Provided By Housing Wire
Fannie Mae and Freddie Mac will allow military members to claim a permanent change of station order as a hardship to be evaluated for foreclosure assistance.
In September, the Treasury Department clarified that rule for veterans looking for help through the Home Affordable Foreclosure Alternatives program after many called in requesting a change.
According to Fannie guidance released Friday, GSE servicers may evaluate a borrower for assistance if they fall behind on their mortgage because of a distant employment transfer. Fannie said it would provide more guidance on eligible hardships soon.
A spokesman for Freddie said its guidance states that documentation is not required by the servicer if the military member claims a permanent change of station order as a hardship.
Fannie recently began granting a six-month forbearance to families of service members who were killed or injured on active duty and also created a hotline just for military families to call if they get in trouble on their home loan.
"Fannie Mae has a long standing commitment to our men and women in uniform," said Terry Edwards, executive vice president of credit portfolio management, at Fannie.
Wednesday, October 12, 2011
Monday, October 10, 2011
Time to Move up?
Provided By Realty Times
The market if fraught with scary headlines and ominous news reports. Could the economy slip once more into a recession? Will home prices fall even further? It's enough to make even the bravest buyer a little squeamish.
The truth of the matter is that now is a fantastic time to buy. Interest rates are wonderfully low and affordabilty rates are at record highs. Not only that, but there is an oversupply of homes on the market. Now is a great time to move up if you play host to the right set of circumstances.
In order to evaluate if now is the time for you to buy, consider these five issues.
1. Interest Rates: Low rates translate into smaller monthly payments and less money over the long-term. The Federal Reserve has promised to keep interest rates low for the foreseeable future, but in the next few years we could see rates climb back upward. If you have excellent credit, you'll likely qualify for an exceptional rate. Better yet consider doing an all-cash purchase (like the nearly 30 percent of the market) and avoid interest rates altogether!
2. Why are you buying?: This is an important question to spend some time pondering. Don't move on a whim. What is the real need to move? Many move-ups need more space, want to claim a more prestigious address, or are ready to settle down for good and want to be exactly where they've always dreamed. Perhaps your current home is unable to be remodeled to accommodate your wants and needs. Regardless of the reason, be sure to spend ample time thinking about what move is best for your family.
3. Equity: Home values have fallen across much of the country and this could mean that equity you had built over the past few years is gone. Talk to a local real estate agent about the current market value of your home before deciding if now is a time to buy. Most sellers aren't willing to take a loss on their home. The good news? If you've owned your home for many years (at least five) then chances are you do indeed still have equity.
4. Financial Stability: There's a 9.0 percent unemployment rate that doesn't appear to be going anywhere fast. Moving up can mean bigger payments or heftier bills (energy costs, property taxes, etc). Are you ready to take on this new responsibility? Be sure that you have steady employment, adequate retirement savings, an 8+ month emergency fund, as well as savings for downpayment and other closing costs.
5. Family Concerns: There are many different stages to life and at each of these stages one must consider how actions will affect family members. A family with young children will need to consider school districts, sports teams, and friends. A couple nearing retirement may want to consider the needs of children or grandchildren that live nearby. Buying a home is about much more than making a sound financial decision, it's about creating the sort of life you desire.
Moving-up can be part of the fulfillment of a life long dream. Many couples simply can't wait for the day they step inside their perfect home. Now is a great time to make those dreams a reality, just be sure to toss in a little sensibility with your dreaming.
Are you ready to upgrade your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
The market if fraught with scary headlines and ominous news reports. Could the economy slip once more into a recession? Will home prices fall even further? It's enough to make even the bravest buyer a little squeamish.
The truth of the matter is that now is a fantastic time to buy. Interest rates are wonderfully low and affordabilty rates are at record highs. Not only that, but there is an oversupply of homes on the market. Now is a great time to move up if you play host to the right set of circumstances.
In order to evaluate if now is the time for you to buy, consider these five issues.
1. Interest Rates: Low rates translate into smaller monthly payments and less money over the long-term. The Federal Reserve has promised to keep interest rates low for the foreseeable future, but in the next few years we could see rates climb back upward. If you have excellent credit, you'll likely qualify for an exceptional rate. Better yet consider doing an all-cash purchase (like the nearly 30 percent of the market) and avoid interest rates altogether!
2. Why are you buying?: This is an important question to spend some time pondering. Don't move on a whim. What is the real need to move? Many move-ups need more space, want to claim a more prestigious address, or are ready to settle down for good and want to be exactly where they've always dreamed. Perhaps your current home is unable to be remodeled to accommodate your wants and needs. Regardless of the reason, be sure to spend ample time thinking about what move is best for your family.
