April 14th, 2017

Homeownership: A savings lifeline

Posted by at 12:30 pm

With home prices rising to all-time highs, many potential buyers may imagine drowning in a sea of monthly payments stretching across many years. Naysayers bob to the surface with harrowing tales of home-buying gone wrong. If the down payment doesn’t get you – well the property taxes, maintenance and insurance surely will! These so-called “savvy” investors say renters who dutifully put all money not spent on housing into stable investments – like mutual funds – may get a greater rate of return. Criticism of homeownership as an instrument of wealth-building has understandably become louder in the last decade, after a Housing Bust that put more than 10 million homeowners upside-down, and 4 million more into foreclosure. Though most underwater homeowners have swum back into positive equity, and many of those foreclosures are mortgage-eligible again, the math geeks remain in a...
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March 15th, 2017

What does FHA look for with an Appraisal?

Posted by at 9:32 am

One question I get asked very often is “What does FHA look for on an appraisal?” Another way of asking it is, “Will the condition of this house meet FHA guidelines?” When an FHA loan is being used, the appraiser has two objectives. The Department of Housing and Urban Development (HUD) requires the appraiser to determine the current market value, as with any appraisal. But they also require a property inspection to make sure the home meets HUD’s minimum standards for health and safety. Note that the appraiser does not replace your home inspection. The appraiser has a duty to report to your lender the comparable value of the home your buying as well as the overall condition of the home. Only a home inspector will do a thorough analysis of the condition of every aspect of your home. HUD...
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March 9th, 2017

Buying Young

Posted by at 12:12 pm

  Buyers under the age of 35 are leading the way as consumer confidence in the housing market rises near all-time highs heading into the spring of 2017. In its February installment of the National Housing Survey, Fannie Mae saw surging Millennial confidence in the housing market, even with mortgage rates seemingly poised to rise, and home prices at near-record levels. Along with more job security and increasing income, Millennial home buyers are increasingly married with children – all three legs of the home demand stool. Nearly half (49 percent) of Millennial buyers reported at least one child – up from 45 percent last year and 43 percent two years ago. As with every aspect of the marketplace, young buyers with children are the key to shaping the future of real estate. With more kids in tow, more of these...
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March 1st, 2017

Housing Affordability in a Market of Increasing Home Prices

Posted by at 4:57 pm

Are you concerned about home prices getting too high? Are you worried that we might be headed for another housing bubble? Watch this video and learn how the data shows a completely different picture. And then call me with any questions you have about buying a home today. RELATED ARTICLES: Historical Mortgage Rates Compared to Today’s Rates Don’t Panic on Rates...
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March 1st, 2017

What is Your Hourly Rate?

Posted by at 4:52 pm

Have you calculated your hourly rate? Are you using your income and your resources correctly? In this video, we follow up from a prior email to help you identify if you’re using your time and your resources to their fullest potential. RELATED ARTICLES: The ONE Thing!...
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February 17th, 2017

Robot Mortgages Still Far in the Future

Posted by at 11:18 am

In another “sign of the times,” Bank of America recently began testing three mini-bank branches – two in Denver, one in Minneapolis – that have ATMs and video-conference capability, but no actual human beings working there. But much like self-checkout at the grocery store or self-serve gas, customers can still conduct banking business of almost any kind. This news comes at the same time the country’s first robotic barista – nicknamed Gordon – came on line, serving up to 120 coffee drinks an hour in a San Francisco shopping complex. Today’s home loan consumers insist on the ability to conduct financial transactions electronically, as well. They search online for the right home, then email the real estate agent. After choosing a home, a potential borrower can power through pre-qualifying in just a few minutes via texts and maybe a phone call...
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February 15th, 2017

Reverse Mortgage Checklist and Self-Evaluation

Posted by at 8:57 am

There are several important questions you need to ask yourself when considering a reverse mortgage. The answers to these questions will help determine if a reverse mortgage is right for you, and how you should structure it. These questions also help prepare you for the time when you no longer need the reverse mortgage (you and your spouse pass away, you move out of the home, or you sell the home). You should ask yourself the following questions: How do you intend to use your reverse mortgage loan proceeds? Do you fully understand your obligations as a borrower under a reverse mortgage? If you are married, will your spouse be a co-borrower on your loan? How will your reverse mortgage loan be repaid? Do you receive assistance under any government programs that are based on your current income? How long...
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January 25th, 2017

How Hard is it to Get a Mortgage in 2017?

Posted by at 9:06 am

How hard is it to get a mortgage in 2017? Another way to ask this question is – what is the current mortgage credit availability? Some people are thinking that it’s too easy to qualify for a mortgage today – that we’re headed for another housing bubble. And if your entire existence in the housing market has been after 2009 (i.e. you never owned a home or thought about owning a home prior to 2009), then it might look that way to you. Looking at this chart on the right, you can see that mortgage credit availability is indeed getting easier. 100% financing is available, borrowers can qualify with credit scores as little as 580, and mortgage rates are still near their all-time lows. However, for those of you who did own a home prior to 2009, you’ll remember what it used to be like,...
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January 23rd, 2017

The ONE Thing!

Posted by at 8:11 am

Do you know what your ONE Thing is? Do you know the ONE Thing you need to be focusing on that impacts your business the most? In the book The ONE Thing (click here to purchase on Amazon),  Gary Keller and Jay Papasan illustrate how important it is to focus, and to focus on your ONE Thing, and how you can make a difference in your business and your life. Read the book now, and start your year off right.  ...
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