purchases: The Hard Numbers- The Harsh Reality of Renting
- 04/05/12 01:47 AM
The Hard Numbers- The Harsh Reality of Renting Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment and in many cases today this still remains true. (Remember always buy low and sell high) It is an achievement that offers a sense of pride, financial stability and potential tax advantages.Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. … (4 comments)
purchases: Grand Rapids, MI It is a Buyers Market
- 05/11/11 09:09 AM
Grand Rapids, MI Buyers Market Economics 101 I was reading an article today on ten ways to survive the housing market and I got to thinking, what is the best thing a home owner could do to survive this slow moving market. Suddenly it hit me as I was reading number three on the article, BUY! The United States housing market is like a gigantic Wal-Mart right now with 20-30% savings on everything from Mansions to Apartments. One of the most common sayings when at the grocery store is "No it's not on sale." Homes are on sale! With prices predicted … (0 comments)
purchases: A Zillow Zestimate is Good in Kent County Michigan
- 01/14/11 07:05 AM
A Zillow Zestimate is Good in Kent County MichiganIt has been commonly asked how accurate Zillow Zestimates are overall and the answer varies greatly by the location in question. For instance, in Kent County Michigan the accuracy of a Zestimate is three stars (meaning good) where as in Ionia County Michigan the Zestimate is only one star (meaning they only have the tax assessor’s value on file or are unable to compute the accuracy of the Zestimate). Looking at Michigan as a whole the accuracy of Zestimates are two stars (meaning fair).The more data that is given on a property the … (2 comments)
Buying a home can be a complex process, but it doesn't have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when your mortgage professional needs them.To start with, the lender will need personal information to verify employment for you as well your co-borrower (if there is one). Information regarding all of your debts and assets will also be needed.In order to expedite the paperwork process, start gathering the following items: Two Most recent pay stubs. … (0 comments)
Prior to 2003, underwriters were required to dot the “i”s and cross their “t”s. Then all heck broke loose and about anyone who could fog a mirror, was able to get a mortgage.Well, the pendulum has swung back the other way. Fannie, Freddie, FHA and even VA have issued more stringent rules and regulation updates in the last 24 months. The last big shake up like this was back in the early 80s, with the savings &; loan crisis! So, what are the 6 top reasons why more loans are being … (2 comments)
purchases: Overcome Your Fear of Niche Marketing
- 09/14/10 09:26 AM
Have You Mastered a Niche Market?Remember when you first got into the business? You needed to work with every type of buyer, all property types and every type of financing—just to make ends meet! However, there is a danger in being a “generalist”. The other day, I got a call from a friend of mine who wanted to buy a new home under construction. The real estate agent they were working with did not have the experience needed in ironing out the details with the buyer and the builder. My friend was frustrated—calling everyone she knew, looking for advice! The agent … (2 comments)
purchases: Mortgage Insurance – When Can It Be Cancelled?
- 04/27/10 10:23 AM
When can you get rid of your Mortgage Insurance? WHAT IS MORTGAGE INSURANCE? If you have a conventional mortgage, and put less than 20% down when you purchased your home (or less than 20% equity when you refinanced your home) your monthly payment includes “mortgage insurance”.Depending on your interest rate, for a 30-year term mortgage and if you put 5% down payment, it will take approximately 11 years to reach 78% loan to value; with 10% down, it will take about 9 years, and with 15% down, 6 years. If you have an FHA mortgage, mortgage insurance is automatically included in … (0 comments)
A follow up to the previous posting; FHA Mortgage Insurance Premiums
FHA will now collect an upfront mortgage insurance premium of 2.25 percent, rather than 1.75%. This policy change will increase premiums for purchases as well as refinance transactions, including those FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. For more detailed information on this premium increase, please see Mortgagee Letter 2010-02. … (2 comments)
BUYER VS. SELLER: A HARSH REALITYI have read a few posts on Rain lately that ring to the harsh realities of the market we currently face. Buyers are looking for the best deal in the market and many are pressed for time trying to grab up the home buyer credit. The sellers are looking to get as much out of their home as possible and many times with understanding the market itself. As agents you try to put everything into perspective for both parties but in … (3 comments)
Very Important Update for FHA lenders and loan applicants on "upfront mortgage insurance premiums": "Lenders are reminded that effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent, rather than 1.75% currently. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. For more detailed information on this premium increase, please see Mortgagee Letter 2010-02 at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf " FHA aplicants should make every effort to have their lender order case numbers early in the … (2 comments)
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The Hard Numbers- The Harsh Reality of Renting
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