mortgage financing and programs

Archive for March, 2013

5 Quick Tips To Get A Better Price On Your Home Purchase

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Negotiating Tips For Your Home PurchaseWhen you are looking to buy a home, it is important to keep in mind that no real estate price is set in stone.

There is always room for negotiation, and with the right techniques you may end up saving thousands of dollars on your dream house.

However, it can be tricky to get the right reaction when you are negotiating.

Here are a few tips that will help you to haggle your way to the best deal.

Find Out The Seller’s Motivation

If they really need to move and sell the property, it will be easier to convince them to negotiate on price or other deal points.

For example, they might be relocating for a job or the house might be close to foreclosure, which would give them the motivation to sell quickly at the price you offer.

Investigate How Long The Property Has Been On The Market

If the seller has been trying to sell the home for several months or longer, they will be much more receptive to competitive offers than a seller who just put their house up for sale last week.

Research Comparable Properties

Find out the price of recently sold properties in the same area that are comparable to your prospect.

This will give you an idea of how much you should bid on the house.

Knowledge is power in any type of negotiation, so arm yourself with as much information as possible.

Keep Your Cool

Even if you are absolutely head-over-heels in love with a property, refrain from showing your excitement to the seller.

You could lose any advantage you might have in negotiation if you let the seller and their agent know how much you really want the property.

Don’t Offend

Be careful not to bid too low. Sometimes sellers are offended by low ball offers and will refuse to work with you afterward.

Even when you are just attempting to get the home for a great price, the seller may become offended, which will leave you disappointed and empty-handed.

These are just a few tips to keep in mind for getting a great deal on your dream house.

If you’d like more help negotiating the price of a home, please contact a licensed real estate professional for more information.

4 Critical Tips When Purchasing Foreclosure Real Estate

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Buying A Home In ForeclosureBuying a foreclosed property can be different than buying other types of real estate.

In many cases you will be able to get a fantastic deal on a home, but you will need to go through quite a bit of work and negotiation.

Here are four tips to help you navigate the foreclosure buying process:

Find the right real estate agent

The first thing to keep in mind is that your real estate broker will deal directly with the bank that owns the foreclosed property.

The bank has the final say in whether they’ll accept your bid – so you want an agent who has developed a good relationship with them.

Know that cheap doesn’t mean good value

Sometimes the tiny price tag on a foreclosed property can be very tempting, but make sure you are asking questions about the value and the potential expenses of the house.

Will it require extensive repairs?

Will you be able to find a tenant?

Does the property have potential for appreciation over time?

Perform a house inspection

If the previous owners were foreclosed on because they couldn’t make their mortgage payments, it’s possible they didn’t have enough money to give the home the proper maintenance it needed.

Make sure you have the property inspected by a professional to spot any problems.

Take extra care if the house has been empty for a while, as there could be problems with plumbing, insects or mold.

Look for intentional damage

Keep in mind that many owners were forced out of their property by the bank, so they might have removed as many appliances, light fixtures and other items as they could which usually means the house is stripped bare.

The previous owners might have been angry and felt justified in damaging the property.

Make sure to do a thorough inspection to find out what appliances you’ll need to buy and messes you’ll need to clean up.

If you are considering buying a home in foreclosure, you could possibly get a great deal on a house with a lot of potential.

Make sure you follow these tips and contact your licensed and trusted real estate professional for more information about buying a foreclosed property.

Surprisingly Strong Jobs Report May Affect Mortgage Rates

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Jobs Report In FocusLast week’s jobs report — a combination of the Department of Labor’s Non-farm Payrolls Report and Unemployment Rate — provided investors and job seekers with unexpected good news.

Job growth for February handily exceeded most economists expectations of 160,000 by adding 236,000 new jobs.

According to the Bureau of Labor Statistics, employment increased in business and professional services, construction and healthcare:

  • Business and professional services added 73,000 jobs
  • Construction added 48,000 jobs. Of these, 17,000 jobs were for residential construction.
  • Healthcare added 32,000 jobs

Since September, construction employment has risen by 151,000. This increase in construction jobs may point to a strengthening in the home building sector.

Stronger home building numbers may lead to increasing home prices for sellers and property appreciation for home owners.

