Loading...

Friday, September 23, 2016

Chapter 7 Bankruptcy and my Mortgage was included!!

Ever wonder about why you couldn't refinance your home loan within the guidelines 3 years for FHA and 4 years for FNMA and Freddie MAC. Well lenders will not release the mortgage liability at the same time as the Bankruptcy discharge date. Want to know more? Give us a call. Will A. Rudloff Loan Professional NMLS# 225332

Tuesday, July 19, 2016

Owning Beats Steep Rents Sometimes

Owning Beats Steep Rents Many renters would be better off buying a home than continuing to pay steep rental costs, finds a new study. The monthly payment on a median priced home is more affordable than the monthly fair market rent on a three-bedroom property in 76 percent of the U.S. counties, according to RealtyTrac’s Residential Rental Property Analysis, which encompassed 461 counties nationwide with populations of at least 100,000. Overall, Researchers found that fair market rents represented 28 percent of the estimated median household income, while monthly house payments on a median-priced home – which included a 10 percent down payment and property taxes, home insurance, and mortgage insurance – represented 24 percent of the estimated median income. “From a purely affordability standpoint, renters who have saved enough to make a 10% down payment are better off buying in the majority of markets across the country,” said Daren Blomquist, vice president at RealtyTrac. Of the 461 counties analyzed, 351 had house payments on a median-priced home in the first quarter of this year that was lower than fair market rents on a three-bedroom home. Source: RealtyTrac Note: This study did not necessarily take into account the fact that a portion of the mortgage payment goes to reduce the principal on the loan, building equity for the homeowner--while the entire rent payment goes to the landlord. Want to see how principal reduction, tax benefits and inflation affects the comparison? Contact us for an example--and a free individual analysis. Mr. Will 904-298-3015
________________________________________

Tuesday, July 12, 2016

Sellers Market and good to know

From time to time we see information from our Lenders that we like to share hope this is helpful. Mr. Will Economic News Consumer & Realtor Corner This news is designed to help you by providing information that will be helpful to provide to your previous clients and other segments of your sphere. Feel free to forward these to your database, post on blogs, websites and more. Winning in a Seller’s Market In a seller's market, home buyers need to be willing and able to act fast to snag the home they want. This summer, areas across the country are facing a limited number of homes for sale. Realtor.com® offers up a cheat sheet for surviving a seller's market. • Be on call. "If you're only looking now and then when it's convenient, you're probably wasting your time," says James Malmberg, a real estate professional in Sherman Oaks, Calif. He suggests treating house hunting like job hunting. If someone calls with a lead, follow up promptly to gauge whether it could be a good fit and don't linger. • Bring the paperwork. To be taken seriously, buyers would be wise to get a mortgage pre-approval letter as well as a "proof of funds" form from their bank to show they have enough to cover a down payment. They'll be able to act quicker when they do find the right house. • Limit the contingencies. In a seller's market, buyers may need to drop some of the contingencies to score the house. Sellers prefer the fewest number of hurdles to closing as possible. If your buyers come in with several contingencies — such as "if" they secure financing — the sellers are more inclined to bypass their offer and take another with less hassle. Also, "don't waste your time low-balling a seller," advises Sean Kelley, a real estate professional with Howard Hannah in Pittsburgh, Pa. "Always put in an aggressive offer." • Cast a wide net. Search for homes outside prime locations if faced with limited or high-priced choices. Buyers need to carefully consider what they're willing to compromise on. "Sometimes properties sit, even in a seller's market, because of a problem that is scaring other buyers away," such as some renovation work that may need to be done, Malmberg says. Those "flaws," however, might not be a big deal to your buyers. "Finding a house this way can also cut down on the amount of competition you will face," Malmberg adds. Source: realtor.com® _____________________________________

Wednesday, July 6, 2016

Homeowners and Buyers to Benefit

This news is designed to help you by providing information that will be helpful to provide to your previous clients and other segments of your sphere. Feel free to forward these to your database, post on blogs, websites and more. Homeowners and Buyers to Benefit Brexit happened. And one of the biggest, and most immediate, effects on everyday Americans is how it will change interest rates on home loans. Greg McBride, chief financial analyst at Bankrate, said rates could sink to record lows in the coming weeks. “If you’re a borrower, don’t wait to lock your rate,” he said, “as this opportunity may not last long.” They’ve already hit rock bottom this year. In the past month alone, 30-year fixed-rates on home loans have hovered around 3.7 percent, nearly a three-year low. Britain’s vote to leave the European Union is expected to drive rates even lower. Rates have been about 17 percent lower than the median of this decade. However, McBride said his long-term outlook does not change with the Brexit vote. He still estimates a rebound from ultra-low rates by year’s end. Mortgage Bankers Association chief economist Michael Fratantoni forecast a rate of 4.8 percent by December 2017. That would be the highest rate since 2009, and a 30 percent boost from current levels. By the end of 2016, Fratantoni expects rates to reach 4 percent. He noted that he’s turned his estimates more conservative in recent months, but predicts an increase nevertheless. That could change with the Brexit referendum passing, however. He noted that Treasury rates had already dropped about 20 basis points the morning after the vote. “At this point, it is unclear whether this will just be a short term disruption, or whether it will have a longer-term impact,” Fratantoni said. “Our best guess at this point is that the impact on the residential real estate sector will be to keep rates on home loans lower for longer, likely leading to another pickup in refinance activity.” Source: The Washington Post