The primary indicator of value for residential real estate is comparable sales. The appraiser researches the market to gather information pertaining to sales, listings, pending sales that are similar to the subject property, and verfies this information is correct. The appraiser actually already has a good idea of the property’s value by the time they have scheduled an appointment to stop by the property. [...]
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Freddie Mac recently released their fourth-quarter refinance analysis and it shows that 85 percent of homeowners who refinanced their mortgages during the fourth quarter of 2011 maintained or reduced their principal balance by paying-in additional money at the closing table. Frank Nothaft, Freddie Mac’s vice president and chief economist, said savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings. [...] In a presentation given at the International Builders Show, Jill Waage, Editorial Director for Home Content for Better Homes and Gardens revealed survey results about consumer attitudes towards home ownership, upkeep and renovations, design and personalization, and more. A primary point revealed in the presentation shows that, despite continuing economic uncertainty, consumer thoughts toward home ownership remain strong with 8 in 10 saying home ownership is still a good investment and an important part of the American Dream. [...] “Ballparking” mortgage rates just is not the same anymore. Home buyers who obtain online quotes from popular websites and “shopping” mortgage rates on the phone are receiving nothing more than a starting point for what their final mortgage rate will be. This is due to a government-led pricing scheme called loan-level pricing adjustments or LLPAs.” [...] As the mortgage industry continues to adjust to new financial regulations, it is more important than ever to ensure that the financing (or refinancing) of your home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. [...] Members of the armed forces who have generally served for two years in peace time, or 90 days during conflict are eligible for a guaranteed VA home loan. Members of the National Guard or Reserves who have served for six years are eligible. Widows of veterans are eligible if the veteran died in a service-related incident. There are special circumstances for some veterans regarding eligibility. A Certificate of Eligibility and DD214 are required. [...] After the problems we have seen over the past few of years in the real estate, mortgage and banking industries, it is not surprising we have seen significant changes brought about which makes it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers see when they attempt to obtain [...] As mortgage rates have dropped this year, so have the costs of homeownership. At every given loan size, bargain-basement interest rates have brought monthly mortgage payments to levels never seen in history. It’s a great time to buy a home. It’s an even better time to refinance. This isn’t cheerleading. This is fact. As [...] First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. Program Highlights: 3% Cash Assistance Loan (CAL) can be used for down payment and closing costs. CAL is forgivable after 5 years of occupancy. 30 Year Fixed Rate Mortgages & Competitive Rates. CAL can be used with FHA, [...] Having been in the mortgage industry for a number of years, I have found a lot of my “issues” when it comes to underwriting was a result of missing something at time of application. The following is a quick rundown of items that should be collected at application: [...] Credit Scores have and always be a hot topic in any economy. Recently, Jim Gallagher of the St. Louis Post Dispatch wrote an article regarding consumers that “fork over $1 billion a year to the credit agencies and credit monitoring services to obtain their credit scores.” But the scores they get probably aren’t the ones a [...] St. Louis mortgage rates dropped this week to almost record lows according to St. Louis-based Paramount Mortgage Company. Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there. St. Louis Mortgage Rates – November 17, 2009 * [...] St. Louis mortgage rates dropped this week to almost record lows according to St. Louis-based Paramount Mortgage Company. Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there. St. Louis Mortgage Rates – November 10, 2009 * [...] St. Louis mortgage rates dropped this week according to St. Louis-based Paramount Mortgage Company. Low interest rates and the homebuyer tax credit, which is close to getting extended beyond the current expiration date of November 30th, should be tempting to buyers. St. Louis Mortgage Rates – November 4, 2009 * [...] By: Dennis Norman St. Louis mortgage rates inched up a little this week according to St. Louis-based Paramount Mortgage Company. Between these low rates and the $8,000 homebuyer tax credit that is available until Nov 30th, I would think there is a lot of incentive for a first-time buyer to buy a home now if they are [...] By: Dennis Norman Mortgage interest rates are already low, but dropped a little further this week, according to Paramount Mortgage Company. Between these low rates and the $8,000 homebuyer tax credit that is available until Nov 30th, I would think there is a lot of incentive for a first-time buyer to buy a home now [...] Dennis Norman By: Dennis Norman In the past I have been doing weekly posts with updated current mortgage rates based upon national data from either Freddie Mac, Fannie Mae or the Mortgage Bankers Association. However, just like real estate, mortgage rates are “local” to some extent and do vary in different markets. In an [...] |
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