For first-time buyers, often the first thought that comes to mind is, "I need a down payment." This is often followed by the question, "Now, where do I get that down payment?" Depending upon the loan type, a home mortgage typically requires 3 to 5 percent down. If you have the money, then you're set. But what if you don't? What if you're renting? You can afford a mortgage within your means, but coming up with the down payment money needed to begin the transaction can be challenging. So, where can you turn? One of the most overlooked sources of (0 comments)
orlando homes for sale: Taming the Jumbo Mortgage - Financing Solutions for Orlando Real Estate
- 06/11/08 05:31 AM
The Orlando Real Estate Voice is happy to offer a great article on jumbo loans from David Reed - the author of Mortgage 101 and Mortgage Confidential: Everyone knows the jumbo loan market has been out of whack for nearly 18 months. "jumbo" loans, those amounting to more than $417,000, took it on the chin when mortgage investors stopped buying subprime and alternative loans. For that reason, jumbo rates can be as much as 1.50 percent higher than conforming rates. Historically, jumbo rates were only about a quarter of a percent higher than a conforming rate, but this new spread has (0 comments)
orlando homes for sale: Orlando Florida Market Conditions
- 06/11/08 05:30 AM
As buyers sit on the sidelines in the housing market -- how does the rental market fair? The two markets are more closely related than some may think. Both are strongly affected by local and national economic trends. The recent downturn may be affecting speculators and investors as well as homebuyers. According to a May 30th report from the National Association of Home Builders, builder confidence in the rental apartment market dropped sharply in the first quarter 2008. "The economic downturn affects the rental market as well as home building," said NAHB Chief Economist David Seiders. "Rental Vacancy Rates are rather (1 comments)
orlando homes for sale: Swimming Pool Season Safety Tips Orlando Florida
- 06/11/08 05:28 AM
Drowning is the leading cause of unintentional death in children aged 1 to 4. Drowning deaths involving children younger than 5 in pools and spas is up and the number of emergency room treated pool and spa submersion injuries numbers remains in the thousands every year. And a new 2008 Consumer Product Safety Commission (CPSC) report also says the majority of water related deaths and injuries occur in residential settings and involve children ages 1-2. A new federal pool and spa safety law the "Virginia Graeme Baker Pool and Spa Safety Act" was signed by the President Bush on December 19, (0 comments)
orlando homes for sale: FHA abandons 74 year Policy – Orlando Real Estate
- 05/23/08 12:59 AM
The Federal Housing Administration shook up Washington's mortgage and real estate leaders last week by announcing that it's shifting its entire production line to risk-based pricing -- starting this summer. FHA plans to abandon its 74-year policy of charging all borrowers the same insurance premiums and interest rates, and to move to a system where applicants who present high risks -- low credit scores and low down payments -- pay higher premiums. Though private mortgage insurers have been using this approach since the mid-1990s, it's a big move for FHA. Currently the agency charges a standard one and a half percent (1 comments)
I just don't understand the course we're on. Since when is it OK to just walk away from your responsibilities when things don't work out the way you wanted them to? Many people treated their homes like a day-trade on the stock market. Now that their ‘gamble' isn't working out, they seek government bailouts (not unlike their lenders and mortgage companies at my expense as a taxpayer) or the ability to just walk off into the sunset to live a carefree stress-free life. What about all the people that WERE responsible, who didn't wipe out every penny of their equity, (0 comments)
orlando homes for sale: Winter Garden Fl. Real Estate - Mortgage Preparation Made Easy
- 05/07/08 01:18 AM
Buying a home is probably the single largest investment most people make in a lifetime. By preparing yourself and your credit profile before a home purchase, you can ensure a smooth finance process and can potentially save thousands on your loan. Start by checking your credit reports from TransUnion, Equifax and Experian * To get the best possible mortgage rate, make sure your credit history is healthy and accurate. Aim to raise your credit score above 650 in order to qualify for most prime loans. * If your credit score is not quite 650, focus your efforts on paying bills on time, reducing (0 comments)
