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homebuyers: Mortgage Rates Remain Incredibly Low - Great News for Home Buyers & Investors - 07/28/10 06:53 PM
Home Loan and Mortgage rates remain so low and incredibly good this week, and these are quoted by a local Southern California mortgage broker.
Conforming Loans up to $417,000
30 Year Fixed - 4.25% (4.37% APR)
10/1 ARM - 3.75% (3.87% APR)
Conforming up to $729,750
30 Year Fixed - 4.5% - (4.62% APR)
10/1 ARM - 3.875% - (4.99% APR)
Jumbo - Interest Only ARMS
5/1 - 3.875% (4.99% APR)
7/1 - 4.5% (4.62% APR)
10/1 - 4.875% (4.99% APR)
(These rates assume 1 point and probably down payment of 20% or more).
This is for information only, and we do not provide … (5 comments)
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homebuyers: When Can Home Loan Borrowers Stop Paying for Mortgage Insurance? - 06/12/10 05:34 PM
The cost of getting a home loan or mortgage can be significant, and this often will include mortgage insurance required by the lender.
Some people got home loans during the past five years and now want to get rid of the insurance premium obligation.
Many mortgages include mortgage insurance (MI), for conventional mortgages with less than 20 percent down and also FHA mortgages that are common in today's market.
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Piggyback mortgages are no longer available. During boom market times, these allowed home buyers to purchase with less than 20 percent down, sometimes no money down, and avoid mortgage insurance by having a 1st … (5 comments)
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homebuyers: Who Needs Government Homebuyer Tax Credits When Home Lending Rates are So Good? - 05/18/10 11:35 AM
Who Needs Government Homebuyer Tax Credits When Home Lending Rates are So Good?
I was surprised that so many people scrambled this past month to get a property in escrow and take advantage of the US government freebie homebuyer tax credit
... when the BEST NEWS is LOW HOME LENDING RATES.
Home lending and mortgage rates continue downward trend for the year, and rates tied their low for the year this past week (as of May 16, 2010).
30-year fixed-rate average mortgage fell 5 basis points, to 5.07 percent. A basis point is one-hundredth of a percentage point. (Rates were … (2 comments)
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homebuyers: More Good News for Buyers - Homebuyer Tax Credit Extended and Expanded - Explained in Short Video - 11/09/09 02:21 AM
Good News for Homebuyers
US Homebuyer Income Tax Credit Extended and Expanded - as explained by Christi Long in this short video (click here to see video).
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Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA. Irvine Realtor. CA DRE #01410855. ExploreProperties@gmail.com.
… (2 comments)
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homebuyers: Governor Schwarzenegger Signs New CA Law Today With Focus to Curb Irresponsible Subprime Lending Practices - 10/12/09 08:26 PM
New California law with focus to Limit Predatory Lending Practices was signed today, October 12, 2009, by our Governator (Assembly Bill 260 - Lieu).
This new law covers CA state-regulated independent mortgage brokers.
The policy stated and purpose of this law was to restrict California mortgage brokers by requiring them to act in a borrower's best interest. This law would prohibit them from steering borrowers to loans worse than those they qualify for and limits subprime prepayment penalties (fees for paying off or refinancing a loan early).
This new law (AB 260) grants power to state agencies, the Attorney General, and injured borrowers to enforce violations of the law and pursue relief. What … (2 comments)
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homebuyers: Short Listings (Short Sales) Are Messy and Very Challenging for Buyers - 08/25/09 03:10 PM
These should be called "SHORT LISTINGS" ... not "Short Sales" ... and won't actually be homes for sale or "short sales" until after all lenders notify in writing for approval of seller side debt forgiveness and deal.
A SHORT LISTING is where a property seller needs to sell and sale proceeds are not sufficient to pay off the existing mortgage or lienholders. This is an alternative to foreclosure.
SHORT LISTING and SALE requires the mortgage company and lienholders to agree for a reduced payoff. If not, the sale won't take place.
All sale costs must be included in SHORT SALE price. The Seller receives nothing, except debt relief and not having a foreclosure on his … (5 comments)
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homebuyers: Hot Market for Homes Under $500K at Orange County - 08/22/09 10:31 AM
Our Orange County, California, communities with homes for sale under $500k are very busy these days with homebuyers.
Irvine has 167 homes now for sale in this range ... amazing that huge number 204 homes are now pending or in escrow.
Aliso Viejo has 77 homes now for sale at this range, with huge number of pending sales at 166.
Costa Mesa has 63 homes for sale at this range ... 104 now pending and in escrow.
