Real estate blog entries tagged with mortgage by Shawn Gerhardson, Top Rated Mortgage Professional (Waterstone Mortgage NMLS#186434)

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mortgage: 4 Quick Tips On Becoming A Young Real Estate Investor - 09/25/13 11:32 PM

Investing in property at a young age seems like a bit of a daunting prospect sometimes. Most young people don’t have a lot of disposable income, often have poor credit and perhaps even student loans.
When you are in your early 20s, you are not likely thinking about investing in property and are probably focusing on other things. However, investing in property at a young age can bring you a lot of advantages.
It requires a different approach and style and you might be the only one of your peers who is doing so, but you will definitely reap the benefits later … (0 comments)

mortgage: Questions To Ask Your Home Inspector Before Buying Your Home - 07/30/13 12:20 AM

Imagine how frustrated you’d be to find out that the hot water heater wasn’t working – in the middle of your very first shower in your new home!
This, among other very good reasons, is why you should have a home inspection before you buy your home.
When you buy a home, you need to know exactly what you’re buying.
A home inspection is an important part of buying your home. Before you hire a home inspector, ask candidates a few questions to make sure you hire a trustworthy inspector.
What Does Your Inspection Cover?
Not all inspections are the same. … (1 comments)

mortgage: Avoid These Common Mistakes When Pricing Your Home To Sell - 05/20/13 11:51 PM

It can be very difficult to determine what your property is worth in the current marketplace, because you are biased by what the property is worth to you. These emotions can get in the way of impartially evaluating a property and often cause sellers to overprice their home.
When pricing your property, you need to be objective and reasonable so you can come up with a selling price that will capture the interest of buyers.
Here are a few examples of common mistakes people make when pricing their house for sale.
Reading Too Much Into Online Comparable Properties
Avoid relying too … (0 comments)

mortgage: What’s Ahead For Mortgage Rates This Week – May 20, 2013 - 05/20/13 12:08 AM

Last week was jam-packed with economic news; here are some highlights with emphasis on housing and mortgage related news:
Monday: Retail sales for April increased to -0.1 percent from the March reading of -0.5 percent and also surpassed Wall Street’s downward forecast of -0.6 percent. Retail sales are important to economic recovery as sales of goods and services represent approximately 70 percent of the U.S. economy.
Tuesday: The National Federation of Independent Business (NFIB) released its Small Business Optimism Index for April with encouraging results. April’s index rose by 2.6 points to 92.1. A reading of 90.7 indicates economic recovery. This index is based … (0 comments)

mortgage: For November : Home Maintenance To-Do List - 11/12/12 03:09 AM

For November : Home Maintenance To-Do List
The calendar has turned to November; the month during which we transition from fall into winter.
With less sunlight, colder temperatures, and shorter days ahead for Cambridge , it’s an opportune time to cross those last-minute maintenance items off your homeowner to-do list.
Practicing preventive care — both inside and outside your home — can save thousands of dollars in repairs come later this winter. What follows is a brief checklist to get you started.
For outside the home :
Inspect exterior lights and outlets. Be sure that none of the outlets are … (0 comments)

mortgage: Existing Home Sales Leap To 2-Year High - 09/27/12 05:10 AM

Existing Home Sales Leap To 2-Year High
The home resale market put forth another strong data set last week. Home sales prices are higher nationwide and sales volume has moved to a 2-year high.
According to the National Association of REALTORS®, 4.82 million “existing homes” sold on a seasonally-adjusted, annualized basis in August, representing a near 8 percent improvement from the month prior and a nine percent jump from August 2011.
An existing home is a home which has been previously occupied.
Home sales were unevenly split across price tiers, with more than half of all homes selling for … (1 comments)

mortgage: Making Coupon-Free Savings At The Supermarket - 09/05/12 01:33 AM

Making Coupon-Free Savings At The Supermarket
The average family puts 10-15 percent of its monthly spending toward food, according to the Bureau of Labor Statistics and Department of Agriculture, with most of that food purchased at a supermarket.
The amount spent on food is less than the typical amount spent on housing each month but what makes food costs different from housing expenses is food costs are not “fixed”.
How much you spend on food each month is up to you and, using savvy shopping tactics plus coupons, you can lower your monthly food spend. Saving money on food … (2 comments)

mortgage: What’s Ahead For Mortgage Rates This Week : August 20, 2012 - 08/20/12 02:22 AM

