ann arbor: Purchase & Renovate Your Dream Home, only 3% down, including improvements
- 05/14/07 02:47 AM
Are you in the market to purchase a home? Only finding properties that are in rough condition? Are you finding possible good deals but don't have the money to renovate/improve the home? You have options. In today's Real Estate market, especially in Michigan with all the foreclosures, there are many opportunities for buyers to purchase a home that needs some TLC for a great value, including foreclosed homes. A large number of first time homebuyers don't have the resources to renovate a home when they first purchase. The solution? FHA 203k Renovation loan. This type of loan allows you to purchase a property … (3 comments)
ann arbor: Fed Holds Rates Steady & Impact on Mortgage Rates
- 05/09/07 07:19 AM
The Federal Open Market Committee (FOMC -aka The Fed & Ben Bernanke -Fed Reserve Chairman) held the Fed Funds rate steady today at 5.25% (http://money.cnn.com/2007/05/09/news/economy/fed_statement/index.htm?postversion=2007050914 -Fed's Statement) For clarification purposes I will explain first what the Fed Funds rate is and then what this all means for mortgage rates. The Fed Funds rate is the rate at which the Federal Reserve Bank will lend money to banks on a short term basis. This rate is determined monthly by the Federal Open Market Committee. What this means to most people is it is the basis for which our short term interest rates (Home Equity Lines of Credit, Credit Cards, … (1 comments)
ann arbor: What to do with Sub-Prime Borrowers?
- 05/01/07 06:02 AM
All this news about the sub-prime mortgage woes has everyone running for the hills and sending away what could end up being good business in the end. Yes, if you watch the news all we hear about is how the sub-prime mortgage market is killing our housing market, (just take a quick look at http://www.mortgageimplode.com/ and see how many sub-prime lenders have gone out of business)putting increased pressure on an already struggling market. An obvious problem is with the reduction in sub-prime loans available is we have somewhat limited our market for purchases & refinances; especially on the lower end of the market. … (2 comments)
ann arbor: Home Builder's Facing Difficult Times - Now is the time to Establish Relationships
- 04/26/07 04:06 AM
As most people have already read, homebuilders accross the nation are struggling. Inventories have increased, prices have dropped and new home sales are down. Almost every national and local homebuilder has been adversly impacted during this down turn. As CNN reports today, http://money.cnn.com/2007/04/26/news/companies/beazer/index.htm?postversion=2007042609, the news does not seem to be getting any brighter for this year with a possible upturn next year in 2008. I attended a sales training yesterday and the speaker from my company made a very good point. Now is the time to establish builder relationships. As business is down, builders are looking to get more creative to get rid … (0 comments)
ann arbor: LaSalle & ABN being sold
- 04/23/07 03:07 AM
Another mega banking merger is in the works. ABN AMRO is selling out to Barclay's, a British Bank, to create the Fifth larges banking institution in the world. As part of the deal, ABN is going to sell it's LaSalle Bank to Bank of America. While usually a merger is a good sign for the industry and show's some potential in the market, this move could cost Ann Arbor more jobs. The ABN AMRO jobs that are still here are likely to not be here after Barclay's purchases them. As far as LaSalle, probably more of the same as Bank of America, a … (4 comments)
Are you in the market to purchase a home? Only finding properties that are in rough condition? Are you finding possible good deals but don't have the money to renovate/improve the home?;)
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