"I have NEVER been under the microscope in ANY of my other mortgage loan applications like I have been this time!", said my "perfect" (they really were a perfect borrower) investment property borrowers after visiting with them about some underwriting conditions in my office the other day.
Many things have changed in the mortgage lending world over the past 3 years; some occurred subtly and other suddenly.
Why are ALL loans now so accurately and completely documented? This is the subject of my Blog post today.
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Wednesday, July 6, 2011
Tuesday, July 5, 2011
Counseling IS an effective tool to PREVENT Forclosure!
The probability of staying in your home (if you are in financial difficulty) can be increased dramatically (in certain cases, up to 200% improvement in your chances) if you receive financial counseling!
The latest report from the Homeownership Preservation Foundation (HPF) makes a compelling argument for continuing support of Home Owner Counseling opportunities be made available to struggling homeowners.
During my loan application process I have a form that which says (and this is how I explain it, in layman's terms): "The mortgage company doesn't want your home back. If you get in trouble, they will offer counseling and will help you stay in your home."
Until I read this article, I wondered if the mortgage servicing companies really had success with their customers who went through counseling. Here is the article which tells me that we are successful in helping homeowners stay in their homes: Counseling is an effective tool to prevent foreclosure
The latest report from the Homeownership Preservation Foundation (HPF) makes a compelling argument for continuing support of Home Owner Counseling opportunities be made available to struggling homeowners.
During my loan application process I have a form that which says (and this is how I explain it, in layman's terms): "The mortgage company doesn't want your home back. If you get in trouble, they will offer counseling and will help you stay in your home."
Until I read this article, I wondered if the mortgage servicing companies really had success with their customers who went through counseling. Here is the article which tells me that we are successful in helping homeowners stay in their homes: Counseling is an effective tool to prevent foreclosure
Friday, July 1, 2011
Happy 4th of July!
VA Loans are Excellent for Active duty, Retired and Reservists
VA doesn't guarantee you will qualify (#1 wrong assumption I have heard over the years from Veterans I have helped), but the VA loan is awesome! ZERO down and NO monthly private mortgage insurance!
Benefits and Q & A about why VA loans are awesome! I am ready to help with your VA questions. Contact me at 801-540-5108.
Benefits and Q & A about why VA loans are awesome! I am ready to help with your VA questions. Contact me at 801-540-5108.
Thursday, June 30, 2011
The American Dream and Government Intervention
A poll taken a week ago by The New York Times and CBS News indicates that 9 out of 10 respondents think buying a home is a good investment and worth the up and down value ride they experience. 45% say the Government should do more to help the Mortgage market problems and 53% want Government to give direct financial benefits to borrowers in financial trouble. Almost none of the respondents want the tax deduction for mortgage interest to go away (this has been included in several Government budget balancing scenarios). Read the entire American Dream article here.
Be Smart About YOUR Closing Date and get a better interest rate!
When you are negotiating a closing date and you can get to a closing date that is WITHIN 30 days, DO IT! This is the surest way to make sure that your rate is the best rate you will be able to get.
If the closing is within 45 days and you WANT to lock your interest rate, the rate will be approximately .125% higher (about $15/month higher in payment than a 30 day lock).
Here is a great article about why it pays to be smart about your closing date.
If the closing is within 45 days and you WANT to lock your interest rate, the rate will be approximately .125% higher (about $15/month higher in payment than a 30 day lock).
Here is a great article about why it pays to be smart about your closing date.
Wednesday, June 29, 2011
Epic Refinance Opportunity is HERE, TODAY!
There's a Refi Boom Starting. Don't Watch It Pass.
Mortgage rates look like they'll fall some more, but don't sit by and wait for something better.History has shown that mortgage rates can -- and do! -- change quickly. And because rates are unnaturally low to begin with, once they start to worsen, they should worsen in a hurry.
Exploit today's market while you still can. Call me at 801-540-5108 and I can go over no
cost refinance options with you.
What's keeping a lid on home prices?
Anticipating and predicting a change of direction in home prices is difficult at best. Many factors play into our market and are keeping a lid on home prices today.
Because home prices are now at levels not seen since 2003, home buyer's have anxiety (read the article here) and additionally I am seeing softer prices because there is a lack of acceptable inventory with fewer buyer's making their way into the market.
With a smaller inventory in relation to buyer's entering the market, how does the general home buying population find a home that meets their needs in this market? In this article I want to talk about the FHA 203k loan as a possible catalyst to provide a larger inventory of acceptable homes to buyer's.
Since the first of the year, I am beginning to hear more requests for information on the FHA 203k loan than at any other time in my mortgage career which began in 1991 and I think it is because it allows buyer's to purchase the "wrong home in the right neighborhood" (read more about the FHA203k loan here) which could help more buyer's find the right home for them. The 203k loan will help stabilize home values quicker than any other options available to the Government today. Additionally, more that 100 million homes in the US were built before 1990 and almost every one of these homes would benefit from some amount of renovation and modernization.