3. Equity: Home values have fallen across much of the country and this could mean that equity you had built over the past few years is gone. Talk to a local real estate agent about the current market value of your home before deciding if now is a time to buy. Most sellers aren't willing to take a loss on their home. The good news? If you've owned your home for many years (at least five) then chances are you do indeed still have equity.
4. Financial Stability: There's a 9.0 percent unemployment rate that doesn't appear to be going anywhere fast. Moving up can mean bigger payments or heftier bills (energy costs, property taxes, etc). Are you ready to take on this new responsibility? Be sure that you have steady employment, adequate retirement savings, an 8+ month emergency fund, as well as savings for downpayment and other closing costs.
5. Family Concerns: There are many different stages to life and at each of these stages one must consider how actions will affect family members. A family with young children will need to consider school districts, sports teams, and friends. A couple nearing retirement may want to consider the needs of children or grandchildren that live nearby. Buying a home is about much more than making a sound financial decision, it's about creating the sort of life you desire.
Moving-up can be part of the fulfillment of a life long dream. Many couples simply can't wait for the day they step inside their perfect home. Now is a great time to make those dreams a reality, just be sure to toss in a little sensibility with your dreaming.
Are you ready to upgrade your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Friday, October 7, 2011
Fixed-Rate Mortgages Lowest on Record
Provided By Realty Times
MCLEAN, Va., -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), coming on the heels of the Federal Reserve's recent announcements. The conventional 30-year fixed averaged an all-time record low at 4.01 percent; likewise the 15-year fixed averaged an all-time record low at 3.28 percent for the week. Of the five regions surveyed in Freddie Mac's survey, the West region recorded the lowest average rate for the 30-year fixed dipping below 4.00 percent to 3.95 percent.
30-year fixed-rate mortgage (FRM) averaged 4.01 percent with an average 0.7 point for the week ending September 29, 2011, down from last week when it averaged 4.09 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
15-year FRM this week averaged 3.28 percent with an average 0.7 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 3.75 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week, with an average 0.6 point, matching last week when it also averaged 3.02 percent. A year ago, the 5-year ARM averaged 3.52 percent.
1-year Treasury-indexed ARM averaged 2.83 percent this week with an average 0.6 point, up from last week when it averaged 2.82 percent. At this time last year, the 1-year ARM averaged 3.48 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs."
"Meanwhile, the spring and summer home-buying season gave a boost to a number of house price indexes. The Federal Housing Finance Agency reported that its National index (not seasonally adjusted) rose for the fourth consecutive month in July. Similarly, the S&P/Case-Shiller® 20-City composite index, which has a broader scope of properties, rose 0.9 percent between June and July with 17 of the cities experiencing positive monthly growth. Finally, CoreLogic® reported that its index, excluding distressed sales, increased at a 1.7 percent monthly rate for the same month."
To learn more about fixed mortgages give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
MCLEAN, Va., -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), coming on the heels of the Federal Reserve's recent announcements. The conventional 30-year fixed averaged an all-time record low at 4.01 percent; likewise the 15-year fixed averaged an all-time record low at 3.28 percent for the week. Of the five regions surveyed in Freddie Mac's survey, the West region recorded the lowest average rate for the 30-year fixed dipping below 4.00 percent to 3.95 percent.
30-year fixed-rate mortgage (FRM) averaged 4.01 percent with an average 0.7 point for the week ending September 29, 2011, down from last week when it averaged 4.09 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
15-year FRM this week averaged 3.28 percent with an average 0.7 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 3.75 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week, with an average 0.6 point, matching last week when it also averaged 3.02 percent. A year ago, the 5-year ARM averaged 3.52 percent.
1-year Treasury-indexed ARM averaged 2.83 percent this week with an average 0.6 point, up from last week when it averaged 2.82 percent. At this time last year, the 1-year ARM averaged 3.48 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs."
"Meanwhile, the spring and summer home-buying season gave a boost to a number of house price indexes. The Federal Housing Finance Agency reported that its National index (not seasonally adjusted) rose for the fourth consecutive month in July. Similarly, the S&P/Case-Shiller® 20-City composite index, which has a broader scope of properties, rose 0.9 percent between June and July with 17 of the cities experiencing positive monthly growth. Finally, CoreLogic® reported that its index, excluding distressed sales, increased at a 1.7 percent monthly rate for the same month."
To learn more about fixed mortgages give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Wednesday, October 5, 2011
What to do before making an offer
Provided By Trulia
Research the market
In a hot market -- where homes sell rapidly and buyers clamor to purchase homes (a "seller's market") -- you have less pull as a buyer than you have in a cool housing market, where there's a large inventory of homes for sale (a "buyer's market).
So, you'll want to know whether the local market you're looking to buy in is a cool or a hot one.
You can research your target market's temperature by looking up the ZIP code's market stats and trends on Trulia. This information will show if prices are headed up or down, if the number of home sales are increasing or decreasing and what the average listing price and median sales prices are. The more information you have, the better you'll be at putting together an offer and the more leverage you'll have at the bargaining table.