Lake Forest has 74 homes for sale at this range ... with incredibly high number at 198 pending and escrow.
Mission Viejo has 128 homes … (7 comments)
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homebuyers: Now is Indeed an Excellent Time to Buy a Home - 07/24/09 04:06 PM
Now is an excellent time to buy a home.
See Marc Roth article at BusinessWeek.com ~ "Now's the Time to Buy Your Dream House" ~ click here for article.
Why is now an excellent time?
If you have a down payment and can qualify for the loan, now is a great time for you. Mortgage rates remain incredibly low. Home prices are very low. Selection of homes is high for buyers. This makes sense and is encouraging news for homebuyers, especially first timers (or those who have not owned a home for the past three years) who can take advantage of the $8,000 income tax credit.
The … (0 comments)
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homebuyers: Top 5 Reasons ~ Buyers of Expensive Homes Should Get Low US Govt. Loan Rates Too - 06/23/09 02:41 PM
It's popular these days to support the concept that our US government provides help for homebuyers who want good loan rates on conforming limits of under $417K and for those needing jumbo rates on loans up to $729K.
Last year's mortgage meltdown put an end to Wall Street securitizing jumbo loans where the street bought large mortgages and resold them to investors. Investment banks like Bear Stearns and Lehman Brothers were caught in that and collapsed, carrying the super jumbo lending market down with them.
Conforming Loans ~ US government agencies Fannie and Freddie now have conforming loan limit at $417K, which are insured by the FED.
Jumbo Loans ~ Jumbo … (4 comments)
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homebuyers: HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase Costs - 06/03/09 10:21 AM
Our US Housing and Urban Development Secretary Donovan Announced on May 29, 2009 ~
that the Federal Housing Administration (FHA) will allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
Their stated idea for this change is to help stabilize the nation's housing market by stimulating home sales across the country.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for … (4 comments)
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homebuyers: Investors Buying Properties at California Trustee Sales After Foreclosure Is a Good Thing - 05/13/09 01:39 AM
We have solid buyer demand for REO and bank owned properties here in communities around Orange County ... with average time on the market for at REO an amazingly short 19 days.
But when banks take the properties as REO after foreclosure, they are not good at cleaning them up and getting them to market, then sold through a smooth process. Private groups are much better at disposing of previously distressed properties.
More Orange County properties are being purchased at trustee sales (foreclosure auction) these days by private investors ... who then mostly fix them up and get them on the market.
Investor owners (after trustee sales) seem … (2 comments)
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homebuyers: REO Homes Selling Well in Orange County ~ REO Market Report ~ April 30, 2009 - 05/02/09 02:38 PM
... is a great place to live and work, with some of the most beautiful canyon country, good wetlands and wildlife, Pacific Ocean coastlines and lots of blue water, fantastic views, flat and sandy beaches, and mild and pleasant climate almost all year.
We continue to have lots of distressed homes on the market here in Orange County, either REO lender owned, in foreclosures process, or short listings.
REO homes continue to sell at a fast pace here at Orange County, California.
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ANAHEIM ~ During April of 2008, there were 40 REO homes sold. During April 2009, there were 85 REO homes sold.
... an amazing jump … (2 comments)
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homebuyers: Are You Thinking of Bidding on California Property at Public Trustee Auction After Foreclosure Proceedings? - 04/21/09 01:13 PM
Some Buyers these days are looking for a GOOD DEAL on California real estate.
Are you thinking about bidding on a California home or property at trustees auction sale at the end of foreclosure proceedings?
CONSIDER POSSIBLE DISADVANTAGES OF BIDDING AND BUYING AT A TRUSTEE AUCTION SALE AFTER FORECLOSURE:
1. You must know and understand California law and the foreclosure process before bidding on a home at trustee sale.
2. You must inspect the home and neighborhood completely and be satisfied with its conditions. You should probably hire and pay for services of professional home inspection before making any offers. 3. Information on public access web sites about the property and … (0 comments)
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homebuyers: Southern California Homebuyers Fair - April 18 & 19 - Los Angeles Convention Center - 04/18/09 10:38 AM
Southern California Homebuyers Fair this weekend, Saturday, April 18, and Sunday, April 19 .. at the Los Angeles Convention Center.
The event is sponsored by the California Asociation of Realtors and the Los Angeles Times.
WHAT TO FIND THERE?
Realtors and other professionals will be there to help with process of home buying, finding and buying foreclosures, monitoring and fixing credit, mortgage protection program, finding and qualifying for home loans and other topics in many seminars and exhibits. Admission is free.
