No Comments!
I've had no comments on any of my postings. It is a little frustrating that no one seems to find my input of any value.
The Real Estate market has been slow. I do have a house in escrow, however the loan end has been giving my client some headaches. They were going for a USDA financing and the government didn't fund it for enough or long enough and the mortgage company had to pull it and change it to FHA.
This of course added expenses to both the buyer and the seller, including a new FHA approved appraisal.
Then, lo and behold, USDA has money again. So we are back to this.
Hopefully we will get it funded before they run out again.
My broker, Terri has a few houses in escrow. I was talking to the agent that I am working with and she stated that she has ten homes in escrow. Her office is in Tulare, a larger and growing community. (I've known agents to exaggerate to make it seem they are doing well.)
I've been driving school buses to supplement my income while the market is slow. I drove my last trip for this school year this past week and will have the summer off.
I enjoy driving, but would rather be working on real estate.
Showing posts with label Mortgages. Show all posts
Showing posts with label Mortgages. Show all posts
Saturday, May 29, 2010
Thursday, May 6, 2010
LOCKING INTEREST RATES
I was home this morning and the news was on what was happening in Greece and the direct affect it was causing on our stock market. I watched the Dow Jones drop almost 1000 pts or 10% of its starting value and then reclaim almost 500 pts.
People are worrying how Greece and especially the riots that are occurring there and about what Greece is planning do, will affect not only them but especially several of the other European countries.
A commentator for Fox News said that our glorious state of California could find itself in the same position as Greece because it too is bankrupt and the state has many groups that get hand outs that could find their monies being cut drastically since all of their monies come from the state coffers.
But I digress!
People are worrying how Greece and especially the riots that are occurring there and about what Greece is planning do, will affect not only them but especially several of the other European countries.
A commentator for Fox News said that our glorious state of California could find itself in the same position as Greece because it too is bankrupt and the state has many groups that get hand outs that could find their monies being cut drastically since all of their monies come from the state coffers.
But I digress!
Locking Loans is a term used in the mortgage business that allows you at some point to lock your interest rate if you feel it is going to climb any. Your mortgage broker is only required to ask you once and then it is up to you to accept his experience and lock or to take your chances and see if the interest rate drops or climbs before you call him back to lock.
My friend in the mortgage business has advised that if it is possible to lock interest rates before tomorrow when the unemployment numbers come out. From his sources he thinks its going to be bad. He locked three of his this morning. He thinks mortgage interest rates are going to skyrocket again. Maybe with a slow burn fuel...but skyrocket none the less.
Wednesday, March 17, 2010
Checking the Real Estate Market
Good morning.
Every morning I check my email for contacts from Real Estate agents, Mortgage companies, Banks, family and friends.
One email I look forward to is from Dustin Maciel of Maciel Mortgage. He provides updates on current mortgage rates, trends and possible increase or decrease of mortgage rates according to what the banks and the government may or may not be doing.
I often find his comments with information that I can pass on to my clients, or discuss with other agents in my office.
Watching the news on a daily basis and seeing what is happening in the stock and commodities market and the banking industry can be confusing. They all say that the current Real Estate Market is headed down. In other words, more difficult for sellers because buyers find it hard to get loans. Buyers that used to qualify easily for a Real Estate loan now find it more difficult, and those who have questionable 'stated' income must now prove income. Those with past credit issues must now prove by longer periods of good credit before lenders will consider them a good risk.
Don't get us wrong. Yes it is more difficult, with banks asking for more information, better proof of income, work history, proof of accounts, better explanation of current and past credit issues, etc. but it is possible to get a loan.
Having patience is important and don't take anything they ask for personally. It is all business, different from what was done in the past, but they feel it is in their best interest to prove to their investors that they are using due diligence in using their money in the Real Estate market.
When your loan goes through and escrow closes, you will, as those in the past felt and know, that you made it. You met their requirements and the home is now yours. A feeling of relief, excitement and wonder.
Congratulations!
Every morning I check my email for contacts from Real Estate agents, Mortgage companies, Banks, family and friends.
One email I look forward to is from Dustin Maciel of Maciel Mortgage. He provides updates on current mortgage rates, trends and possible increase or decrease of mortgage rates according to what the banks and the government may or may not be doing.
I often find his comments with information that I can pass on to my clients, or discuss with other agents in my office.
Watching the news on a daily basis and seeing what is happening in the stock and commodities market and the banking industry can be confusing. They all say that the current Real Estate Market is headed down. In other words, more difficult for sellers because buyers find it hard to get loans. Buyers that used to qualify easily for a Real Estate loan now find it more difficult, and those who have questionable 'stated' income must now prove income. Those with past credit issues must now prove by longer periods of good credit before lenders will consider them a good risk.
Don't get us wrong. Yes it is more difficult, with banks asking for more information, better proof of income, work history, proof of accounts, better explanation of current and past credit issues, etc. but it is possible to get a loan.
Having patience is important and don't take anything they ask for personally. It is all business, different from what was done in the past, but they feel it is in their best interest to prove to their investors that they are using due diligence in using their money in the Real Estate market.
When your loan goes through and escrow closes, you will, as those in the past felt and know, that you made it. You met their requirements and the home is now yours. A feeling of relief, excitement and wonder.
Congratulations!
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