short sales: Avoiding Financial Street
- 11/19/11 07:19 AM
By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money. It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it's the interest rates or the down payments that vary. Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for … (0 comments)
short sales: FICO® Score - a Brief Explanation
- 11/19/11 07:05 AM
When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score. “What’s a FICO® score?” is a common reaction. Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances are near maximum, … (2 comments)
short sales: Bank Owned, REO, Foreclosures, Short Sales
- 11/13/11 06:18 PM
If you are buying a short sale, you are ok. A short sale is, as you know, a sale where the lender agrees to take less than what is owed on the property. This is a 3-way negotiation, between the buyer, the seller and the lender. The seller whose rights theoritically might have been abused somewhat by the lender's servicing practices, is a knowing and willing party in the short sale transaction, so it is a 3-way negotiation, and everybody should come out ok. So again, a short sale should be safe to pursue. If you are looking to buy a bank … (1 comments)
short sales: HAFA Program - Short Sales
- 10/21/11 11:38 AM
Latest Update on HAFA It's been over a year since the federal government first rolled out HAFA. The national program to help streamline the short sale process. It was recently reported in the Miami Herald that few homeowners are benefiting from it, and real estate agents are wondering whether it will ever gain traction. The Herald reported that HAFA, has disbursed just $9.5 million out of $4.1 billion from April 2010 to December 2010, according to a Government Accountability Office report in March. Through May of this year, only 8,541 short sales were completed nationwide through HAFA. So why isn't HAFA … (0 comments)
short sales: Looking for Luxury Homes at Incredible Prices? Look at Foreclosures & Short Sales
- 10/02/11 05:38 PM
The Miami-Dade & Broward County housing market seem to be looking up especially in terms of sales involving condos and houses with $1 million or more price tags. This is the first time in 11 months that such activity happened. Compared to 2009 figures from the county real property appraiser, there was a 18 percent increase in sales transaction. According to experts, the growing demand for high-end homes does not translate to a boom. In fact, a ritzy mansion is attracting home buyers both locally and internationally because of its discounted prices. For example, some homes that were initially listed for … (2 comments)
short sales: Bank of America Urges Funding for Investors
- 09/29/10 02:20 AM
Analysts from Bank of America have proposed that instead of further funding TARP to help distressed home owners hold onto their properties that the money go to property management companies, which would turn the properties into rentals. In a recent research paper, Bank of America analysts suggested that the government spend as much as $400 billion to encourage property management companies to buy properties and rent them out, bringing the homeownership level to “a more natural level of 62 percent to 64 percent” from its current 67 percent. The investors would be prevented from reselling the properties quickly. Source: The Wall … (2 comments)
By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.
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