Recently, the Federal Housing Finance Agency and the Federal Housing Administration have made a few policy changes to help revitalize the real estate market; namely, they are calling for lenders to relax credit standards a bit so that new buyers can purchase homes, which will in turn give the economy a big boost. But some people are worried that loosening credit
As far as the real estate and mortgage industries are concerned, rates are supposed to rise throughout 2014. However, it’s now almost halfway through 2014 and rates have really not risen very much, and are definitely not up to 5.1% as the Mortgage Banker’s Association predicted at the end of 2013. For homebuyers, this is, of course, excellent news. To
Home equity in the South Bay is rebounding as property values climb. For the first time since 2008, home values are up while interest rates are down (they’re in the 4.30% area this week). As the equity in your home goes up, it might finally be time for that cash-out refinance you’ve needed for home improvement. Almost 1/4th of all
With the first quarter of 2014 coming to a close, I wanted to take a minute and discuss a shift we have been seeing within the industry. As we phase out of the “extremely” low rates and transition to a “low” rate environment, a few changes are starting to take place. It is safe to say the days of a
It’s no secret that mortgage closings can be stressful if everything isn’t running smoothly. Without a mortgage professional at your side, reviewing a big stack of papers and signing them in only an hour can be a daunting and insecure experience. Recently, the Consumer Financial Protection Bureau conducted a survey to confirm what I already know: that people are frustrated by how
Buying a first property is exciting and sometimes mystifying. We all dream of our “perfect home” from the time we’re children. It’ll be on the beach, or in the hills, two-story or with a pool, a large yard or near a great school… we all want the best for ourselves and for our children. Yet, we may end up having
There’s good news from the Wall Street Journal (“Mortgage Credit Most Available in at Least Three Years, Gauge Says,” April 9, 2014) about the ongoing affordability of mortgages. According to their datat, access to a mortgage is at its highest level in at least three years. Not only that, but in general, credit standards are expected to loosen even more than
During the recent housing bubble, borrowers were often taking out mortgages with far less than a 20% down-payment. Down-payments have been as low as 6%, or even less. The National Association of Realtors’ latest Confidence Index Survey shows that fewer first-time buyers had mortgages with 6% or less down compared to 2009. With private mortgage insurance making a comeback in 2011,
Sometimes, people ask me the difference between a mortgage broker and a mortgage banker. Do you know the difference? It’s a subtle distinction that not many laymen understand until faced with the task of obtaining a mortgage for a new property. A mortgage banker, unlike a mortgage broker, provides the funds for the mortgage, while a mortgage broker negotiates on
You might be a spring home buyer, eager to start looking at your 2014 South Bay property options. If so, there’s one phrase you should hear and act on: Let’s get you pre-qualified! Recently, I have noticed more and more people getting pre-qualified making the loan and buying process smoother and trouble-free, especially for first-time buyers in the South Bay.
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