Predictions. Maybe they will come true, maybe they wont - but here is one from a fairly credible source that says property values still have a ways - a long ways - to fall. According to the guys at Lender Implode, the 10 major cities in the Standard & Poor’s/Case-Shiller home price index have risen 5% from their April low, but the index is still predicting a massive 45% fall from today’s … [Read more...]
Saving Money Without Refinancing Your Mortgage
Across Arizona, many people are trying to refinance but are finding out that they can't because they owe more than their home is worth on their mortgage. Although there are a few programs like the Obama 105/125% refinance, many people still don't qualify for those and the FHA streamline and VA streamline programs are about to change the rules so it is only going to get tougher. But if you are … [Read more...]
REBlog World Is Coming Up: 10 Great Reasons To Go
Whoah. NOTE: I was planning on going to REBlogWorld before Nik Nik put this up - but what a great ad of why you may want to consider going... … [Read more...]
Tough Choices: What To Do When You Owe Far More Than Your Home Is Worth
If you bought a house between 2004 and 2006, chances are you have talked with someone about how far under water you are in your house. If you haven't lost your job or suffered a decrease in personal income, it isn't really that big of a deal, you just keep making your house payment and think to yourself "it will come back, I just have to wait out the dip in value." Will it? I don't know, and … [Read more...]
Are You Self Employed? Be Ready To Show All Income When Applying For A Mortgage
I had a conversation recently with someone who was self employed and thinking about buying a new home. At the end of the conversation, it became pretty clear that he wouldn't be able to "document" his income - which is not all that uncommon. About 20 minutes after I had that conversation, I got a memo (man I hate these things, but I can't ignore them because sometimes they have good information … [Read more...]
Obama Refinance: Is 105% Going To 125%?
Many people in who are current on their mortgage payments and want to refinance their home have spoken with their lender about the Obama refinance -- where they can be up to 105% "under water" and still get a Fannie Mae / Freddie Mac loan. What they are finding out once their appraisal comes back is that they are actually "under water" by more than 105% -- and now they are trying to decide what … [Read more...]
Do You Have To Close Your Loan At A Title Company?
I am working with a handful of people who currently live out of state to refinance their home and they are amazed that they don’t have to go to their local title company to sign final paperwork. They can actually sign their final loan paperwork on their dining room table in the comfort of their own home if they want. Of course, they always have the option of going to a local title company to … [Read more...]
8000 Tax Credit Bridge Loan: Bridge To Where?
You remember the feeling. Remember back in high school when your teacher announced a pop quiz and you didn't study the night before because you were hanging out at your friends house watching the A-Team? You know the feeling and you can describe it in two words. (hint: the first word is "Oh") That is how I felt yesterday when I learned about the possibility of the 8000 tax credit being … [Read more...]
Loan Officers: Are You Bringing A Knife To A Gunfight?
I always knew it was a fact, but I chose to leave it somewhere deep in the dark recesses of my mind in places I don't like to shine the light on very often. My adventure of torturing my boss using the Zillow mortgage marketplace started shining a strobe light on the problem, but I could still remain "enough in the dark" that I was still comfortably numb. And then my friend Brian Brady did it. He … [Read more...]