Strong Jobs Numbers Help Stock Market Rally, May Spur Higher Mortgage Rates

Retail has added 252,000 jobs over the past year. Hiring in retail suggests that consumers are spending more, which is a strong indicator of economic growth.

These figures demonstrate a trend toward economic recovery and added a last-minute boost to last week’s stock market rally.

Rising stocks generally cause bond prices including MBS to fall and mortgage rates to rise.

The seasonally adjusted employee participation rate declined by 0.40 percent year over year; in February 2012, the seasonally adjusted was participation rate was 63.9 percent; in February 2012, the participation rate was 63.5 percent.

The Unemployment Rate for February came in at 7.7 percent; this was lower than Investor expectations of 7.8 percent and January’s unemployment rate of 7.9 percent.

The seasonally adjusted unemployment rate has decreased by.60 percent from 8.3 percent in February 2012.

Unemployment Rate Lowest Since December 2008

Long-term unemployment of 27 weeks or more accounted for 40.2 percent of February’s unemployed.

8 million workers are employed part time due to scheduling cutbacks or because they could not find full time work.

The Fed has bench-marked an unemployment rate of 6.5 percent as a sign of sufficient economic recovery that could allow the Fed to curtail its monetary easing program.

Given this perspective, the Unemployment Rate remains high, but appears to be declining gradually.

Economic indicators and recently climbing interest rates suggest that mortgage borrowers may want to lock in their best mortgage rates now.

3 Top Tips To Selecting The Right Home For Your Family

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New Home With FamilyWhether you are moving to a new house with children or you are buying your first home with the intention of raising future little ones there, many factors will come into play when making your decision.

You will want to find a house with the right size and layout, that has a suitable number of bedrooms and bathrooms, is in an excellent neighborhood and has all of the local amenities your family will need.

Here are three important factors to consider during your new home search:

Location

Take a look at the area where the property is located.

Is it close to a school that your kids can attend when they are old enough?

Is there a playground where they can play with their friends?

Are you near any convenient shopping areas or stores for picking up groceries?

Location is one of the most important factors to consider when choosing a place to raise your family.

Neighbors

Take a look at the demographics of the neighborhood.  You may want to spend some time walking the neighborhood and learning about the surrounding area.  

Taking evening walks in the neighborhood might allow you the opportunity to meet other people who are living there and learn what they think is important about the area.

If it has mostly young families around the same age as you, your children will likely have plenty of neighbors to play with as they grow up.

Affordability

You may think that spending as much as you can possibly afford on an expensive home is the best thing for your kids, but you might be wrong.

In fact, you could end up stressed out from working too hard to make your mortgage payments and feel like you never get enough time to spend with your family.

Another option would be to buy a more modest house that you can reasonably afford and have more time with your children.

Choosing the right place to live is difficult. It might take a while to find the right house, but when you do, it will be worth it.

When you do, you will have a wonderful place to fill with love and memories, where your children can grow up in peace and happiness.

If you’ve been seriously contemplating purchasing your first home, or possibly the next home, the best thing you can do is contact a licensed real estate professional to determine what is available in the market that would fit your needs.

What’s Ahead For Mortgage Rates This Week: March 11th, 2013

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What's Ahead For Mortgage Rates This WeekMortgage rates and the major stock market indices rose last week in response to a strong jobs report and lower national unemployment rate.

The Department of Labor’s Non-farm Payrolls report for February surpassed expectations with 236,000 new jobs reported against expectations of 170,000 new jobs expected by Wall Street.

This stronger than expected showing in jobs numbers points to a stronger economy and may lead to less pressure to hold mortgage interest rates lower.

The Dow Jones Index also reached record levels last week. This strong stock market performance is to be expected with better than expected employment reports.

February’s numbers also exceeded January’s reading of 157,000 new jobs added to the economy.

Lower Unemployment Rates Help Economy, May Push Interest Rates Higher

The Unemployment Report for February also provided good news as February’s reading dropped to 7.7 percent from January’s unemployment rate of 7.9 percent.

While good news, it’s important to bear in mind that the Fed has established and unemployment rate of 6.5 percent as a benchmark for ceasing its monetary stimulus program.

The Federal Reserve released its Beige Book Report for March on Wednesday, and summarized reports from its 12 districts by noting modest to moderate economic improvement in 10 districts and slower economic growth in 2 districts.

