pa: Northeast PA Values Are RISING, Remember Real Estate Is LOCAL - 05/08/08 08:51 AM
When real estate news is reported on television or in the papers, it's usually told as a national story. Unfortunately, stories like these aren't helpful for everyday Americans because real estate is not a national market.
Real estate is local.
The graph above was used by Fed Chairman Ben Bernanke in a … (0 comments)
|
pa: Market Review 3/31/08 - 03/31/08 11:14 AM
Mortgage rates were up last week on weak housing data and a growing nervousness about mortgage bond quality.
Rates would have been up more if not for a tame inflation reading Friday.
The Personal Consumption Expenditures report fell Friday to 2.0% year-over-year, putting it back within the Federal Reserve's comfort zone … (0 comments)
|
pa: How Seasonal Factors Affect Homeowner Vacancy Rates - 03/25/08 03:16 PM
Each quarter, the Census Bureau releases the Homeowner Vacancy Rate, a housing statistic the measures the percentage of homes for sale that are vacant.
A home listed for sale may be vacant for several reasons including:
The home has been foreclosed and the owner has moved out The home seller moved into … (0 comments)
|
pa: Re-Approve Your Pre-Approval - 03/20/08 10:01 AM
Since December 2007, mortgage lending guidelines have changed very quickly and often without notice.
Some of the more well-known changes include:
Broad restrictions on stated income home loans Broad restrictions on 100 percent financing "Risk-based fees" for credit scores under 740Some of the lesser-known restrictions relate to property type and occupancy status as … (0 comments)
|
pa: Making Sense Out of Fed Speak - 03/19/08 08:52 AM
The Fed lowered the Fed Funds Rate by 0.750% to 2.250% yesterday.
Because it is tied to the Fed Funds Rate, Prime Rate also fell by 0.750% yesterday. Prime Rate is now to 5.250%.
Holders of home equity lines of credit and credit card debt benefited from the change and will see lower … (0 comments)
|
pa: Mortgage Market Rates Report 3/17/08 - 03/17/08 08:47 AM
Mortgage rates fell last week on growing evidence of a recession, but far fewer Americans were eligible to take advantage.
Mortgage lenders continue to reduce product menus and that is leaving homeowners with fewer mortgage financing options than before.
As an added hurdle, Fannie Mae and Freddie Mac recently added "risk-based" fees … (0 comments)
|
pa: Mortgage Rates Fell, But You May Have A Higher Rate To Pay - 03/13/08 08:36 AM
When mortgages began to sour last Fall, Fannie Mae and Freddie Mac instituted "loan-level pricing adjustments".
The concept is basic: For mortgage applicants with less-than-ideal credit profiles, mortgage pricing is adjusted to compensate for the added risks.
It's still a conforming loan, but with adjustments.
Effective March 6, though, Fannie and Freddie's definition … (0 comments)
|
pa: Go Beyond the Headlines:Unemployment Data - 03/12/08 09:00 AM
The Unemployment Rate fell to 4.8 percent in February.
This is 0.1% lower than from January and that's confusing to a lot of people; it's been highly publicized that U.S. companies shed 63,000 jobs last month.
Americans are losing jobs at the same time that the Unemployment Rate is falling. Seem … (0 comments)
|
pa: Looking Back And Looking Ahead : March 10, 2008 - 03/10/08 09:43 AM
Between Tuesday and Thursday, mortgage rates rose as much as during any three-day period in recent memory before settling back a bit on Friday's jobs data.
Fourteen speeches from members of the Federal Reserve were partly to blame for the mortgage rate chaos, but several other factors played a part, too.
One of … (0 comments)
|
pa: How Picking Up The Telephone Can Reduce The National Foreclosure Rate - 03/07/08 11:00 AM
"Foreclosure" is the legal process by which a bank repossesses a home from a borrower and, according to RealtyTrac, 1 out of every 100 homes were in some stage of the foreclosure process in 2007.
This figure is astounding because foreclosure is expensive to both homeowners and banks. Both parties have … (0 comments)
|
pa: The Right Question: "How Much Do I Want To Spend On Housing Each Month?" - 03/06/08 02:41 PM
One of the most popular questions that home buyers ask real estate and mortgage professionals is "How much home can I afford?"
It's a normal question to ask, but it's not the most effective way to plan your finances.
Banks will almost always approve you for a home loan in excess of … (0 comments)
|
pa: What High Oil Prices Mean To Mortgage Rates - 03/05/08 08:31 AM
After briefly exceeding its all-time high, oil closed Monday at $102.45.
Rising energy costs can lead to inflation because American Business eventually passes on its higher costs to American Consumers.
When consumers have to spend more money for the same amount of product, it's called "inflation".
Another way to look at … (0 comments)
|
pa: WHY MAKING LESS THAN A 20% DOWN PAYMENT IS GETTING MORE COSTLY - 02/28/08 03:29 PM
Private Mortgage Insurance (PMI) is an insurance policy paid to a lender in the event that a homeowner defaults on his home loan.
These defaults are up 35 percent over last year, according to an industry group -- bad news for all homeowners requiring PMI with their mortgage.
Much like home insurers adjust premiums … (0 comments)
|
pa: As The Fed Funds Rate Falls, 30-Year Fixed Mortgages Rise - 02/28/08 03:22 PM
Federal Reserve Chairman Ben Bernanke testified to Congress Wednesday, alluded to further rate cuts to support an ailing U.S. economy.
Already, the Federal Reserve has lowered the Fed Funds Rate by 2.250% since September 2007.
The graph at right comes from the Wall Street Journal and it highlights a very important correlation between the … (0 comments)
|
pa: How Prepaid Items Can Make Your "Closing Costs" Look Inflated - 02/27/08 10:42 PM
When buying a home, you pay for more than just physical property at the closing table. You also pay a series of charges. Commonly, homebuyers lump all of these charges under the heading of "closing costs".
That's a miscategorization.
Many changes on a HUD-1 Settlement Statement are specifically not closing costs. They are … (0 comments)
|
pa: Are You Inadvertently Merging Your Credit Score With A Stranger? - 02/27/08 10:36 PM
A 2004 study showed that 4 out of 5 credit reports contained at least one error.
The errors were of various types with different implications. A quarter of the errors, for example, were of the "serious" nature; errors that could lead to a credit denial because of a false-reporting delinquency or … (0 comments)
|
pa: 6 Things To Avoid While Waiting For A Mortgage Approval - 02/27/08 10:27 PM
When buying a home, there are two stages in the home loan approval process.
Stage 1 starts when a homebuyer submits a mortgage application to his loan officer for a pre-approval.
A pre-approval is a "walk-through" mortgage approval that says -- at a given purchase price and downpayment amount -- the home … (0 comments)
|
pa: 1st Time Homebuyer Tips: What is earnest money - 02/27/08 10:14 PM
When a buyer and seller reach agreement on a home sale, the buyer typically puts a small amount of money into a trust account.
This up-front deposit is more commonly known as "earnest money".
A sales contract's earnest money requirement will vary from contract to contract. It can be as high as … (0 comments)
|
;)
Links;)
Tags (Tag Cloud);)
Archives
