Suggested Reading
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What Realty Agents Won't Tell
Fair-housing laws prevent agents from talking about neighborhood demographics, and they often don't want to discuss other details, such as crime stats. Luckily, the Web picks up where agents leave off.
What You Should Know About A Buyer's Market
More home buyers have a better chance now than at any other time in nearly a half decade to negotiate a home-buying deal that costs less and comes with some concessions thrown in.
Mortgage Rate Locks Become Crucial
An interest rate lock is always a good idea in any market. But it becomes a better idea when it's crucial to lock in an interest rate and other loan costs at a level you can afford
Building a Home? Protect Yourself from Soaring Material Prices
The materials used to construct a house aren’t rare-wood, steel, concrete, shingles, copper. Like all commodities, their prices fluctuate.Especially lately. The Association of General Contractors of America reported in June that prices for steel products rose 8.1%, asphalt, 6.7%, and diesel fuel, used to transport those materials, was up 5.7% over the past 12 months.
An Agent’s Advice - 5 Steps to Choosing a Lender
With all of the mortgage industry’s recent changes, especially those related to high loan-to-value loans, credit score-based pricing, and increased scrutiny around appraisals, we are recommending that agents counsel customers accordingly:
Five Key Areas to Pay Attention to When Buying a Home
Looking for a new home can be exciting and frustrating. You can help alleviate the frustration by paying close attention to five key areas of the homes you're considering buying; it may save you money in the long run.
Deploy A Strategic Assault On Your Mortgage Application
Today's volatile housing market demands that home buyers take an exacting, almost surgical approach to completing a mortgage application in order to speed the paperwork through the narrowed arteries of the home loan pipeline.
Finding Discounted Homes For Sale
It's not always enough to be up to snuff on negotiating that reduced price. Sometimes you need to know where to look to find a bargain that's already available.
Good News for Qualified Buyers
A recent survey released by Trulia, a real estate search engine, community forum center, and reporter of market trends and data, found that a "crisis of confidence" exists among key groups of U.S. homebuyers.
Homebuyer Tax Credit
This past week mortgage rates started off on a positive note and actually dipped a bit below 5% for a conventional loan with solid down payment/equity and high credit score. In fact a rally was under way Monday into Tuesday but later on Wednesday into Friday the market gave up some gains and ended the week in the 5 -5.125% range for a 30 year fixed rate with no points. FHA/VA loans continue to hover in the 5-5.5% range as well. We seem to be in a fairly tight trading range with a ceiling and floor that continue to keep rates in a very attractive range.
Tax Time in a Taxing Time: Seven Tips to Help You Keep More Money in Your Pocket Now and in the Future
Question: What three words do people least want to hear in the middle of a recession? (Besides “You’re laid off,” that is.) Answer: “It’s tax time!” Yes, by now you should have your W-2 in hand, and you’re already dreading having to file. Tax season isn’t all bad news, says financial counselor and bestselling author Eric Tyson. Even if you’re not expecting a fat refund check, the looming presence of April 15 can inspire you to make some changes that will keep more of your cash out of the clutches of the IRS-now and in the future.
2009 First-Time Homebuyer Tax Credit: FAQ
In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.
10 Timely Home-Related Tax Tips
Tax season is upon us, and homeowners everywhere will reap the benefits of tax breaks and incentives. Homeowners and potential home buyers should know what expenses are deductible and the ins-and-outs of new tax laws, says FrontDoor.com.
Do You Understand Your Credit Report?
Over 70% of consumers identify errors on their credit report. Twenty-five percent of those are serious enough to deny consumers and business owners access to credit, preferred interest rates or even a job. With over 54 billion credit updates occurring each year, it’s very likely you-or your clients-may have errors that are negatively impacting the ability to get credit and/or causing you to pay unnecessary interest expenses.
5 Tips to De-Stress Your Move
Your clients are faced with many challenges, and now more than ever they are looking for ways to cut costs, cut down necessities, and still have everything they want. Below are some tips you can give your clients to cut down the cost of their move and at the same time get the service they need.
What You Need to Know to Buy a Home Today
Don't let a sluggish economy get you down. There are reasons to shop for personal items—including a new home. I recently saw an advertisement for a new car that said you could return the car in the first year if you lose your job. While there may not be that incentive for homes yet, some other perks might give you reason to start your housing search.
Where Housing is Headed
We received an important indicator of where housing is headed last month, when new mortgage applications for home purchases and refinances suddenly surged as they hadn't in months.
March Round Up: Rates Hit Another New Low
In Freddie Mac's reults of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, 2009, down from the previous week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac's weekly survey, which dates back to 1971 for the 30-year FRM.