Residential real estate markets are improving in most districts with home prices rising and inventories of available homes shrinking.

This news, coupled with last week’s rising mortgage rates is further emphasizes the upward trend in home prices in many areas and the rising cost of financing or refinancing a home.

While rising home prices are good for the economy, they impact affordability of homes, particularly for first-time home buyers.

Busy Upcoming Week In Financial News

Next week has a busy calendar of scheduled economic news; here are a few highlights:

  • Tuesday, Wednesday and Thursday: Treasury Auctions
  • Wednesday: Retail Sales, and Retail Sales without Auto Sales
  • Thursday: Producers Price Index (PPI) and Core PPI (PPI without volatile food and energy sectors)
  • Thursday: Weekly Jobless Claims, Consumer Price Index (CPI) and Core CPI (without food and energy sectors)
  • Friday: Consumer Sentiment

It will be interesting to see how or if Consumer Sentiment reacts to recent signs supporting progress toward economic recovery.

If you’ve been watching interest rates to see when the best time is to lock in, this may be a good opportunity.  

As the economy continues to improve, mortgage interest rates will continue an upward climb.

Вывод Денег Из Онлайн Казино Видео Где Находиться Казино В Алтайском Кр

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Вывод Денег Из Онлайн Казино Видео Где Находиться Казино В Алтайском Крае

Игровые автоматы История игровых автоматов, получивших большое распространение по всему миру, начинается с конца девятнадцатого века.

3 Tips To Get The Best Results On Your Mortgage Application

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Home Loan Approval TipsAlthough the financial markets have tightened lending guidelines and financing requirements over the last few years, the right advice when applying for your loan can make a big difference.

Not all loans are approved. And even when they aren’t approved immediately, it doesn’t have to be the end of your real estate dreams.

There are many reasons why a mortgage loan for the purchase of your real estate could be declined.

Here are a few things to understand and prepare for when applying for a mortgage:

Loan-to-Value Ratio

The loan-to-value ratio (LTV) is the percentage of the appraised value of the real estate that you are trying to finance.

For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is 75%.

Lenders generally don’t like a high LTV ratio. The higher the ratio, the harder it normally is to qualify for a mortgage.

You can positively affect the LTV by saving for a larger down payment.

Credit-to-Debt Ratio

Your credit score can be affected negatively, which in turn affects your mortgage loan if you have a high credit-to-debt ratio.

The ratio is figured by dividing the amount of credit available to you on a credit card or auto loan, and dividing it by how much you are currently owe.

High debt loads make a borrower less attractive to many lenders.

Try to keep your debt to under 50% of what is available to you. Lenders will appreciate it, and you will be more likely to get approved for a mortgage.

No Credit or Bad Credit

Few things can derail your mortgage loan approval like negative credit issues.

Having no credit record can sometimes present as much difficulty with your loan approval as having negative credit.

With no record of timely loan payments in your credit history, a lender is unable to determine your likelihood to repay the new mortgage.

Some lenders and loan programs may consider other records of payment, like utility bills and rent reports from your landlord.

Talk to your loan officer to determine which of these issues might apply to you, and take the steps to correct them.

Then, you can finance the home of your dreams.

Look For Improvements In The Real Estate Market In 2013

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Home Prices Improving March 2013The previous couple years’ doom and gloom outlook is looking like it is turning more upbeat and robust for the rest of 2013.

Home Prices Climb Nearly 10% Over Past Year

In fact, a recently released report by CoreLogic stated that home prices were up 9.7 percent from one year previously.

That kind of increase is a very good sign that the momentum may be building for a strong real estate market this year.

Many other economic experts are predicting that things might be improving this year, including increases in both home prices and sales.

Here are some of the ways that these positive changes may impact home buyers and sellers this year.

For Buyers:

Attractive Financing Options

Interest rates could remain at the lowest levels they have been in years, which can make purchasing a home more affordable.

Stiffer Competition

More buyers will be competing for the homes that are available which could mean bidding wars on homes with more than one interested party.

Be sure to take this into consideration before making your offer, and have a licensed real estate professional representing you in your purchase negotiations.

Great Home Prices

Housing remains affordable in many areas of the country. Although home prices are rising, the cost of real estate is well below what it was ten years ago.

And For Sellers:

Marketing Is Vital

Working with a skilled property professional is imperative to ensure the best advertising and marketing for your listing.

