on display had me a bit surprised. The turnout from people ...

Aug 13, 2015

Informational Webinar To Detail Strategies For Real Estate Investing

With interest rates still hovering near all-time lows, and a deluge of TV shows out there about fixing and selling rental properties, the interest about investing in real estate has never been higher. ...

Aug 6, 2015

Increase In Housing Prices Have Sellers, Investors Smiling

A report that was recently published by industry news insider CoreLogic shows that national home prices increased by more than 6 percent from June 2014 to June 2015. This is not exactly good news for ...

Jul 15, 2015

How To Purchase A Home: The Practical Steps Everyone Should Know

One of my Realtor friends asked me to post this article to help people gain a better understanding of how to purchase a home and facilitate a more efficient process for everyone involved. As a residen ...

Jul 1, 2015

Student Loan Debt Impacting Home Ownership, Birth Rates

With the expansion of student loan debt and tuition rates continuing to increase, it might be tempting to say that it’s preferable to not have a degree than it is to shoulder a significant amoun ...

Residential Real Estate
Jun 15, 2015

Attention Realtors: New TRID Rules Are A Game-Changer For Real Estate

If there is one thing that Realtors, mortgage brokers, buyers and sellers all have in common, it’s that everyone wants a successful, timely closing for the transaction. There is a widespread und ...

Jun 1, 2015

Small Lenders Offer Flexibility, Lower Interest Rates

According to a study that was recently conducted by, small lenders are more willing to consider helping people with low credit scores than larger financial institutions. Small lenders also ...

May 15, 2015

Levels Of Home Ownership Nearing All-Time Lows

A recent press release from the U.S. Census Bureau points out an alarming trend: people are abandoning home ownership. Only 63.7 percent of Americans own their own homes, the lowest percentage since 1 ...

May 1, 2015

Follow Up: Consumer Reports Revises Its Opinion About Mortgage Brokers

The subject of my last article was a publication by Consumer Reports in which the editors recommend that borrowers shop around online and deal with large banks instead of mortgage brokers. After recei ...

Apr 15, 2015

Working With A Mortgage Broker Yields Better Service, Savings

In a recent article I found that was written by Consumer Reports, the editors encourage borrowers to shop around for mortgages online and deal directly with large banks instead of working with license ...

Apr 1, 2015

Small Mistakes Can Make A Huge Impact On Credit Scores

A credit score is one of the most important factors that a lender considers when evaluating a person’s options for financing. Credit scores are so important that the difference between a good on ...

Mar 20, 2015

Interest Rates Plunge, Markets Soar After Fed Comments

A recent press release from the Federal Open Market Committee sent mortgage interest rates on a nosedive and the stock market into one of the biggest climbs in weeks. In short, it was a cheerful momen ...

Mar 2, 2015

Renovation Loans Allow For Customization, Flexibility

Sitting down with my clients and reviewing their options is something I enjoy. I love helping people develop a creative solution for attaining their goals: it’s one of the main reasons I’v ...

Feb 23, 2015

Finding The Right Mortgage Broker Is Key To Understanding Your Options

In my last article I described how getting a conventional loan instead of keeping an FHA loan with mortgage insurance could be advantageous. To explain my reasoning, I presented a conversation I had w ...

Residential Real Estate
Feb 11, 2015

FHA Cuts Mortgage Insurance Premiums … But What Does That Mean?

Recently a client sent me an article about how the FHA has reduced mortgage insurance premiums, and the result had been a 76.5 percent increase in refinance applications. Apparently mired in confusion ...

Jan 15, 2015

Will Being Self-Employed Affect My Ability To Secure A Loan?

Realizing that the tax deadline is approaching at breakneck speed, I started to think about the differences between receiving a W-2 and being self-employed. Employees have the luxury of showing their ...

Residential Real Estate
Jan 1, 2015

Use of Technology In Financing Delivers Hassle-Free Transactions

The days of waiting for a faxed counter offer from a listing agent or wasting hours of precious in-person time at an attorney’s office are over. Technology has given us the ability to work remot ...

Residential Real Estate
Dec 15, 2014

Government Is Easing The Flow Of Housing Credit

The recession and the housing crash produced a ripple effect of consequences. In the wake of the chaos there was a lot of finger pointing and discord. Reaching a compromise or finding a feasible metho ...

Dec 1, 2014

Potential Changes To Flood Insurance Rules A Win For Homeowners

In the United States, the notion that our government can require us to purchase something is always going to be unpopular. While the benefits of the National Flood Insurance Program might be easy to s ...