The second annual conference is sponsored by the California Assn. of Realtors and the Los Angeles Times and will be held at the Los … (0 comments)
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homebuyers: Your Local and State Association of REALTORS® Provides Excellent Information For Buyers & Sellers - 04/17/09 10:55 AM
Reliable real estate and CUSTOMER SERVICE information is available at your local and state association of REALTORS®.
Our California Association of Realtors does a superb job of providing information for consumers and homebuyers, and so it also helps us as REALTORS® and agents.
Possible Income Tax Credits For First Time Homebuyers ~
California first time homebuyers might qualify for up to $18,000 in income tax credits for buying his or her home during 2009.
The first-time homebuyer credit up to $8,000 is under US law, and a new home income tax credit up to $10,000 is under California law.
See The Homebuyer Tax Credit Chart published by California Association of Realtors … (1 comments)
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homebuyers: Housing Market Update ~ Irvine, CA ~ April 15, 2009 - 04/15/09 04:08 PM
With some of the best residential neighborhoods and homes at South Orange County, Irvine is located next to Newport Beach, Laguna Beach, Newport Coast, and within a 10 minute drive of the Pacific Ocean at Crystal Cove.
Irvine is famous for its pleasant weather, lots of sunshine, excellent and award winning public schools, healthy business climate with good job opportunities, the University of California Irvine, encouragement for business and development, diverse backgrounds of residents, celebration of freedoms, places for worship, and one of the safest cities in the United States.
As of today, April 15, 2009 ~ there are 743 homes listed for sale at Irvine ... with average list price of homes is $690,375 ... with average time on the market of 87 days. … (1 comments)
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homebuyers: Improved Home Affordability ~ at The OC, California - 04/15/09 10:28 AM
Some people say that HOME AFFORDABILITY is the crucial factor on whether and when we will have a rebound in the Southern California housing market.
Jon Lansner reported on April 14, 2009 ~ OC home affordability back at 2001 level ~ citing experts of local experts who said that the monthly cost of homeownership has fallen signficantly from the peak in this cycle, and that's because of decline in home prices, the decline in mortgage rates and increase in incomes.
Better home affordability is possibly also because of income tax credits offered for first time homebuyers.
This improved home affordability during recent months has inspired some buyer and consumer confidence in real estate having true value.
Our recent experience while … (1 comments)
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homebuyers: Advice For HomeBuyers ~ Always Request That Sellers Have Repairs Made By Licensed a Contractor & Handyman - 04/10/09 02:07 PM
When you are under contract and it's time for your buyer clients to prepare and submit their request for repairs to the sellers ...
Assuming good faith ... on a handshake .. by the seller and his agent isn't enough.
BUYERS SHOULD ALWAYS REQUEST IN WRITING THAT SELLERS MAKE REPAIRS TO BE COMPLETED BY A LICENSED CONTRACTOR OR HANDYMAN.
Plumbing and electric and roof element repairs are the most common and potentially problematic and expensive.
Always cover questions of proposed repairs and this part of the transaction during negotiation of the contract process ... and save yourself and buyer clients a lot of time and … (2 comments)
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homebuyers: Increased Homebuyer Shopping Activity ~ Irvine, CA ~ March 2009 - 04/03/09 02:59 PM
Are We Moving From a Buyers To Sellers Market? ~ Irvine, CA ~ Market Report ~ March 2009
Irvine is one of the most beautiful and sought after residential communities in the OC and Southern California.
We saw and experienced increased Irvine buyer shopping activity during March 2009 as compared to last month, Feb. 2009, and with the past six months.
Lots of first time Irvine homebuyers expressed interest in some of the best home loan rates in years, their credit opportunities in the US Spending Bill 2009, and lowered asking prices from the peak of two years ago.
115 … (0 comments)
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homebuyers: First Time Buyers Are Taking Advantage of Opportunities and Making Positive Impact on the Housing Market - 03/31/09 12:31 PM
FIRST TIME HOMEBUYERS ... and those here in Orange County, California ... are indeed taking advantage of their good opportunites, including good selection of homes for sale, best interest rates in thirty years, reduced value and better prices, and improved affordability ... and that the US government is offering income tax credit of up to $8,000 to first time buyers.
We believe that the OC, California, homes sales increased during Feb. 2009 ... and also during March 2009 ... to a great extent by first time buyers taking advantage of these great circumstances.
The chart below shows Orange County, CA ... number of homes sold during Feb. … (9 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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