Real estate agents have access to the Multiple Listing Service (MLS), which is where other agents and buyers look for properties that are listed and available for purchase.

Contract Negotiations Prevalent

Multiple offers will become more commonplace. Do your research on how to best handle contract negotiations.

Maximize Your Selling Price

Make sure you get the most for your home. Know what other properties are selling for in your neighborhood, and consider hiring a designer to stage your home for showing.

With the real estate market shifting, both buyers and sellers need to be aware of how the changes could affect them.

Whether you’re looking for your dream house or wanting to get the highest return on your home for sale, a great next step would be speaking with a qualified real estate professional.

Metro Area Home Values Continue To Shine

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Metro Values Up Case-Shiller 2013The Standard and Poor’s Case-Shiller Home Price Indices released February 26 show strong growth in the majority of 20 cities and corresponding metro areas tracked during 2012.

The S&P Case-Shiller Home Price Indices measure home prices nationally and locally by compiling data from individual indexes including a 10-City Composite Index,  a 20-City Composite Index, and a 20-Metro Area Index that includes metro areas for each of the 20 cities used in the 20-City Composite.

Metro Areas Show Nearly Universal Growth

19 of 20 metro areas showed higher home prices in Q 4 2012 with the New York metro area showing a decrease in home prices; this could be due in part to the impact of Hurricane Sandy.

Highlights include:

The Atlanta and Detroit metro areas saw Q4 2012 Atlanta home prices increase by 9.9 percent year-over year, while Detroit home prices rose by 13.6 percent as compared to Q4 2011.

Home prices in the Phoenix Metro area improved by 23 percent compared to Q4 2011 for the highest year-to-year increase of all metro areas in 2012.

The 10 and 20 city indices and national home price composite improved as well.

The 10 and 20-city composites have gained approximately 8 to 9 percent since reaching their most recent lows in March of 2012; current readings indicate that home values have returned to autumn 2003 levels, but remain about 30 percent lower than they were at their peaks in June and July 2006.

On a month-to-month basis, both the 10-and 20- city composite Indices returned to positive readings with each rising by 0.2 percent, which recovered last month’s losses of 0.2 and 0.1 percent respectively.

The national home price composite is determined from information taken from the 9 geographic divisions established by the U.S. Census Bureau.

It rose by 7.3 percent year-to-year, but fell short of the Q3 2012 reading by 0.3 percent.

While some areas are still facing challenges, some cities and metro areas where home values declined the most are rebounding nicely.

All in all, it is quite apparent that the broad U.S. housing markets are recovering. 

5 Simple Indoor Do-It-Yourself Projects for Your Home

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Painted Kitchen Cabinets - Indoor DIY ProjectsWith spring right around the corner, you might be thinking about sprucing up your home.

However, it may not yet be time to work in the garden or on other outside endeavors.

If cabin fever has been setting in, this is a great time for indoor improvements to brighten your living space and get you warmed up to work outside when the seasons change.

Whether it’s over-stuffed closets or cluttered garages, everyone has a problem area or two on their property that has not been touched in a while.

Below are a 5 simple ideas to get you started. Maybe you can even get the kids to lend a hand!

Organize That Closet

Clear out the things you don’t need and make it easier to find the things you do.

You can build a closet system in just a couple hours for ranging from $100 – $500 to put everything at your fingertips.

Create An Indoor Garden

Check out these fun indoor gardening ideas, using recycled materials from around your home.

Get the kids involved and spend an afternoon creating a work of art – and memories!

Paint An Accent Wall

Or, you could choose to do an entire room! The room you spend the most time in should probably be your starting point.

Choose a color that will set the mood you want to foster, such as an energizing red or soothing blue.

Add Shelves Or A Bookcase To A Room

If your house has papers and books stacked up on counters or in cabinets, you may need some additional shelving.

Built-in bookcases or shelves can help a cluttered area feel more spacious.

Paint Your Kitchen Cabinets

A bright coat of paint can do wonders for your kitchen and is an inexpensive option that may increase the value of your home.

Obviously this is more than a one-afternoon project, but it is definitely a low-cost way to give your kitchen a new, fresh look.

Whatever your vision, now is a fantastic time to tackle an indoor project which can keep the whole family busy and ward off the winter doldrums at the same time.

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