What You Should Know Before Buying a Home
Consult with your Mortgage Broker for an actual estimate of these costs, as well as information about loan programs which can assist in financing your closing costs
Homebuyers interested in applying for financing should contact a Mortgage Planner with Pinnacle Mortgage Group, to discuss an FHA or CALHFA Loan and requirements.
*CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program.
From an Article in RisMedia's Real Estate Magazine; Titled, Show & Sell, Smells that SELL. I want to share with my blog readers - "The Power of Using the Sense of Smell", Especially when Selling a Home.
Humans can discern about 10,000 Smells. Remember Cleopatra? She placed layers of rose petals on her palace floors to entice mark Antony. She knew the power of scent and got that part right, but according to recent studies, the scents that most attract men are Pumpkin Pie and Anise. Well, she didn't have our science or pumpkin pie, LOL.
Retailers have been enticing prospects to buy their goods with thousands of scents for thousands of years. Scent has a Power of its Own!
We Instinctively Know that the power of scent can be good or bad. Strong smells from pets, cooking or toher activities can make prospects run from buying a home. But the Right, Clean Scent can have Quite the Opposite affects!
Scent Suggestions; Let's say you are selling updated, contemporary Condos and lofts in a hip urban neighborhood where younger singles and newlyweds are buying.
You may decide you don't want these prospects to be highly relaxed, but rather attentive and excited instead. This will help them make decisions more quickly. In this case, use scents of rosemary, peppermint or grapefruit for alertness and stimulation.
If you want to enhance the mood of an older home with many rooms that may invoke a bit of uneasiness or confusion, use any citrus scent. Citrus is refreshing and energizing, eases tension and promotes mental clarity. Or use lavender to promote calming.
Some Scents and their Reactions for your consideration, when "staging" and Showing a Home to Agents and Prospective Buyers;
Of course you or your clients will be responsible for removing stale smells and odors from the home when prepping it for broker previews and Sale. And Scenting the home properly to show it in it's best Light (smells and sounds).
The More Positive Senses You Involve will Surely Help the Home Sell with the Minimum Days on Market!
For more helpful Tips and Tools, Go to: www.LowRatesOnline.net
Oh, and please do
The HUD Secretary is expected to announce changes to the FHA mortgage insurance program to curtail defaults. And they won't be loosening up anything. The changes may include an increase in the minimum credit score for FHA loans from 500, a boost in the minimum down payment from 3.5% to probably a 5% minimum, plus a reduction in the maximum amount of seller concessions from 6% of the home's value to 3%. Experts say monthly insurance premiums charged to borrowers and the current upfront premium -- currently 1.75% of the loan value -- also could be hiked.
On the Up side, the $8000 Tax Credit for First Time Home Buyers will Remain unchanged, yet expire in April 2010. So Hurry and get Pre-Approved before HUD changes the Tax Credit program too!!
It's hard to keep track of all the acronyms flying around the mortgage industry these days - HAFA is the Newest Acro: Home Affordable Foreclosure Alternatives. The Treasury released details of the HAFA program to servicers. It was originally announced in May, and this refinement includes the general terms and conditions, evaluation process, documentation, and reporting requirements. The program will be effective April 2010 and servicers already participating in HAMP will be required to follow the Treasury's guidance. The program standardizes eligibility for short sales, available to borrowers who meet HAMP eligibility requirements but do not qualify for or complete the 3 month Trial Period Plan.
"Upon the successful closure of a short sale or deed-in-lieu through the program, incentives of $1,500 in relocation assistance to the borrower, $1,000 in expense reimbursement to the servicer, and up to $1,000 in investor reimbursement for subordinate lien releases will be provided." And servicers have some leeway to create their own policies.
Although there was little volatility in the stock market yesterday, interest rates crept higher. Analysts are carefully following the spread between mortgage rates and Treasury rates: it has become historically narrow in recent weeks but now seems to be widening out, which is bad news for mortgage prices. Secondary folks get calls from agents saying, "Dude, the 10-yr is unchanged, but you made your pricing worse by .125. You have a Mercedes payment coming up or what??"
And Now, what you all skimmed down to get to; Some of the New Tiger Woods Jokes popping up all over the Internet................
Reports from fellow mortgage professionals indicate mortgage rates to be unchanged from yesterday.
The par 30 year conventional rate mortgage continues to hold in the 4.625% to 4.875% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee.
As always, you can elect to pay less in closing costs and secure a higher interest rate or pay additional discount points to buy the rate down further.
As previously stated, MBS prices are hitting a ceiling, unable to make enough progress to push mortgage rates any lower. Therefore, if you are still floating, it is time to take advantage of the aggressive rates lenders are currently offering.
Even though there is room for benchmark Treasury yields to move lower heading into year end, we do not expect MBS prices to benefit from continued gains as the recent strong performance of mortgages has many investors thinking about profit taking.
To get your low rate Locked-In Fast, Call us at (800) 564-1500 Today! Or visit our website at; www.LowMortgageRatesOnline.com and click on the Apply 4 Low Rate Button on the Top of Homepage
Help All Home Owners/Future Home Owners, by Taking less than 10 seconds to Sign Petition to Remove HVCC Law
Legislation to create an agency designed to protect consumers from abusive and deceptive loans including credit card contracts and mortgages, moved another step closer to passage on Thursday. The House Financial Services Committee voted 39 to 29, mostly along party lines, to send HR 3186, the Consumer Financial Protection Act (CFPA) to the full House for consideration.
In a separate vote, the Committee also moved up the implementation date to December 1st, for a credit card law that had passed earlier; The regulations which govern, in part, the way interest rates can be raised, were originally set to go into effect in mid-February but there has been a storm of consumer complaints as the banks have rushed to hike rates ahead of the deadline.
CFPA, which has been fought furiously by banks and credit card companies, will establish an independent executive branch agency to regulate the provision of consumer financial services and products.
It will incorporate the consumer protection functions of the Federal Reserve, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, Office of Comptroller of the Currency, the Federal Trade Commission and the National Credit Union Administration. Many of these regulators have been faulted for a lack of oversight of financial institutions prior to last year's financial collapse.
The bill passed the house with a compromise on two major points. Many legislators with ties to the banking industry had pushed for the legislation to preempt all state regulations which are often stronger or more forcefully pursued by local authorities. The Obama Administration had strongly fought this preemption, wanting the states to retain full enforcement authority. Instead the bill will authorize the Office of the Comptroller of the Currency which regulates national banks to intervene only if it found that state law "significantly" interfered with federal policies.
Please also visit our website at www.LowMortgageRatesOnline.com for up to minute rates, current mortgage & real estate news, mortgage calculators, tips and useful ideas to help manage your mortgage, money and your life.
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