While we wait for a different inventory and more plentiful inventory to appear in the Real Estate Market, maybe the 203k loan is worth looking into. Call me if I can help.
Because home prices are now at levels not seen since 2003, home buyer's have anxiety (read the article here) and additionally I am seeing softer prices because there is a lack of acceptable inventory with fewer buyer's making their way into the market.
With a smaller inventory in relation to buyer's entering the market, how does the general home buying population find a home that meets their needs in this market? In this article I want to talk about the FHA 203k loan as a possible catalyst to provide a larger inventory of acceptable homes to buyer's.
Since the first of the year, I am beginning to hear more requests for information on the FHA 203k loan than at any other time in my mortgage career which began in 1991 and I think it is because it allows buyer's to purchase the "wrong home in the right neighborhood" (read more about the FHA203k loan here) which could help more buyer's find the right home for them. The 203k loan will help stabilize home values quicker than any other options available to the Government today. Additionally, more that 100 million homes in the US were built before 1990 and almost every one of these homes would benefit from some amount of renovation and modernization.
While we wait for a different inventory and more plentiful inventory to appear in the Real Estate Market, maybe the 203k loan is worth looking into. Call me if I can help.
Tuesday, June 28, 2011
Here comes the refi boom of 2011
We're on the brink of something big. A wave of uncertainty about Greece and its debt, plus weaker-than-expected economic data at home, has dropped conforming 30-year fixed rate mortgage rates to levels not seen since December 2, 2010.
Here comes the refi boom of 2011!
It's been 8 straight weeks that mortgage rates have dropped. 8 weeks. Not even last year's historic Refi Boom produced a winning streak of 8 weeks. This year's streak is historic. Call me at 801-540-5108 to review your no cost, low cost or full cost refinance options.
Here comes the refi boom of 2011!
It's been 8 straight weeks that mortgage rates have dropped. 8 weeks. Not even last year's historic Refi Boom produced a winning streak of 8 weeks. This year's streak is historic. Call me at 801-540-5108 to review your no cost, low cost or full cost refinance options.
9 week Mortgage Rate Forecast
Forecast
Interest rates have moved downward this late spring on increasingly poor economic news and inflationary leveling, so much so that the idea of a QE3 (Quantitative Easing 3) has gotten some play. We never say "never", but we're comfortable in saying that it's not going to happen during this forecast period. The downshift in growth probably has a number of facets, including but not limited to interruptions caused to the Japan disaster and our near-historic Mississippi river floods. The next few weeks will probably bring more of an accumulation of poor economic data, but the four or five weeks after that may bring new glimmers of economic life. As such, we should start low and probably end somewhat higher in terms of rates.
For the next nine-week period, we think that the overall average for 30-year fixed-rate mortgages will run in a channel from 4.70% to about 5.10%. For Hybrid 5/1 ARMs, low funding costs and some increased appetite by portfolio lenders will probably serve to move those rates between 3.30% and 3.75%, and for conforming 30-year fixed rates, we see a range of 4.50% to 4.90%
Interest rates have moved downward this late spring on increasingly poor economic news and inflationary leveling, so much so that the idea of a QE3 (Quantitative Easing 3) has gotten some play. We never say "never", but we're comfortable in saying that it's not going to happen during this forecast period. The downshift in growth probably has a number of facets, including but not limited to interruptions caused to the Japan disaster and our near-historic Mississippi river floods. The next few weeks will probably bring more of an accumulation of poor economic data, but the four or five weeks after that may bring new glimmers of economic life. As such, we should start low and probably end somewhat higher in terms of rates.
For the next nine-week period, we think that the overall average for 30-year fixed-rate mortgages will run in a channel from 4.70% to about 5.10%. For Hybrid 5/1 ARMs, low funding costs and some increased appetite by portfolio lenders will probably serve to move those rates between 3.30% and 3.75%, and for conforming 30-year fixed rates, we see a range of 4.50% to 4.90%
Monday, June 27, 2011
Shocking how much good landscaping improves your home's value
A Virginia Tech study from 2009 suggested that landscaping and pristine lawns help increase property values by an average of 7.5%. A home valued at $150,000 with no landscaping could be worth up to from $8,000 to $19,000 more with a sophisticated landscape with color and large plants, the study said: "Relatively large landscape expenditures significantly increase perceived home value and will result in a higher selling price than homes with a minimal landscape."
I read this article AFTER tearing out landscaping in our back yard and my wife and I are going to get busy sooner than later and get things going (growing) again! :) The saddest part of taking down the trees has been that I don't hear the birds outside my window singing me awake in the morning!
I read this article AFTER tearing out landscaping in our back yard and my wife and I are going to get busy sooner than later and get things going (growing) again! :) The saddest part of taking down the trees has been that I don't hear the birds outside my window singing me awake in the morning!
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