Know all you can about Home Loans
Related Posts: Real Estate News
hiDuring the real estate boom, many homebuyers were surprised at the amount of money a bank was willing to lend - and many who took the full amount now face foreclosure. As banks struggle to reinvent lending, Bank of America has debuted www.BankOfAmerica.com/HomeLoans . The Web site not only includes a calculator to determine the maximum amount of money a buyer can borrow, it also includes calculators to help buyers determine how much debt they can comfortably take on. Bank of America says it designed the site to be easily understood and to help consumers face a variety of contingencies, including the maximum payment that an ARM could potentially cost. The new site includes BofA products, such as the Flat Fee Mortgage Plus, which has no application fee and a single closing fee; it doesn’t always include some standard costs of homeownership, such as property taxes, homeowners’ insurance or prepaid interest.
Source: The New York Times, Bob Tedeschi (05/08/2009)
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Mark your calendar this week !
Related Posts: Credit & Finance, Florida Listings, Government, Real Estate Sales
hiHousing has hit bottom, says economist one. Housing will hit bottom this summer, says economist two. Housing won’t hit bottom until 2010, says economist three.
Some liken housing data to the weather: If you don’t like today’s statistics, wait until tomorrow. The “facts” will change. Here are some mixed signals:
• The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported that home prices rose 0.7 percent from January to February 2009.
• The February 2009 RPX Monthly Housing Market Report said home sales increased month-over-month in 22 of 25 key metropolitan statistical areas and 13 of these areas posted the largest gain in February 2009 since 2006.
• The National of Association of Realtors® reported that existing home sales dropped in March 2009, and median prices fell 12 percent from a year earlier.
• First American CoreLogic announced that national housing prices declined 12.2 percent in February from a year earlier and have been in decline for 24 straight months. It predicted that home prices would continue to decline through 2010.
This BrokerBlogger said months ago that the statistical bottom will of the housing market be April 1st, 2009. In April of 2010 we will look back and see that the slooooooow and rocky recovery began this month. Write it down and we can debate it on Cinco de Mayo 2010. It will still be a struggle to get credit if you have a marginal credit score, unit sales will be rising, housing starts for single family homes will lead the building recovery, the desireous areas like Florida will be at the top of the lists of states moving forward and people will talk about the new new real estate buying & selling methods and strategies that for some reason will remind you of the way it was before the housing boom and before the day when not everyone could just state an income and get a loan.
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What about Jumbo Loan?
Related Posts: Credit & Finance, Real Estate News, What If Realty News
hiSource: San Francisco Chronicle, Kathleen Pender (04/23/09)
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Now the 30 year fixed rate is 4.82%
Related Posts: Real Estate News
hiRates on 30-year mortgages dipped this week to 4.82 percent after rising a week earlier, and are again close to record lows. “The housing industry is starting to exhibit some positive signs,” Freddie Mac’s chief economist said in a statement. This is great for the Florida real estate market.
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4.78% 30 year fixed rates…….
Related Posts: Credit & Finance, Real Estate News
hiRates on 30-year mortgages fell to their lowest level on record, an average of 4.78 percent, for the second consecutive week after the Federal Reserve launched a new effort to assist the U.S. housing market. A majority of mortgage experts don’t expect rates to go much lower over the next month. It is a great time to choose the area where you wish to live, find the home that will make you happy, think long term and make your purchase.
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