8 Things You Absolutely Shouldn’t Do Now That Your Mortgage Application Is In-Process

March 31, 2009

With mortgage rates are hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities. The downside of today’s unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business. As a result, the process of underwriting and approving new mortgage applications is taking some conforming lenders as long as 2 months to complete

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FHA Cash Out Refinances Getting More Strict As Of April 1, 2009

March 30, 2009

If you’re in want of a cash out refinance, the most liberal cash-out program in town is about to make qualification more difficult. Effective April 1, 2009, the FHA is reducing the maximum loan-to-value on cash-out refinances by 10 percent, dropping the loan size limit from 95% of the home’s value to 85%. In its official press release , the FHA days it’s making the change to “limit its exposure to undue risk”.

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New Home Sales Figures Show Unexpected Improvement

March 26, 2009

The national housing market got its third piece of good news in 3 days: Monday: Existing Home Sales up Tuesday: Home values appear higher nationally Wednesday: New Home Sales up And although national real estate statistics are irrelevant to the local markets in which real estate transactions happen, to a country of would-be and wanna-be home buyers, repeated positive news on housing can be a strong signal that it’s time to get off the sidelines. At least, that’s what the data is showing us. According to an industry trade group, first-time home buyers accounted for half of all sales of previously-owned homes.

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Watch Out For Mortgage Rates When Gas Prices Rise

March 25, 2009

Don’t look now but oil prices are climbing. This should worry today’s home buyers and would-be refinancers because some of the same forces that helped to push crude past $50 for the first time in 4 months also cause mortgage rates to rise

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Monthly Home Sales Rise 230,000 In February 2009

March 24, 2009

Each month, the National Association of REALTORS ® releases a study called the Existing Home Sales report. It’s a detailed look at “used” home sale data from all four regions of the country

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Current Mortgage Rates Lower on Positive Economic News

March 23, 2009

Mortgage markets scored big gains last week, sparked by the Federal Reserve’s pledge to buy $750 billion more mortgage-backed bonds in 2009. Conforming mortgage rates fell on the week, overall

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What To Do When Mortgage Rates Plummet

March 20, 2009

For the fifth time in a year, rate shoppers learned an important lesson this week: When mortgage rates plummet unexpectedly, they often recover just as fast. Wednesday, the Federal Reserve’s newest $750 billion mortgage market pledge helped to push conforming mortgage rates near their lowest levels since WWII. 24 hours later, however, those rates were expired.

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What You Should Know When Buying A Short Sale or A Bank Owned Home (Part 3)

March 19, 2009

This is the final part of this series. I will be moving on to bigger and better things in the near future I would like to focus on what you should expect from the banks after you have procured an offer on one of their properties. Short Sale The bank has not fully negotiated with […]

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Mortgage Rates Plummet on New Round of Mortgage Bond Purchases from Fed

March 18, 2009

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today, within the target range of 0.000-0.250 percent. This doesn’t mean the Fed stood pat, however.

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Home Prices May Have Already Bottomed

March 18, 2009

There’s a mixed message in February’s Housing Starts data and it may be a good sign for home sellers in the near-term. As reported by the government, new home construction rose by 22 percent last month. The press is running with the headline number, calling it evidence of a market bottom .

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The Federal Reserve Is Meeting And What It Means To Your Mortgage Rate

March 17, 2009

The Federal Open Market Committee begins a scheduled, 2-day meeting today to discuss the country’s monetary policy. As is custom, the group will issue a press release to the markets upon adjournment.

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Current Mortgage Rates Rise Due to Market Optimism

March 16, 2009

Mortgage markets lost a little bit of ground last week, edging mortgage rates higher in a week marked by the largest stock market gains since November. Once again, mortgage rates couldn’t sustain a rally of more than 5 days. Not since late-2008 have mortgage rates managed to fall two weeks in a row.

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Real Estate Investments: Some Words of Guidance

March 13, 2009

“Most of the biggest real estate fortunes were not made in good times, but in bad times like this” Barbara Corcoran reminds us in this talk with NBC . It’s important perspective for Americans wondering how to invest in foreclosed properties without losing their cash or their credit rating. In the 4-minute interview, Corcoran quips on the basics and the essentials of foreclosure investing, “Everyone who loses their shirt loses it somewhere else.” “Every big shark started small.” “The house on the corner sets the tone for the block.” She also lends some personal perspective to rent rolls, the cost of losing a tenant, and finding a good business partner.

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Mark-To-Market : How An Obscure Corporate Accounting Rule Might Impact Your Mortgage Rate

March 12, 2009

You know you’re in the middle of an economic crisis when an accounting issue become Front Page News, and that’s exactly where we’re at today. Mark-to-market accounting is having its day in the sun and people in need of mortgage sometime soon would do well to pay attention. If you’ve never heard of mark-to-market accounting, don’t worry.

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Mint Social Featured as Phoenix Social Media Marketing Expert

March 11, 2009

Matt O Brien, a good friend of mine, was featured on the local news last night here in Phoenix as the valley’s premier social media marketing expert. Matt is the founder of Mint Social which is a company that helps businesses understand how to market and manage their brands on the internet.  The video is […]

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Simple Real Estate Definitions : FICO

March 11, 2009

The basis of most mortgage lending is credit scoring. In general, the higher a person’s credit score, the lower his offered mortgage interest rate

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The Half-Truth Of The Headline “1 In 8 U.S. Homes Are Late Paying Or In Foreclosure”

March 10, 2009

USA Today ran this 2008 Foreclosures By State heatmap last week, reminding us of a simple truth: Headline statistics can be misleading. According to data compiled by RealtyTrac, 1 in 8 U.S. homes were in various stages of default or delinquency at the end of 2008

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What High Unemployment Numbers Mean to your Mortgage Rates

March 9, 2009

Mortgage markets improved last week with investors’ renewed aversion to risk. To the benefit of home buyers, as major stock indices touch 12-year lows , investors are moving investible cash to the bond market.

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Homes Listed For Sale Plummet Across 96% Of Major U.S. Markets

March 6, 2009

If you asked an economist why home prices have broadly fallen over the past 2 years, you’d get a short lesson in Supply and Demand.

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Some Homeowners Are Eligible For Mortgage Relief. Are You One Of Them?

March 5, 2009

When the White House first introduced the Making Home Affordable program in February, it was positioned as a mortgage program with two goals: To help financially-needy homeowners get mortgage relief To help homeowners who’ve lose equity qualify for today’s low rates Wednesday, in a much-anticipated announcement, the U.S. Treasury introduced new details about Making Home Affordable

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