First-Time Home Buyer? Choose When to Claim Your Tax Credit
With the deadline for filing federal tax returns fast approaching, the National Association of Home Builders (NAHB) has made information available for qualified home buyers about how and when to claim the $8,000 first-time home buyer tax credit.
5 Things You Need to Know Before Buying Renters’ Insurance
It is, unfortunately, an all-too-familiar news image: An apartment building smolders in the hours after a major fire. The traumatized residents have gone off to put their lives back in order. In all likelihood, they have lost most of their possessions.
10 Steps to Building Wealth by Investing in Real Estate in Any Economy
There’s no question that America is in a tight spot. Every day seems to bring a new wave of recession-related bad news. But stop panicking for a second, tune out the negative chatter, and listen closely. The recent financial and housing crises have actually led to some serious opportunities for level-headed investors who want to get rich the right way rather than get rich quickly.
With Affordability Up, Home Buyers are Starting to Return
Thanks to record low mortgage rates and declining home prices, 55 million families – or half of all U.S. households -- can afford today’s $200,000 median-priced new home, according to figures released by the National Association of Home Builders (NAHB).
Time To Move From Renting To Owning
Falling housing prices, historically low interest rates, and tax credits are creating an enticing environment for renters to convert to homeowners.
No Money To Buy a Home? Try These Savings Tips
For many people, buying their own home is still the American dream. Yet, it remains out of reach for a lot of people, even though the housing affordability index in many areas of the country is as good as it has ever been. But if you're not prepared to buy a house, then the index doesn't mean a thing to you—except, perhaps, to create a painful sting and a constant reminder that you're missing out on a good opportunity to buy real estate at lower prices.
April Round Up: Rates Tie Record Low
In Freddie Mac's results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending April 30, 2009, down from the previous week when it averaged 4.80 percent. Last year at this time, the 30-year FRM averaged 6.06 percent. The 30-year FRM now equals the record low that was set the week of April 7, 2009. It has never been recorded lower in Freddie Mac’s survey, which goes back to 1970.
Why Is It So Difficult To Get A Home Loan?
It seems like every day someone is asking about why it is so hard to get a real estate loan. Just two years ago anyone, and I mean anyone, could get a loan to buy a house or condo. Well, the times have changed and rules from the lenders have changed right along with the times.
Top 10 Myths About Credit Scores Debunked
With many Americans considering a home purchase or refinance, seeking a new job, purchasing a new car, or striving to pay off credit card debt, 2009 might be the year of the credit score, said Bills.com president Ethan Ewing.
Finding the Perfect Neighborhood
A home is not an island. The surrounding neighborhood is just as important because it can have a big impact on your lifestyle -- safety, available amenities, and convenience all play their part, according to the National Association of Realtors (NAR).
May Round Up: Rates Tick Upward
In Freddie Mac's results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending May 28, 2009, up from the previous week when it averaged 4.82 percent. Last year at this time, the 30-year FRM averaged 6.08 percent.
Tax Credit, Low Interest, and Big Inventory Lure Rookies into Housing Market
Even in a sputtering economy, one segment of the U.S. housing market is feeling a bounce. First-time home buyers-loaded for bear with a new $8,000 tax credit, historically low interest rates and a big inventory to choose from-are happily diving into domestic life, according to real estate agents, economists and mortgage lenders.
Recovery Act’s Homebuyer Tax Credit Can Immediately Help Thousands of First-Time Homebuyers
Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that this action will help stabilize the nation’s housing market by stimulating home sales across the country.
7 Tips for Consumers Preparing to Purchase a Home
June is National Homeownership Month and like many other consumer advocates, the Oregon Bankers Association (OBA) urges consumers to get informed as they prepare to buy a home. Today, there are a growing number of obstacles for home buyers, including a higher credit score standard and more restrictions on credit. Despite current challenges in the secondary mortgage market, home loans are available to credit-worthy buyers and Oregon banks stand ready to assist prospective home buyers.
The Contract Offer: What Price to Start With
When a decision is made to make an offer to purchase a home, be sure to go back and take a second look. It is so much easier changing your mind about a home before a contract offer is made than after a contract offer is accepted and signed by the seller. This second appointment would be a perfect time to bring along others who may have an impact on a buying decision, such as parents, friend, contractor, etc.
June Round Up: Rates Mostly Flat
In Freddie Mac's results of its Primary Mortgage Market Survey® (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 5.42 percent with an average 0.7 point for the week ending June 25, 2009, up from the previous week when it averaged 5.38 percent. Last year at this time, the 30-year FRM averaged 6.45 percent.
