mortgage chili blog: A Simple Explanation Of The Federal Reserve Statement (August 9, 2011 Edition)
- 08/10/11 01:23 AM
Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
The vote was 7-3 — the first time in 5 meetings that the nation's Central Bank was non-unanimous and the first time since 1992 that the FOMC adjourned with as many as three dissenters.
In its press release, the FOMC had .....
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A Simple Explanation Of The Federal Reserve Statement (August 9, 2011 Edition)
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mortgage chili blog: Mortgage Rates Drop After U.S. Credit Downgrade
- 08/10/11 01:21 AM
Mortgage rates continue drifting downward, despite -- or because of -- a ratings downgrade on long-term U.S. government debt. Standard & Poors issued a single-notch downgrade after Friday's market close, from AAA to AA+.
Of the roughly $9.4 billion in publicly-held U.S. debt, 72 percent is long-term (i.e. with duration of 2 years or longer).
U.S. short-term debt was not downgraded.
When an entity -- government, business, or....
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Mortgage Rates Drop After U.S. Credit Downgrade
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mortgage chili blog: First-Aid Guide For Furniture
- 08/10/11 01:18 AM
When furniture arrives in your home, it's factory-issued, perfect and clean. From that day forward, however, accidents can happen, causing damage to your pieces. Sometimes the damage is permanent.
Know how to react when the inevitable spill or scratch occurs and you can "save" your furniture and extend its useful life.
From Martha Stewart, these "first-aid for furniture" tips should come in handy.
Wood
Moisture "rings" : Pour table salt on ..... Read the COMPLETE BLOG POST HERE:
First-Aid Guide For Furniture
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mortgage chili blog: What Does Title Insurance Protect Me From?
- 08/10/11 01:16 AM
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By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged.
Many different occurrences can come into play to warrant the need for title insurance.
The title company responsible will then take on the legal expenses to defend the property for as long as you are in possession of an interest in the property under the title.
If the defense is not ....
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What Does Title Insurance Protect Me From?
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mortgage chili blog: First-Time Home Buyer Credit Checklist
- 08/10/11 01:12 AM
Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps.
Since there are so many rules and steps to follow, here is a simple list of Do's and Don'ts to keep in mind throughout the mortgage approval process:
DO:
Continue working at your current job Stay current on all your accounts Keep making your house or rent payments Keep your insurance payments current Continue to maintain your credit as usual Call us if you have any questions
DON'T
Make any major … (1 comments)
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mortgage chili blog: Mortgage Rates Make New 2011 Lows
- 08/10/11 01:10 AM
Mortgage rates in Florida plunged to new 2011 lows this week.
According to Freddie Mac's weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage fell to 4.39% this week -- the lowest 30-year fixed reading since November 18, 2010.
The 0.16 drop from last week is the largest one-week rate drop in more than 2 years, and, although the 30-year fixed remains above its all-time lows from November 2010, two other benchmark products made new records this week.
Both the 15-year fixed rate mortgage and .....
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mortgage chili blog: Closing At The Start Of September? Watch Out For Labor Day.
- 08/10/11 01:07 AM
Home sales have heated up, according to the National Association of REALTORS®.
More homes are going under contract this summer than went during the winter or spring seasons. Many of these homes are scheduled for late-August/early-September closings.
If your home is among them, plan ahead.
Like for the rest of the U.S. workforce, Labor Day is a popular vacation time in the real estate, title and mortgage industries. Closings come together more slowly when the parties involved are on holiday. In addition, when issues arise, they are often slower to resolve because not everyone is "present".
Therefore, if you're under contract to … (0 comments)
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mortgage chili blog: A Mortgage Rate Strategy For July's Jobs Report
- 08/10/11 01:04 AM
At 8:30 AM ET Friday, the Bureau of Labor Statistics will release the July 2011 Non-Farm Payrolls report. Mark it in your calendar. If you've been watching mortgage rates fall to new all-time lows this week and fear a mortgage rate reversal, Friday could be the day.
The monthly Non-Farm Payrolls data can swing a big stick in mortgage markets.
More commonly called "the jobs report", Non-Farm Payrolls details the U.S. workforce, providing sector-by-sector analysis of workforce, as well as the national Unemployment Rate.
The jobs report affects mortgage rates because of ....
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mortgage chili blog: What Will The Debt Ceiling Agreement Do To Mortgage Rates?
- 08/10/11 01:00 AM
The United States is projected to reach its legal $14.294 trillion debt limit today. The limit was set by Congress February 12, 2010. The U.S. Treasury may not issue new debt beyond the debt ceiling.
Since April 2011, Congress has debated ways to remain below the nation's $14.292 trillion borrowing limit. The debate commenced with the passage of the 2011 U.S. Federal Budget which featured a $1.645 trillion deficit.
This multi-trillion dollar deficit ensured.....
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What Will The Debt Ceiling Agreement Do To Mortgage Rates?
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mortgage chili blog: Don't Use Your Ladder's Top 2 Steps, And Other DIY Safety Tips
- 08/10/11 12:56 AM
Home improvement projects are on the rise, according to the BuildFax Remodeling Index. For the 19th straight month, May's index rose, suggesting that homeowners in Longwood are remodeling more frequently than in the past.
Do-it-yourself projects are on the rise, too.
If you're among the many homeowners......