What’s Ahead For Mortgage Rates This Week : August 20, 2012 Mortgage markets worsened for the third straight week last week as the U.S. economy showed new signs of expansion, and as little new news came from Europe.
August has been a rough month for rate shoppers. Since the start of the month, mortgage rates in Isanti have climbed steadily and are now at a 7-week high.
According to Freddie Mac’s weekly Primary Mortgage Market Survey, the 30-year fixed rate mortgage is 3.62% nationwide, on average, for homeowners willing to pay 0.6 discount points plus a full set of closing … (0 comments)

mortgage: 5 States Home To 50% Of Foreclosure Activity Nationwide - 08/14/12 03:24 AM

5 States Home To 50% Of Foreclosure Activity Nationwide Foreclosure pipelines are re-filling nationwide.
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 192,000 in July 2012, a 3 percent decrease from the month prior.
RealtyTrac defines a “foreclosure filing” as any foreclosure-related action, including a Notice of Default, a Scheduled Auction, or a Bank Repossession.
July marks the 22nd straight month during which foreclosure filings fell on a year-over-year basis. At some point soon, however, that streak may end. This is because, for the third straight month, on an annual basis, foreclosures … (1 comments)

mortgage: Closing At The End Of August? Plan Ahead For Labor Day Weekend - 08/07/12 03:21 AM

Closing At The End Of August? Plan Ahead For Labor Day Weekend. Planning to make a late-August purchase closing? Keep an eye on your calendar. The last Friday of this month coincides with Labor Day Weekend, which may make for a complicated, end-of-month closing. If you’re planning to close on, or around, August 31, 2012, plan ahead. Leaving anything to the proverbial last minute could delay your closing by hours in a best-case scenario, and by days in a worst-case.
This is because Labor Day is among the most popular vacation times of the year in the real estate, title and … (0 comments)

mortgage: Freddie Mac 30-Year Fixed Rate Mortgage Rates Rises To 3.55% - 08/03/12 12:31 AM

Freddie Mac 30-Year Fixed Rate Mortgage Rates Rises To 3.55%  Mortgage rates couldn’t fall forever, it seems. This week, for the first time since mid-June, the 30-year fixed rate mortgage rate climbed on a week-over-week basis, moving 6 basis points to 3.55%, on average, nationwide.
According to Freddie Mac, 3.55 percent is the highest average rate at which the benchmark product has been offered in close to 4 weeks.
The Freddie Mac published mortgage rate is available for prime borrowers … (0 comments)

mortgage: Existing Home Supply Ticks Higher To 6.6 Months Nationwide - 07/20/12 12:21 AM

Existing Home Supply Ticks Higher To 6.6 Months Nationwide
Home resales slipped more than 5 percent last month, putting a damper recent housing market enthusiasm.
According to the National Association of REALTORS®, Existing Home Sales fell to 4.37 million units in June 2012 on a seasonally-adjusted, annualized basis. This is 250,000 fewer home sales per year as compared May’s figures which NAR has revised 2 percentage points higher.
The pace at which homes are selling has slowed, too. As compared to May, the Existing Home Supply rose 0.2 months. At the current pace of sales nationwide, the national home … (0 comments)

mortgage: Foreclosure Starts Rise For Second Straight Month - 07/17/12 10:48 PM

Foreclosure Starts Rise For Second Straight Month
The number of U.S. homes receiving foreclosure notices topped one million through the first six months of 2012, according to RealtyTrac.
There were 1.046 million foreclosure filings between January – June 2012, says the foreclosure-tracking firm in its Midyear 2012 Foreclosure Market Report. The tally represents a 2 percent increase from the immediate six months prior.
A ”foreclosure filing” includes all of the following foreclosure-related actions : (1) Default notices, (2) Scheduled auctions, and (3) Bank repossessions.
One notable fact from within the report is that, even as the number of repossessed … (2 comments)

mortgage: Fed Minutes Suggest Fiscal Stimulus Later This Year - 07/12/12 12:35 AM