Now's the Time to Buy Your Dream House
There is an opportunity in residential real estate ownership unlike any we've seen in quite a long time, a perfect storm of sorts that is unlikely to last much longer. Home prices are down, interest rates remain near historical lows, and inventory is high.
Top 7 Reasons Why Buying Is Better Than Renting
Christine Van Tuyl and Margaret La Grange, an award-winning mother-daughter team with Prudential California Realty in Coronado, have compiled their latest list, the “Top 7 Reasons Why it’s Better to Buy then Rent in 2009.”
Home Hunting Without Fear
As any daredevil, extreme sports addict or adrenaline junkie knows, well-grounded preparation for the specific task at hand is what takes the fear out of trying. The sometimes risky sport of home buying is no different.
Moving Made Easy, Keep It Simple
The moving industry is complicated. It uses a lot of lingo that most consumers don't understand: You get your estimates as "binding" or "non-binding"; movers use a "tariff" to determine rates; when the mover ships your goods, you receive a "bill of lading."
July Round Up: Rates Rise Slightly
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 5.25 percent with an average 0.7 point for the week ending July 30, 2009, up from the previous week when it averaged 5.20 percent. Last year at this time, the 30-year FRM averaged 6.52 percent.
Fort Meade atop list of sites for new U.S. cyber center
The nation’s top military officials are planning to establish a new center for cybersecurity at Fort George G. Meade that could pump billions of dollars into the Anne Arundel County military base and generate untold numbers of jobs for Greater Baltimore’s technology community.
Act Now to Take Advantage of the $8,000 First-Time Buyer Tax Credit
Since Congress passed the American Recovery and Reinvestment Act earlier this year, many have seized the opportunity offered by the $8,000 tax credit for first-time home buyers. When you factor in today’s historically low interest rates and housing affordability with the financial incentive from the government, it’s easy to see why so many first time buyers have taken advantage of this chance to realize their dream of homeownership.
Real Estate Investment 101
It could be a good time to invest in real estate, given the abundance of foreclosures and other distressed properties with reduced prices.
August Round Up: Rates Still Near Record Lows
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.7 point for the week ending August 27, 2009, up from the previous week when it averaged 5.12 percent. Last year at this time, the 30-year FRM averaged 6.40 percent.
New Regulations, FICO Study Big News for Credit Card Holders
Last week brought significant news to credit card holders. First, the initial phase of a landmark bill overhauling credit card laws took effect, and a new study shed light on the growing practice of credit card issuers’ slashing consumers’ credit limits.
Low Mortgage Rates Help Stabilize Housing Market
RISMEDIA, August 31, 2009-Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.14% with an average 0.7 point for the week ending August 27, 2009, up from last week when it averaged 5.12%. Last year at this time, the 30-year FRM averaged 6.40%.
New Credit Scoring Model May Boost Some Borrowers’ Scores
Even the most responsible borrowers slip up sometimes. Maybe a utility bill went unpaid after you moved and the missed payment went into collections. Or, perhaps there are unpaid library fines or parking tickets in collections that are hanging onto your credit history and affecting your FICO credit score, which is widely used by lenders to evaluate your ability to repay a debt. With the newest version of the FICO credit-scoring system, however, minor delinquencies are now overlooked in calculating creditworthiness.
Take Charge: Is Your Credit and Debt Profile Optimized?
Whether you’re looking for ways to dig out of your financial hole or ways to avoid getting into one, the importance of actively managing your credit and debt profile has never been greater. Americans have become well-versed in asset management but not necessarily liability management. Until recently, easy access to credit has made our current generation feel immune to the real risks that overextending yourself on credit creates.
Top 12 Tips for Buying an Investment Property
Christine Van Tuyl and Margaret La Grange, an award-winning mother-daughter team with Prudential California Realty in Coronado, have compiled their latest list, the “Top Twelve Tips for Buying an Investment Property.”
Home Buyer's Tax Credit Changes Possible
The first major change to the $8,000 home buyer's tax credit began moving through Congress the last week of September, giving hope to real estate and building groups pushing for extension of the entire program before it expires November 30, 2009.
Job-hunting Strategies For Trailing Spouses
You're moving. Again. And once again, your spouse's career takes precedence and yours is back at square one. Even if you are in total agreement with the move, you will still experience two of the highest stress factors in existence simultaneously - moving and unemployment.
September Round Up: Rates Remain Low, Increasing Affordability
In Freddie Mac's results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.04 percent with an average 0.6 point for the week ending September 24, 2009, unchanged from the previous week when it averaged 5.04 percent. Last year at this time, the 30-year FRM averaged 6.09 percent.