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Don't Use Your Ladder's Top 2 Steps, And Other DIY Safety Tips
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mortgage chili blog: Important Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction
- 08/10/11 12:50 AM
Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing.
If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan.
Short Sales & Foreclosures - Short sales and foreclosures are everywhere. They often represent great value when looking to by a new home.
However, they also present a unique set of problems that homebuyers need to be aware of and plan for.
1.) Property Condition
Typically, when homeowners are facing foreclosure or .....
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Important … (1 comments)
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mortgage chili blog: Pending Home Sales Rise For 3rd Straight Month
- 08/08/11 02:00 AM
Buyers are writing contracts at a furious pace nationwide.
On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month to reach its highest level since March.
A "pending home sale" is a home under contract to sell, but not yet closed.
The forward-looking Pending Home Sales Index is up 11 percent from its low of the year, according to the National Association of REALTORS®, and well ahead of its.....
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Pending Home Sales Rise For 3rd Straight Month
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mortgage chili blog: 16 of 20 Case-Shiller Cities Show Improvement In May
- 08/08/11 01:44 AM
Standard & Poors released its May 2011 Case-Shiller Index this week. The index measures change in home prices from month-to-month, and year-to-year, in select U.S. cities.
May's Case-Shiller Index showed a 1 percent increase from April 2011. Home values rose in 16 of the Case-Shiller Index's 20 tracked markets. Only Detroit, Las Vegas and Tampa fell. Phoenix was flat.
Don't look too far into the....
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16 of 20 Case-Shiller Cities Show Improvement In May
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mortgage chili blog: New Home Supplies Keep Shrinking; Prices Pressured Higher
- 08/08/11 01:36 AM
Home builders are slowly reducing inventory.
According to Census Bureau data, the number of new homes slid 1 percent from May. On a seasonally-adjusted, annualized basis, home buyers bought 312,000 newly-built homes last month.
It's the third straight month of falling sales and the headline data casts the Orlando housing market in a .....
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New Home Supplies Keep Shrinking; Prices Pressured Higher
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mortgage chili blog: Is An FHA Mortgage Better Than A Conforming One?
- 08/08/11 01:31 AM
The FHA is insuring a greater percentage of loans than during any time in recent history. In 2006, it insured roughly 5 percent of the purchase mortgage market. Today, it insures one-quarter. "Going FHA" is more common than ever before -- but is it better?
The answer -- like most things in mortgage -- depends on your circumstance.
Like its conforming counterpart, an.....
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Is An FHA Mortgage Better Than A Conforming One?
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mortgage chili blog: How To Clean A Smelly Front-Loading Washing Machine
- 07/28/11 12:13 AM
In today's Orlando homes, front-loading washing machines are a popular choices as compared to traditional, top-loading machines for 3 main reasons:
They wash more clothes per cycle, lowering household energy costs They're environmentally-friendly, using less water per cycle They're gentler on clothes, preserving colors and fabrics longer They also require more care in the "cleaning" department.
Because of the way most front-loading washers are built, they tend to pool water in their drums, which can be a breeding ground bacteria and mildew.
Whether your front-loading washer smells "dirty" or not, you'll want to follow proper procedures to keep it .....
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mortgage chili blog: Home Prices Rise For The 2nd Straight Month
- 07/28/11 12:06 AM
A strong spring season helped home values recover, says the government.
According to the Federal Home Finance Agency's Home Price Index, home prices rose a seasonally-adjusted 0.4 percent from April to May.
It's the HPI's second straight increase, and puts the monthly index at its highest point since January 2011.
As a home seller in Orlando , you may appreciate news such as "rising home prices", but it's important to ....
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Home Prices Rise For The 2nd Straight Month
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mortgage chili blog: Existing Home Sales Fall To 8-Month Low
- 07/27/11 11:45 PM
Home resales slipped for the 3rd straight month, according to data from the National Association of REALTORS®.
The Existing Home Sales posted a 1 percent drop from May as the number of homes sold fell to a seasonally-adjusted, annualized 4.77 million units. It's the monthly report's lowest reading since November 2010.
The report also showed the national supply of homes for sales rising to 9.5 months -- also its highest reading since November 2010.
Home Supply is the amount of time it would take to .....
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mortgage chili blog: Housing Starts Surge 9 Percent; Signal A Strong Fall Season
- 07/22/11 01:43 AM
Builders are busy once again.
According to the Census Bureau, Single-Family Housing Starts rose to 453,000 on a seasonally-adjusted, annualized basis in June -- a 9 percent spike from the month prior and the highest reading in 3 seasons.
A "Housing Start" is defined as a home breaking ground on new construction.
June's reading is largest one-month jump since June 2009. The reading surprised Wall Street despite that .....
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Housing Starts Surge 9 Percent; Signal A Strong Fall Season
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mortgage chili blog: Led By Expectations Of A Strong Fall Season, Homebuilder Confidence Bounces Back
- 07/22/11 01:38 AM
Homebuilder confidence is bouncing back.
One month after an unceremonious dip highlighted by poor sales figures and dim prospects for the future, the National Association of Homebuilder's Housing Market Index rebounded two points to 15 in July.
The monthly Housing Market Index is scored on a 1-100 scale. Readings above 50 indicate favorable conditions for ....
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Led By Expectations Of A Strong Fall Season, Homebuilder Confidence Bounces Back
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