Why “local mortgage rates” thing is just a marketing strategy
1. Let’s say that you are shopping for a interest rate for a Destin Florida mortgage and you get out your Sunday newspaper and go to the Destin Real Estate section to see what mortgage rates are doing that day. You see some 20 different mortgage companies offering different rates saying that sense they are a local mortgage lender they can give you better rates. This is not always the case.
2. Mortgage rates have nothing to do with where your house is located. Mortgage rates do not care where you live to be exact. They just want to know whether or not you are going to give them a new home with a new home loan. Continue Reading »
Top Reasons A Mortgage Doesn’t Make It From Pre-Approval to Closing
Getting a pre-approval is the one of the first steps in the home buying process, but that alone doesn’t get you to the closing table. Knowing the rules ahead of time can help you steer clear of unnecessary pain and suffering. The world of mortgage has changed dramatically in the past few short years. At the peak of the real-estate bubble, mortgage professional joked that you needed a pulse and a social security number to get a loan. These days, even borrowers with good incomes and good credit scores can get turned down. Continue Reading »
Further September 2010 Extension of $8,000 First , Plus New $6500 Existing Home Buyer Tax Credit Approved. 2011 Extensions Available For Certain Groups.
Approved! First-time home buyers now have until Sept. 30 to close on their home purchases and qualify for the $8,000/$6500 tax credit under a newly approved extension bill. The closing deadline was originally June 30. To be eligible, buyers still need a contract that was in place by April 30.
Continue Reading »
Definition of BPO
BPOs are often associated with foreclosures and short sales, but other companies such as relocation firms order BPOs. A BPO stands for “broker price opinion,” and it involves using a process very similar to an appraisal.Companies hire a Destin Real Estate Broker to prepare an opinion of value. The representative of the broker, generally a real estate agent, compares three similar properties that have recently sold to the subject property and adjusts up or down for differences. The final result in an opinion of market value.
Broker price opinions are sometimes controversial, especially if the agent preparing the BPO has little experience or knowledge about the neighborhood. But BPOs typically cost less than a full-blown appraisal.
BPO’s are Also Known As: real estate agent appraisal Continue Reading »
Bank of America short sales earned well deserved black marks, say many short sale agents, beginning in 2005 and lasting well into 2009. Bank of America’s reputation was so bad that some real estate agents refused to list a short sale if Bank of America was involved. Buyer’s agents ran the other way. Those agents would rather poke out their eyes than touch a former Countrywide loan, much less an original Bank of America loan that is sinking underwater.
Over and over agents reported horror stories to media about Bank of America short sales. The bank lost documents, abruptly closed files for no reason or simply refused to respond to repeated requests for updates for months on end. Some files dragged out for years. But much of that changed at the end of 2009 when Bank of America turned to Equator.com to process its short sales.
I am personally very pleased that Bank of America has turned its reputation around. After Equator stepped in, most agents are happy to list any Bank of America short sale because approval time is 30 to 60 days, on average, which is a far cry from the old days.
Seller Documents Required for a Bank of America Short Sale Continue Reading »
Housing Tax Credits 2008/2009/2010
What are the 2008-2009-2010 housing tax credits?What is the real property tax deduction?
What is the first-time homebuyer tax credit?
Who is eligible for the first-time homebuyer tax credit? Continue Reading »
Here’s some really good news for anyone involved in acquiring, rehabilitating and reselling foreclosed houses: The Federal Housing Administration is temporarily waiving its “anti-flipping” rules and will now insure mortgages on properties that have been owned by the current seller for less than 90 days.
The policy change opens up a potent resource — the red-hot FHA fixed-rate mortgage program — to investors and property disposition companies looking to move houses quickly off their books at a profit…»read the rest of this story«
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.
Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.
“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.” Continue Reading »
Most people dream of living on the beach. Perhaps they got a taste of beach living on a vacation, or perhaps they simply like the thought of being close to the sand and the sun. Regardless of the reason, the “beach bug” has bitten them and nothing will stop them from buying a beach home. Although, most people do not really believe that they will be able to afford one of these homes on the beach. That isn’t the case though, at least when you decide to widen your horizons and start looking at the foreclosed properties. You can often find Beach Homes Destin foreclosures for sale at great prices.
When you choose to buy one of the Florida’s foreclosures for sale, you will find that it offers a number of advantages and benefits besides great prices. One of the most popular things about the area is the wide variety of communities from which you can choose. You will find small areas just outside the city, as well as beach communities, and condos directly in Destin. Whatever your lifestyle, you are sure to find foreclosed homes in a community that speaks to your needs. Continue Reading »
A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer’s largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses. Continue Reading »