Home Buyers
« Previous EntriesMortgage nightmare HVCC appraisal regulation hurting the already straggling Housing Market
Sunday, June 14th, 2009If you thought the low rates and tax incentives would quell the storm in the Mortgage and Real Estate market, think again. With the implementation May 1, 2009 of the Home Valuation Code of Conduct (HVCC) regulations, loan officers and realtors are no longer allowed to select or influence the selection of appraisers.
The legislation was introduced by New York Attorney General, Andrew Cuomo. It was designed to decrease the likelihood of appraisal fraud by removing the individual most inclined to push for inflated value (the loan officer/realtor). This rogram severed communication with the appraiser. Whereas that may sound logical, the reality is that the extra layer of bureaucracy increases cost, slows down the loan process, decreases customer service and creates an increased potential for miscommunication
Are Subsidized Mortgage Rates Coming?
Thursday, June 11th, 2009Are Subsidized Mortgage Rates Coming?
With mortgage rates returning to levels seen before the Fed pledged to buy up billions in mortgage securities, it might be time to turn to a costly Plan B, subsidizing mortgage rates.
Rising interest rates have already extinguished a short-lived refinance boom, with applications dropping precipitously over the past three weeks.
Mortgage rates, which slipped to a record low 4.78 percent on the popular 30-year fixed as recently as early April, have since risen above 5.50 percent, following the surging 10-year bond yield.
Report: SubPrime Lenders That Sparked Crises Received Bailout Money
Friday, May 8th, 2009
The days of solely blaming subprime lending for the housing collapse are far behind us (I hope), but the risky, high-cost lending certainly played a hand in the mortgage crisis.
The Center for Public Integrity released an interesting report documenting the actions of so-called “mega-banks,” which supported such lending that set off a global economic meltdown.
Unsurprisingly, 21 of the top 25 subprime lenders were financed or owned by banks that received TARP money.
Investment banks Lehman Brothers and Merrill Lynch both owned and financed subprime lenders, while others like Credit Suisse and Goldman Sachs were major financial backers of subprime lenders.
Jumbo Loans “Secrets” for the affluent borrower
Thursday, March 26th, 2009Jumbo loans are home loans over $417,000. Although it’s true they are harder to get, knowing some insider tips of how and where to get Jumbo loans is KEY.
- Property prices are at bargain prices
- Keep your portfolio invested so it can grow
- Take a jumbo or supper jumbo loan (you’ll be shocked how reasonable it is)
FANNIE MAE and FREDDIE MAC are taken over = LOWER RATE
Monday, September 8th, 2008NEW YORK (CNNMoney.com) — Mortgage applicants rejoice!
Sunday’s federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
“This could be good for would-be homeowners,” said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. “It would reduce the cost of financing at the new and improved Fannie and Freddie.”
$7500 Tax Credit, Opportunity of a Lifetime for First-Time Buyers
Friday, August 8th, 2008I am often asked: “Are we at the bottom of the bottom?”
With this new law and some other indicators like “The national home ownership rate — defying all gloom and doom predictions — jumped to 68.1 percent in the latest quarter, up from 67.8 percent”, I think this is it I truly believe it.
More home buyers mean more home sellers. Where do those sellers go? Yes to buy more hoses. The wheels of the Real Estate Market are starting to move, we are going some where.
First Time Home Loan that Couldn’t Be Done!
Tuesday, July 29th, 2008First Time Home Buyer Derrick R was denied. Twice he was told No by 2 people.
The seller’s Realtor suggested he call a mortgage advisor she knows who can work miracles…
Working with a professional mortgage advisor like Racheli Smilovits can work miracles for you too.
How knowing someone like Racheli can assist you?
Please give us your comments right here below.
Home Buying Secrets- Before you submit your offer check the motivation score of Your Home Seller.
Sunday, May 11th, 2008Here are 5 tips that will help you score your sellers motivation level. Use it as another tool to help you in the process when buying a home
- How many homes in the subdivision, Neighborhood, or condos are for sale?
If over 30% are for sale give the seller 10 points
If over 20% are for sale give the seller 6 points
If over 10% are for sale give the seller 4 points
Home Buyers- Are you a buyer who goes to see property after property and can’t maker your mind on which home to buy?
Sunday, April 27th, 2008Are you finding it hard for you to pick the Home that is best for you?
A realtor posted this question on our forum: We are working with a client who “want to see everything”. This is the second Saturday in a row that we are out all day showing them 10+ properties. We have tried to narrow her focus to specific areas but to no avail. There are still a LOT of homes left to see! Any ideas on how to explain to this client that it does not serve her best interest to view 10+ properties at a time.
Investor Report: Short Sales Transactions Hot
Tuesday, April 15th, 2008Written by Kenneth R. Harney Realty Times
January 11, 2008
What’s the hottest subject right now in residential real estate investing?
No question about it: Picking up houses at great prices through short sales-transactions where lenders agree to take less than they’re owed and allow financially-stressed home sellers to avoid foreclosure.
One top specialist we talked to — Raffi Tal of iShortSale.com in Los Angeles — has nearly 900 transactions currently in process, concentrated mainly in places you’d guess-California, Nevada, Arizona and Florida.
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