Mortgage Fraud Remains an Easy Con
Despite tougher lending standards putting the kibosh on some types of home loan scams, organized wise guys continue to traffic in mortgage fraud.
1.4 Million Families Have Taken Advantage of First-Time Home Buyer Tax Credit, More Claims Expected
With the First-Time Home Buyer Tax Credit deadline quickly approaching, the Internal Revenue Service recently reminded potential home buyers they must complete their first-time home purchases before Dec. 1, 2009 to qualify for the special first-time home buyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far.
Vital Information for First-Time Buyers
The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month.
November Round Up: Rates Stay Flat
In Freddie Mac's results of its Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 5.03 percent with an average 0.7 point for the week ending October 29, 2009, up from the previous week when it averaged 5.00 percent. Last year at this time, the 30-year FRM averaged 6.46 percent.
Real Estate Investment Buying Tips
Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona.
Extending Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery
The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, and it is essential that Congress extend the credit into 2010, the National Association of Realtors (NAR) testified at a hearing of the U.S. House Small Business Committee in October.
Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify
President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.
9 Tips for Improving Your Credit Score
Christine Van Tuyl and Margaret La Grange, an award-winning mother-daughter team with Prudential California Realty in Coronado, have compiled their latest list, “Top Tips for Improving Your Credit Score Now.” “Although interest rates are at historic lows, you need to have excellent credit to secure the best possible rate,” said Christine Van Tuyl, real estate agent. “Whether you’re looking to boost an already good score, or if you have a foreclosure or short sale on your record, it’s never a bad time to improve your credit score.”
Home Buyer Tax Credit Extended, Expanded
The extension of the first-time home buyer tax credit will help continue to clear out inventory, but expanding the credit to include more buyers may not be as helpful in high-cost housing areas.
First-Time Home Buyers Set Record
First-time home buyers reached the highest market share on record during the past year, according to the latest consumer survey of home buyers and sellers. The study was released November 12th at the 2009 REALTORS® Conference & Expo.
November Round Up: Rates Still Under Five Percent
In Freddie Mac's results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending November 25, 2009, down from the previous week when it averaged 4.83 percent. Last year at this time, the 30-year FRM averaged 5.97 percent. The 30-year has not been this low since the week ending April 30, 2009, when it averaged 4.78 percent.
How Mortgage Management Affects Credit Scores
Your credit score, a numerical rendition of your creditworthiness - or lack thereof - should be at 760 or above if you want the best interest rate, according to FICO, the leading credit scoring system provider.
Move-Down Buyers Can Be Eligible For Tax Credit Too
Move up, move down, move sideways; it just doesn't matter. Whichever direction you move, financially, you may still qualify for the new tax credit available to current homeowners. It is unfortunate that the credit has too often been characterized as a credit for "move-up" homeowners. The phrase carries the implication that the new home must cost more than the sale price of the former one. Indeed, even the November 6 White House Press Release said that the credit would be available to qualified homeowners who "wish to step up to a new home." Same implication.
Real Estate Resolutions 2010
Sure you can lose weight, get in shape, launch a business or find a new job. But haven't you also procrastinated long enough about buying a home?
How to Save to Buy a Home
It can be one of the hardest things to do -- save money for your first home. But now, more than ever, there's incentive to buy. Government housing tax credits have been extended and that's sparking buyers' interest.
December Round Up: Rates Still at Incredibly Low Levels
In Freddie Mac's results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending December 24, 2009, up from the previous week when it averaged 4.94 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.
2010 and Rebuilding or Protecting Your Credit Score
If the latest numbers on credit card delinquency are any indicator, U.S. consumers are starting to get a handle on their credit card debt. In the 3rd quarter of this year, according to data from TransUnion, a credit reporting agency, the delinquency rate dropped to 1.1 percent.
Is Your Credit Score as High as You Think?
It is common to assume that paying bills on time automatically means having a high credit score. Unfortunately, that's not always the case. There are many misperceptions about how scores are calculated -- and yours could be lower than you might expect.
Relocating in Your Future? 5 Tips You Need to Know
The good news: in the middle of a really tough economy, you land a job offer. The bad news: you have to explain to your 14-year-old that it means moving out of state. Whether it’s for a new career opportunity or to move when a current employer relocates its business, people who may not otherwise have considered relocating are facing the potential of moving boxes in their future.
February Round Up: Rates Tick Up
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending February 25, 2010, up from the previous week when it averaged 4.93 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.