The lowest mortgage interest rates in decades have sent thousands of homeowners eager to refinance their home loans scurrying into lenders’ offices. Many leave empty-handed and upset. A multipronged whammy of lower home values, new appraisal guidelines and tighter lending requirements frequently derail consumers from snaring loans at lower interest rates. Lenders say they are closing 60-70% of refinancings. “It’s a blow to a borrower’s ego,” said Todd Gosden, a loan originator at Avenue Mortgage in Naperville, Ill. “The guy who...Continue Reading!
In The News Category
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Fannie Mae has approved 123 new Florida condos for financing in the first eight months of 2010, a 40 percent increase from 2009. It’s an even bigger jump from 2008 when zero projects were accepted, according to a report from the Florida-based real estate consulting firm Condo Vultures LLC. Florida’s real estate crash, which began in 2007, has made financing difficult. Few lenders have wanted to originate new mortgages as prices drop and foreclosure rates increase, according to the licensed Florida...Continue Reading!
As the economy continues to suffer and home prices continue to fall, numerous Americans across the country are staying away from the real estate market. But, if you are looking to take advantage of the opportunity of a lifetime, now is the perfect time to get off the sidelines. Playing by your own terms may be the name of the game today. Ask for price reductions, improvements, closing costs—whatever—and sellers, who are desperately trying to get a contract, are very...Continue Reading!
In today’s housing market, many homes for sale are in need of repairs and renovations. The FHA Streamlined 203(k) program helps add money into a mortgage for repairs and renovations. Lowe’s and REbuildUSA are partnering to bring a national in-store program offering customers a one-stop destination for all of their repairs, renovation products and services needs. “Homes needing renovation are typically the very best buys available; however, most prospective buyers have no idea how to finance both the purchase of the...Continue Reading!
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Watch Al Sunshine with our very own Chris Zoller, EWM Coral Gables Office on CBS4 ... Miami's Time To Buy Is Now! Click below to watch video. http://email@example.com Continue Reading!
Stay Tuned In! Read what Trulia had to say in June's Market Report & how Miami Ranks #3 in value of owning versus renting. Click here to view article*Continue Reading!
September 14, 2010—(MCT)—The Federal Housing Administration isn’t talking publicly about it, but the agency may be getting ready to lessen the upfront costs of reverse mortgages for some borrowers. The agency also, however, may be reducing the amount seniors can borrow from their homes. In a recent conference call with industry participants, FHA officials said they were finalizing plans to offer a home-equity conversion mortgage with almost no upfront mortgage insurance premium attached, according to the National Reverse Mortgage Lenders Association....Continue Reading!