Nov 1, 2014

Wall Street Poised To Renovate Mortgage Industry

With traditional banks pulling back from the mortgage industry in the wake of legal woes, revised banking standards and constant scrutiny, nonbank lenders are recognizing the opportunity. In fact, nea ...

Nov 1, 2014

What Is Mortgage Insurance?

Webster’s dictionary defines mortgage insurance as an evil monkey that sits on your back, steals your money every month, and gives you nothing in return. Well, that’s not exactly true. Wha ...

Oct 15, 2014

What Will Rates Do When Quantitative Easing Ends?

People always ask me what mortgage interest rates are going to do. I guess that makes sense because I am in the mortgage business. While at any given time, I do have my opinions and guesses, there are ...

Oct 1, 2014

New FICO Credit Score Formula Will Affect Homebuyers

Credit scores have always been an important number that affects homebuyers’ ability to qualify for mortgages and specific rates. Ever since the 2008 crash, the importance of credit scores in the ...

Sep 1, 2014

How Technology Is Streamlining The Mortgage Loan Process

From our homes and cars to our schools and offices, it’s difficult to think of an area of our lives that technology has not affected in some way. The mortgage business is no exception. From star ...

Aug 15, 2014

Self-Directed IRAs – A New Trend In Retirement Wealth Building

In this article, I’d like to discuss some of the core differences between self-directed IRAs and traditional IRAs, and explore some of the ways a self-directed IRA can be used as a powerful inve ...

Aug 1, 2014

Don’t Let Your Child’s Student Loans Impact Your Retirement

The educational system is designed to do more than just educate. It’s also a filtering system to regulate the influx of young people into the job market. Let me elaborate … There was a ...

Jul 15, 2014

Is “Paying Yourself First” A Good Idea?

We’ve all heard the basic personal financing philosophy, “Pay yourself first.” The idea, of course, is that any time you receive a paycheck, or any kind of income, you set a small pe ...

Jul 1, 2014

Know Your Cash Flow

Everyone knows that establishing a household budget is a smart and important money management tactic. But many household budgets are shortsighted and only take a micro view of month-to-month income an ...

Residential Real Estate
Jun 1, 2014

Buying And Selling A Home In A Rising Real Estate Market

It’s no secret that until recently the real estate market has been bleak. There are a number of factors that contributed to the real estate decline, including: much stricter lending regulations ...

May 15, 2014

How To Get A Perfect Credit Score (Part 2 of 2)

In part one of this two-part series on credit scores, I provided some basics about credit scores, including a definition and some background on the credit bureaus and the methods they use to calculate ...

May 1, 2014

How To Get A Perfect Credit Score (Part 1 of 2)

Being in the mortgage consulting and lending business, I am constantly reminded of the importance of credit scores and the enormous impact those little numbers can have on people’s lives. So thi ...

Residential Real Estate
Apr 15, 2014

The Value Of A Knowledgeable Real Estate Agent

This article is geared toward providing some valuable information to two different audiences: real estate agents and homebuyers. The content for this article came about from a lunch conversation I had ...

Apr 1, 2014

The Lowest Mortgage Rate Is Usually NOT The Smartest Choice

During the process of shopping for a mortgage or refinancing an existing property, many consumers assume that the loan option with the lowest interest rate is automatically, and without question, the ...

Mar 15, 2014

Borrowing...Oh How Times Have Changed-Part 2

Welcome to Part 2 of our review of the new lending and borrowing landscape. As a reminder, in Part 1 we focused on how today’s new lending guidelines affect personal lending and borrowing for vi ...

Mar 1, 2014

Borrowing...Oh How Times Have Changed-Part 1

This month, I want to cover a very important topic that could potentially save some people from a lot of wasted time and money, and from a great deal of unnecessary stress and heartache. The topic rev ...

Feb 15, 2014

The Impact Of Qualified Mortgage Requirements

Given the fact that the new Qualified Mortgage (QM) legislation (which became active on January 10, 2014) is going to have a significant impact on home sellers, home buyers, realtors and mortgage prof ...

Feb 1, 2014

Do You Have A Plan If Flood Insurance Premiums Skyrocket?

The lead article on the front page of the January 17th – January 30th issue of the Greater Wilmington Business Journal explores the potential impact of proposed changes to the National Flood Ins ...

Dec 31, 2013

Transforming Your Largest Debt Into a Revenue Stream

This article is really geared toward a very specific group of homeowners — those who know they are going to move to another home between one and two years from now and have never considered rent ...

Dec 17, 2013

Don’t Let Fear Keep You from a Better Financial Future

It’s no secret that for many individuals, couples and families, money and finances are frequently the source of anxiety and household disagreements. Add in an economic recession and hefty credit ...

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