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Archive for the ‘Interest Rate’ Category

handoffHandoffIn an earlier post, I wrote about why it is in the best interest of home sellers and buyers to work with a full-time Realtor who is focused on real estate only; not “double-dipping” by acting as a dual duty  real estate agent and mortgage loan broker. However, as a Realtor, I understand the importance of knowing what is happening with mortgage interest rates and keeping current with the latest mortgage news, loan products and trends. After all, mortgage loans are an integral part of completing most real estate transactions.

Since I am not a mortgage expert, I look to those who are to keep me abreast of their industry. I thought I would share some of the exceptional mortgage blogs that I subscribe to for expert advice.

Rhonda Porter, of The Mortgage Porter blog and also a contributor to the Rain City Guide Real Estate blog, recently wrote a very informative post on preserving your credit standings when going through a divorce or separation. Another relevant post of Rhonda’s addresses mortgage loan options for writing a contingent offer on a home; a way to purchase another home prior to selling your existing home without the risk of paying two mortgages. You’ll find these posts and much, much more on Rhonda’s blog.

A current phenomenon that many homeowners are experiencing is adjustable rate mortgages (ARMs) going up. Morgan Brown of Blown Mortgage blog has strong advice for what steps you can take now and options that are available to those in this situation. Morgan’s blog covers a wide array of industry news including: Wall Street the Economy and Consumer Mortgage Tips. He also writes about why he hates the mortgage industry. Fun stuff!

Both Rhonda and Morgan have been blogging for quite some time. In this handoff from Realtor to Mortgage Lender, you’ll be in good hands in the company of their blog posts and mortgage industry musings!

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kitchen-scales.jpgI came across this very unique Renting vs. Buying interactive graphing tool today on the New York Times news blog and thought I would share it with you. You can plug in your current rent along with the property appreciation statistics for the area that you’re thinking about purchasing in, the purchase price and interest rate on the mortgage loan,  and this tool will graph out how many years it will take for you to benefit from buying vs. renting. Way cool! So cool, in fact, that I’m going to make a permanent link to it on this blog.

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In the midst of the sub-prime loan debacle, Inman News reports that the Secretary of Housing and Urban Development (HUD) has put before Congress a plan for modernizing FHA loans. In recent years FHA loans have been all but extinct in states with high housing costs, due to their maximum loan limits. Buyers turned to riskier adjustable-rate loans as a means to get into home ownership without, in some cases, as illustrated by the increase of mortgage defaults, full knowledge of how high their payments could reach when the loan adjusted.The proposed plan would allow for higher loan amounts, eliminate the mandatory 3% down-payment and would be flexible with more options. Californians looking to purchase a home with little or no down-payment would certainly benefit from this new FHA loan over-haul; as would home-sellers by having a bigger pool of qualified buyers that are able to purchase their homes.

This important update to FHA home loans, could be a very vital component in keeping our housing market healthy by allowing more buyers safer loans that they can afford. Let your CA State Senator know that you think this is of importance to you. Look for updates in future posts.

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