A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today's housing market. The study pointed out two major misconceptions that we want to address today. 1. Down PaymentThe survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the housing market sooner than … (1 comments)
mortgage: We Need to Sell Your House Twice
- 05/05/15 05:21 AM
Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is that bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when doing the appraisal for the bank. With escalating prices, the second sale might be even more difficult than the first. And … (1 comments)
mortgage: Don’t Wait! Move Up To The House You Always Wanted
- 01/19/15 03:43 AM
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. In most areas, prices are still below those of a few years ago. Also, interest rates are still near 4%. However, sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can buy will decrease. Here is a chart detailing this point:
www.NYREEX.com
… (0 comments)
mortgage: Ocwen loan to pay out 2 billion to homeowners for short sale or foreclosure
- 10/15/14 12:05 AM
If you have Ocwen loan or your loan got transferred to Ocwen loan YOU MUST read this and if you’re looking to do a short sale or want to sell or just want to find out more details call us! Please "Like" this or "share it" this is very important my team and our short sale team have been fighting with them for almost one year to get 5 short sale approved ! We just received 1 approved today after 1 year.
With good preparation, most things are easier. That works in mortgages too! Today, I want to give you some ideas that can make your mortgage experience less painful.
Income Items: 1. Gather your documents. Today, many people will have to produce 2 years’ complete tax returns, including W2′s, 1099′s, K1′s, and all the schedules, as well as a month’s worth of pay stubs.
2. Be prepared to explain them. Deductions in your returns and your pay stubs may impact the income your lender will … (0 comments)
mortgage: HUD Is Increasing Cost Effective April 2012
- 03/01/12 02:39 AM
HUD Is Increasing Cost Effective April 2012 This is a BIG DEAL for The NY Real Estate Market In a move to increase their financial standing (and to get the FHA back into required capital requirements), on Monday, HUD announced their anticipated increases in the premiums they charge borrowers. Simply stated, the cost of borrowing is going up. FHA loans, by design, are more liberal in their underwriting guidelines than most conventional loan products (in terms of credit, income ratios, required investment from the borrower, and maximum loan amount). HUD is not a lender. Rather, it is a federally-insured insurance … (0 comments)
Getting a home signifies financial security and an investment for the future. Owning a home is part of the American Dream. There are some surprising reasons why you can’t get a home.
1. Down Payment – You may have the required 10%-25% of the asking price of the home you are interested in but how you acquired it and how long you’ve had it could keep you from getting the home. Many times relatives offer young couples the down payment. Lending institutions … (0 comments)
mortgage: Freddie Mac - 30-Year Mortgage Rates Fall Below 4%, Again
- 11/21/11 07:22 AM
Rates on the 30-year mortgage averaged 3.99% for the week ending Nov. 10, down from 4% last week and 4.17% a year ago, McLean, Va.-based Freddie Mac said Thursday. Rates on 15-year fixed-rate mortgages also dropped slightly, averaging 3.3% this week, down from 3.31% last week and 3.57% a year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.98% this week, up slightly from 2.96% last week. The ARM averaged 3.25% a year ago. And 1-year Treasury-indexed ARMs averaged 2.95% this week, up from 2.88% last week. The ARM averaged 3.26% a year ago. To obtain the rates, the 30-year fixed-rate mortgage … (0 comments)
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