orlando homes for sale: Winter Garden FL. Real Estate - Getting Your Clients to Buy Now
- 05/01/08 01:42 AM
Have you been feeling frustrated at clients who don't seem to be able to make a decision? At the beginning they seem interested in buying, either they've contacted you or you contacted them. Then as they see some homes and may begin listening to the news about today's marketplace, they start to get cold feet. They don't return your phone calls or e-mails, and when you finally reached them they say, "I'm not sure this is the best time to buy. I've heard prices may get lower." At this point you can either get exasperated and give up or you can give them (2 comments)
orlando homes for sale: "I'm Mad as Hell ... and I'm not going to take it anymore." Windermere Fl. Real Estate
- 04/28/08 11:52 AM
"I'm Mad as Hell ... and I'm not going to take it anymore." That's a quote from the movie Network, from 1976... Great Clip from that movie is below. Ya know, I’m tired of the Media slamming this market and saying how bad it is. If the media would just put a positive spin on things once in a while I think we’d all be better off. I recently heard that 1 out of 538 homes are in some sort of foreclosure in Florida and the media makes it sound like the world is coming to an end. OK, let’s do (0 comments)
You might not hear much about them on TV or in the papers, but there are some economic signs popping up right now that are -- at the VERY least -- encouraging for housing and real estate. Take the gold standard of all forward indicators for the U.S. economy -- the Conference Board's "Index of Leading Indicators," which is based on a broad survey of industry data and predicts economic activity three to six months down the road. The latest Conference Board index registered its first increase in six months. Now I know that all we hear about these days is (0 comments)
Orlando's housing marketing experienced a month-over-month increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in the amount of inventory - all baby steps toward a market balanced between buyers and sellers. The monthly statistical reports released by the Orlando Regional Realtor® Association revealed some additional interesting tidbits for the month of March: the sales of homes costing upwards of $1 million more than doubled in March compared to last month; the sales of duplexes, town homes, and villas have increased in each of the last three months; and the majority (0 comments)
orlando homes for sale: Winter Garden Fl. Real Estate - Why Selling Now Makes Sense!
- 04/18/08 12:13 AM
Homeowners reluctant to sell because prices have fallen should do the math and realize that the market downturn could work in their favor."People are finding houses at prices they thought they'd never see again," I would like to point out that to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer's own home also has lost 20 percent of its value.In general, the toughest will be for people who bought within the last three years, at the height of the (1 comments)
orlando homes for sale: Basic Information on the Stimulus Payments for My Orlando Florida area readers
- 04/15/08 01:46 PM
Basic Information on the Stimulus Payments You've heard about it. Now find out how to get yours. What is it? It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return. Are you eligible? The vast majority of people who file a 2007 income tax return qualify, and many who don't regularly file a tax return may qualify as well. You're eligible if you have a valid Social Security Number (SSN), can't be claimed as (1 comments)
Is it rough out there? Well consider this, in a news article today (see below) there are apparently frightening numbers on forclosure rates - " U.S. Foreclosures Jump 57%" . Awful state of affairs - right? How about this headline for the same article - "99.8% of U.S. Households NOT in Forclosure" Amazing? Can't be true? Check the math.
Use the numbers provided in the article - "More than 234,000 properties were in some stage of foreclosure, or one in every 538 U.S. households... ". Pull (3 comments)
orlando homes for sale: Orlando, Windermere Fl. Real Estate - 2008 The Best Year to Buy a Home in 35 years
- 04/11/08 09:21 AM
"2008-the Best Year to Buy a Home in 35 Years!" In April of 1973, mortgage rates were about the same as they are today. Since that time, we have only had mortgage rates this low during 2001 and 2002, the height of the seller's markets where there was little inventory. In the last two major buyer's markets, one in the early 1980s and the other in the early 1990s, the rates were much higher. In 1978, interest rates were at 9.75 percent, en route to 18 to 21 percent in 1980. In the early 1990s, the rates were hovering in the (0 comments)