Appraisals are As Much Art as Science - 10/25/07 06:26 AM
The number of home valuation websites continues to grow. A simple Google search for "How much is my home worth?" shows 118,000 results and seems to get larger month after month.
For home sellers, these programs can give a false sense of security (or insecurity!) about at what price a home should … (7 comments)
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How the Stock Market is Directing Traffic for Mortgage Rates - 10/24/07 02:22 AM
As we talked about Monday, the stock market appears to be directing traffic for the bond market.
Monday was a flat day for stocks, and it was a flat day for bonds, too. Mortgage rates idled.
Tuesday, with no economic data hitting the wires, market participants looked for direction … (1 comments)
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The Week in Review (October 22, 2007) : What to Watch For - 10/23/07 06:23 AM
Rising oil prices, weak housing data, and ongoing credit concerns pushed mortgage rates lower last week as investors sought safety for their dollars. Stock markets took losses and bond markets -- including mortgage bonds -- booked gains. Remember, when mortgage bonds go up in price, mortgage rates come down. To understand … (2 comments)
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Just Because You Can Borrow From a 401(k) Plan Doesn't Mean You Should - 10/19/07 09:15 AM
According to the Wall Street Journal, the number of Americans taking loans against their 401(k) plans is increasing because most plans allow participants to borrow funds to purchase a home or to avoid foreclosure.
But just because the avenue is there, though, doesn't mean that borrowing from a 401(k) is a good … (9 comments)
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How Terrible Housing Data Can Actually Help Push Home Values Higher - 10/18/07 06:45 PM
Once again, the headlines may be misleading you. It's a good thing that Housing Starts dropped last month -- despite what the papers say.
A "housing start" is a new residence on which construction has started. Yesterday, the government released September 2007's Housing Starts data for the country.
There … (3 comments)
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How Japan and China Can Impact the Mortgage Rate on Your Home - 10/17/07 09:33 AM
Mortgage rates are determined by the prices of mortgage bonds; this, we've covered before. As bonds prices go up, bond rates come down.
And the price of a mortgage bond is a matter of Supply and Demand.
The greater the demand for a bond, the higher its price. High … (3 comments)
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The Week in Review (October 15, 2007) : What to Watch For - 10/16/07 10:35 PM
The economy appears to have shrugged off August's credit market turmoil and is continuing to expand. This pushed mortgage rates higher last week as market players move money into stocks and hope to capitalize on the Dow Jones rally.
After the Fed's last meeting, the central bank lowered the Fed … (2 comments)
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How Mortgage Calculators Can Be Misleading - 10/16/07 09:38 PM
Mortgage calculators are ubiquitous on real estate-related Web sites but that doesn't mean that they're helpful.
See, Internet-based mortgage calculators take three figres into consideration when determining "how much home can you afford".
Income Debt Downpayment/Equity Next, the calculator figures in your downpayment, multiplies your income by a factor of … (3 comments)
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Jumbo Mortgage Rates Shed Some of Their Risk, Rates Fall - 10/10/07 11:41 AM
As a sign that some normalcy is returning to mortgage markets, the premium attached to jumbo mortgage rates is getting smaller.
A "jumbo"-sized loan is one that exceeds $417,000 on a single-family residence, among other criteria.
Conforming 30-year fixed rate mortgages and jumbo 30-year fixed rate mortgages tend to … (11 comments)
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The Week In Review (October 9, 2007) : What to Watch For - 10/09/07 03:58 PM
As expected, the big news last week was the Non-Farms Payroll report. What wasn't expected, though, was the strength of the report. Mortgage rates ended the week on a large up-tick.
110,000 jobs were created in September, according to the Bureau of Labor Statistics. This exceeded Wall Street expectations by … (1 comments)
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The Baltimore Women's Film Festival - 10/07/07 09:47 AM
What: A celebration of cinematic creativity, art and innovation that you do not want to miss. Films by women, for women. Great parties, a chance to hear from the film makers, and a nice way to support the fight against breast cancer. 50% of all proceeds from ticket sales at the festival will be … (1 comments)
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Need $$ for Downpayment? Think About . . . (4 of 4) - 10/06/07 02:17 AM
Option 4: Lease-To-Own With a lease-to-own, you essentially lease a home, but make larger payments in order to begin accumulating a downpayment. For example, if a house would normally lease for $800, you might lease it for $1,000/month, with $200/month going into a special account. At the end of a … (7 comments)
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Need $$ for Downpayment? Think About . . . (3 of 4) - 10/06/07 02:15 AM
Option 3: Owner Financing Owner financing means exactly that: the owner (or seller) finances a portion of your home purchase. For example, you might borrow 80% of the value of a home from a lending institution, and "borrow" the other 20% from the owner. In this situation, the owner "carries … (1 comments)
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Need $$ for Downpayment? Think About . . . (2 of 4) - 10/06/07 02:13 AM
Option 2: Special Loan Programs Special loan programs come and go quickly. There is many available right now that will allow the seller to provide up to 6% towards the down payment and/or closing costs required for a home loan. That means no money out of your pocket if you … (2 comments)
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Need $$ for Downpayment? Think About . . . (1 of 4) - 10/06/07 02:10 AM
Option 1: FHA Loans Although there isn’t a "No Money Down" option yet, the FHA loan is by far one of the best alternatives for people who want to buy a home and don’t have much money to put down. With an FHA loan, you could put down as little … (0 comments)
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Simple Ideas for Raising Money for a Down Payment… - 10/06/07 02:02 AM
With all the credit tightening going on, many programs will require that buyers come up with at least some small downpayment. Even if you are able to secure 100% financing, you will still need to pay closing costs (if the seller does not agree to pay for you). So, here are … (9 comments)
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How Today's Employment Data is Hurting Mortgage Rates - 10/05/07 09:32 AM
On the first Friday of each month, the Bureau of Labor Statistics releases its employment report for the United States.
Last month, the jobs report showed that the economy actually lost jobs for the first time since 2003. The total loss of jobs equaled 4,000 and contributed to the … (6 comments)
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Have You Ever Wondered Where the Money Goes? - 10/04/07 09:55 AM
Where does your money go? If you're like most Americans, more than half of it goes towards housing and transportation alone.
This is according to the Consumer Expenditure Survey performed by the Bureau of Labor Statistics.
The most recent study shows American household spending habits from 2005, but the … (7 comments)
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FHA Bans Seller-Financed Downpayment Assistance Programs - 10/03/07 03:45 PM
Effective November 7, 2007, the Federal Housing Administration is expected to ban home buyers' use of most seller-financed Downpayment Assistance programs. The Nehemiah program has been granted an exception through March 31, 2008.
DPAs are (were?) very popular in FHA mortgage circles as a way to help buyers finance … (6 comments)
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How Much Does a 2,200 Square Foot Home Cost? - 10/02/07 08:28 AM
So, what does it cost to buy a 2,200 square foot home with 4 bedrooms, 2.5 bathrooms and a 2-car garage?
It depends on where you live.
In a study of 317 U.S. markets, Coldwell Banker concluded that the average price for such a home is $422,343.
Beverly Hills, … (2 comments)
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The Week in Review (October 1, 2007) : What to Watch For - 10/01/07 11:30 AM
Even as home sales fall nationwide, the economy continues to move forward.
Year-over-year inflation as measured by Personal Consumption Expenditures registered 1.8%, well within the Fed's tolerance levels of 1-2% and suggesting that the economy is in "Goldilocks" mode -- not too hot and not too cold.
Many economists had … (2 comments)
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