castle rock: The Mortgage Market – Week ending 9/14/07
- 09/12/07 08:21 AM
Recently, the August Report of the Case-Shiller S&P Housing Survey stated that housing prices, nationally, declined at an annual rate of 3.2%. What the local headlines in the Denver Area missed is that Denver is now in its third month of appreciation. Denver is poised to move into one of the top spots of twenty metro areas tracked in the report. So, what is happening with rates? Conventional rates are actually doing OK. They are staying steady in the low to mid sixes without much fluctuation. I will come back to this when I discuss Treasury movements. Nonconforming products continue to take … (0 comments)
castle rock: Current Home-Owners… What to do Now?
- 09/12/07 08:06 AM
There are four actions possible for current home-owners: Do nothing, Sell, Refinance, or Convert the Current Residence to an Investment. Do Nothing: This is for those individuals who are either happy and content in their present situation and don't want to take any chances, or those who are so caught in the current perceived uncertainty of the real estate market that they simply aren't equipped to make a decision. (I mean absolutely no slight at the latter; it's simply a truth that some people don't really know what's going on and don't have the information to equip them to make a decision.) Sell: … (0 comments)
castle rock: Finding Success in the Current Real Estate Market
- 09/12/07 08:02 AM
I live in Castle Rock, Colorado, on the south side of the Denver Metro Area. This article will cover both local and national (general) trends. Let me start nationally. Over the past five or so years, most of the nation has seen rapid increases in real estate values. I won't go into the "why" of all that, it just is a fact... for most places. However, recently, just about anyone who's watched the News, been on the Internet, or read a Newspaper, knows that the party is over. The most recent Case-Shiller S&P Housing Index Survey (from August) indicated that housing values … (0 comments)
castle rock: Now is a Great Time to Buy!
- 08/16/07 10:55 AM
The market is panicking; home values are declining; stocks are plummeting... how can this be a great time to buy? The simple adage, buy low, sell high, is an economic basic. We've seen how high high has gone in recent months, days, or years, depending upon what investment you're looking at, whether it's been oil, stocks, bonds, or real estate. For purposes of this article, I'm talking about real estate. In some sectors, real estate has begun to take a pounding (and rightfully so); in others the market has merely softened; and almost nowhere has real estate continued to move up unscathed by … (0 comments)
castle rock: Updated Mortgage Underwriting Requirements - A MUST READ!
- 08/13/07 05:46 PM
This one sort of falls under the "gotcha" column, but in the midst of all the mayham going on right now, I thought it might be a bit of a comic relief. Happy Reading! Very Important- Guideline Changes Effective August 13, 2007* All borrowers must have one blue eye and one brown eye to qualify.* LTV > 65% SIVA requires minimum credit score of 849.* For all LTV > 65%, 360 months of payment reserves are now required.* Borrower's must have no previous bankruptcies in their family history going back three generations.* A … (3 comments)
castle rock: Real Estate Mastery - Geographic Modeling
- 06/22/07 11:44 AM
Creating Your Business Model (more than just your "Plan") is critical to maximum long-term success and Business Efficiency What is it that separates the average-to-good business person from the one who is great? In the book Good to Great, you will discover that great business entities ultimately have a common denominator - each is highly focused on something in particular. Focus in business is of primary essence. Let me use myself as an example. (I'll admit right now that I have my own opportunities for improvement.) I am in business as a Mortgage Planning Specialist. In order to obtain income, I create Mortgage Loans … (10 comments)
castle rock: Taxes and Real Estate
- 06/09/07 10:15 AM
Before I begin this column, please know that I am not an accountant. When I was a boy, my father shared a bit of wisdom with me regarding taxes. He said, "Give Uncle Sam every dime he is due... and not a penny more." My father is both wise and a great citizen and his advice has served me well. Consider this when it comes to taxation - suppose you have a penny and you double it every day for 30 days. You would end up with almost $5.4 million dollars! And you could get taxed on it at that point. Now let's … (6 comments)
castle rock: Understanding the Home as an Investment
- 06/09/07 10:13 AM
UPDATE - I feel compelled to add a new comment to the blog subject below. Just yesterday, I met with some prospects. As it turns out, their situation almost mirrors precisely the situation below, all the way down to having paid extra to principal reduction when they were able. Their story ended in both foreclosure and bankruptsy. Sometimes, we might write things that sound great, but confronting a real truth behind such topics is both sobering and moving. I am commited to providing value to my new prospects and understand that their way up from the present situation is about 18 months away. Please take a couple … (2 comments)
castle rock: Home Mortgages Require a Shift from Old Attitudes
- 06/09/07 10:11 AM
I am old enough to understand the reason behind the advice my parents gave me, which is the same advice their parents gave them; "Get a low mortgage and pay it off as quickly as possible." Ever heard that advice? While once very sound, that admonition is no longer necessary in the United States today. During the 1930's Great Depression when banks were losing vast sums of money, many "called" the loans given to borrowers who had home mortgages. When the borrower could not pay off the mortgage, the bank could foreclose on the home. Imagine living through such a time as … (4 comments)
castle rock: Advice for First-time Home buyers
- 06/09/07 09:27 AM
Laura Scheer asks: What are the most important steps to prepare ourselves for our first mortgage? How do you choose a lender? First, let me offer my congratulations for asking the questions! The cliché would be to say that home ownership is the American dream. The truth behind the cliché is that home ownership can be one of the most effective ways for an individual or family to begin building wealth. For someone considering the purchase of a first home, the first big step is to get pre-qualified with a lender. Before doing that, the following preparations should be made. •- Gather financial documents … (8 comments)
Greg Polashock specializes in providing home Financing Solutions for move-up home buyers in Castle Rock and Lone Tree in Douglas County Colorado. Greg also consults with and for a variety of industry-related professions including Realtors®, Financial Planners, Accountants, Attorneys, Builders and Insurance Professionals.
Recently, the August Report of the Case-Shiller S&P Housing Survey stated that housing prices, nationally, declined at an annual rate of 3.2%. What the local headlines in the Denver Area missed is that Denver is now in its third month of appreciation. Denver is poised to move into one of the top spots of twenty metro areas tracked in the report.
;)
;)