Fed Minutes Suggest Fiscal Stimulus Later This Year The Federal Reserve released the minutes from its June Federal Open Market Committee meeting, revealing a Fed divided on the future of the U.S. economy. Mortgage rates are higher after the release of the minutes.
The Fed Minutes is the detailed recap of an FOMC meeting. It is the companion piece to the more brief, more well-known post-meeting FOMC press release.
For a comparison, whereas the Fed’s June 20, 2012 press release contained 5 paragraphs and 490 words, the same meeting’s minutes contain 62 paragraphs and 7,508 words. The extra detail afforded … (0 comments)

mortgage: Pending Home Sales Index Hits A 2-Year High - 07/03/12 06:44 AM

Pending Home Sales Index Hits A 2-Year High Homes are going under contract at a quickening pace.
In May, for the second time in 3 months, the Pending Home Sales Index crossed the 100 barrier, stretching to 101.1. A “pending home sale” is a home under contract to sell, but not yet sold.
Statistically, the Pending Home Sales Index reading is significant for two reasons.
First, the index’s reading is at its highest since April 2010. From this, we infer that today’s pace of home buying in Minnesota and nationwide is approaching the “stimulated” levels of two years ago — … (0 comments)

mortgage: New Home Sales Rise To 2-Year High - 06/28/12 01:05 AM

New Home Sales Rise To 2-Year High The new construction market continues to improve.
As reported by the Census Bureau, 369,000 new homes were sold last month on a seasonally-adjusted, annualized basis. A “new home” is a home that is considered new construction.
May’s data marks the highest number of new homes sold since April 2010, the last month of that year’s federal home buyer tax credit.
It’s also a 14% increase over the rolling 12-month average.
The news was somewhat expected based on the most recent Homebuilder Confidence survey, which rose to a 5-year high. Home builders have been … (1 comments)

mortgage: What's Ahead For Mortgage Rates This Week June 18, 2012 - 06/19/12 06:04 AM

What’s Ahead For Mortgage Rates This Week : June 18, 2012 Mortgage markets improved last week, moving mortgage rates back on a downward trajectory. Wall Street investors bid down mortgage bond yields on weaker-than-expected economic data from the U.S. and concern for events within the Eurozone.
Freddie Mac reports the average 30-year fixed rate mortgage rate at 3.71% for borrowers willing to pay 0.7 discount points plus accompanying closing costs.
It’s the second-lowest reading in Freddie Mac’s recorded history and, as a point of comparison, one year ago, the 30-year fixed rate mortgage averaged 4.50% nationwide.
A homeowner giving a $200,000 … (1 comments)

mortgage: Building Confidence Rises To 5-Year High - 06/19/12 06:03 AM

Building Confidence Rises To 5-Year High
Home builders anticipate growth in the market for newly-built, single-family homes.
For June 2012, the National Association of Homebuilders reports its monthly Housing Market Index at 29 — an increase of more than 100% from one year ago and the highest HMI value since May 2007.
When the Housing Market Index reads 50 or better, it’s meant to indicate favorable conditions for builders in the single-family, new-construction market. Readings below 50 suggest unfavorable conditions for builders.
The index has not been above 50 since April 2006.
The NAHB Housing Market Index is not a … (0 comments)

mortgage: New HARP 2.0 Program will help some underwater homeowners - 05/08/12 04:39 AM

In an effort to help out homeowners who find themselves “underwater” (owing more money than their home is worth), President Obama announced changes to the 2009 Home Affordable Refinance Program (commonly known as HARP).
The new changes went into effect March 17, and is helping many more homeowners to be eligible to refinance their mortgages and take advantage of the record-low interest rates now being offered. Although it’s difficult to say with certainty, given current market interest rates, the best estimate is that by the end of 2013 HARP 2.0 refinances will help well over one million homeowners.
The initiative aims to address an … (0 comments)

mortgage: Details of the Obama Refinance Program AKA Home Affordable Refinance Program - 04/09/09 04:27 AM

The details of the "Obama Refinance Program" AKA The Home Affordable Refinance Program have been released. There are two different versions of the plan and depending upon who your servicer is there are different components to each. One is for Freddie Mac serviced loans and the other is for Fannie Mae serviced loans. I have provided links to both for you below to see if you are eligible for either program.
The information below provides an overview of the current program guidelines. This program is new as of April 1st 2009 so be aware that they are subject to change.
Program Description
Freddie … (1 comments)

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