Cruise comparables
Use Trulia to pull up data on nearby recently sold homes that are most like the one you're considering. (The homes should have about the same number of bedrooms and baths as your target house, and be in relatively the same condition.) These homes -- called comparables -- will give you an idea of what buyers may be willing to pay for the home you like -- and how much you may want to offer, depending on how recently these homes were sold and whether there have been significant market changes since then.
You should also take a look at the asking prices of local houses for sale that are most like your target home and compare how those prices stack up against the listing price of your target house.
Hit the pavement
Trulia has made the job of finding comparables easy, but be sure to check out comparable homes in person to get a true comparison of how these homes rate against yours. Stats and figures tell a lot about a home, but they can't fully express how a home looks and feels.
Get the 411
Pull up the property on Trulia and look up when the seller purchased it and for how much. A seller who purchased a home many years ago at a comparably low price may be more willing to negotiate on price than one who bought the house recently at a relatively high price.
Check the clock
In real-estate lingo, the amount of time a home has been for sale is called "days on market" (or DOM). You can get a feel for this by looking up how long the home's listing has been on Trulia or work with a real estate agent to find out how long the property has been for sale.
The longer a home has been on the market, the more anxious a seller may be to sell. Also, a homeowner who's just listed his house for sale is less likely to accept a bid below asking price than an owner who's been waiting months for a buyer.
Inspect
Look beyond the home's recently painted interior and nicely landscaped yard to determine the true condition of the property. If you're not handy yourself, bring along a friend or family member who could easily spot expensive and troublesome problems like leaky roofs, cracking foundations and major termite damage.
Test out the commute
Even if the home turns out to be a gem on further inspection, it may not seem like one if the drive to and from your job to your new home is a bear. Test out the morning and evening commutes to see just how bad -- or good -- the drive is.
Explore the neighborhood
A house doesn't exist in a vacuum -- it sits in a neighborhood full of neighbors, noises, even smells. Get to know the home's surroundings to determine whether it's a good fit for you. It's best to visit the neighborhood at different hours and different days, because a neighborhood that's quiet by day might be hopping at night (or vice versa).
Get a second (or a third) opinion
Sometimes love is blind, and a house that has you at first sight could turn out to be everything you've wished for (or everything you'd never wish for). Have a trusted friend or family member look at the home to get an objective opinion.
Secure financing
Take a serious look at your finances and determine how much you can afford to spend on a home. Also calculate how much you have for closing costs and a down payment. If you'll need a home loan, investigate your options both online and in person with a lender and get pre-approved (with a pre-approval letter from the lender) for a loan. A pre-approval means that the lender thinks you'll qualify for a given loan amount.
Having that pre-approval (which points to your ability to purchase the home) will put you in better position with the seller should you decide you do want to buy that home.
Are you ready to purchase a home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Research the market
In a hot market -- where homes sell rapidly and buyers clamor to purchase homes (a "seller's market") -- you have less pull as a buyer than you have in a cool housing market, where there's a large inventory of homes for sale (a "buyer's market).
So, you'll want to know whether the local market you're looking to buy in is a cool or a hot one.
You can research your target market's temperature by looking up the ZIP code's market stats and trends on Trulia. This information will show if prices are headed up or down, if the number of home sales are increasing or decreasing and what the average listing price and median sales prices are. The more information you have, the better you'll be at putting together an offer and the more leverage you'll have at the bargaining table.
Cruise comparables
Use Trulia to pull up data on nearby recently sold homes that are most like the one you're considering. (The homes should have about the same number of bedrooms and baths as your target house, and be in relatively the same condition.) These homes -- called comparables -- will give you an idea of what buyers may be willing to pay for the home you like -- and how much you may want to offer, depending on how recently these homes were sold and whether there have been significant market changes since then.
You should also take a look at the asking prices of local houses for sale that are most like your target home and compare how those prices stack up against the listing price of your target house.
Hit the pavement
Trulia has made the job of finding comparables easy, but be sure to check out comparable homes in person to get a true comparison of how these homes rate against yours. Stats and figures tell a lot about a home, but they can't fully express how a home looks and feels.
Get the 411
Pull up the property on Trulia and look up when the seller purchased it and for how much. A seller who purchased a home many years ago at a comparably low price may be more willing to negotiate on price than one who bought the house recently at a relatively high price.
Check the clock
In real-estate lingo, the amount of time a home has been for sale is called "days on market" (or DOM). You can get a feel for this by looking up how long the home's listing has been on Trulia or work with a real estate agent to find out how long the property has been for sale.
The longer a home has been on the market, the more anxious a seller may be to sell. Also, a homeowner who's just listed his house for sale is less likely to accept a bid below asking price than an owner who's been waiting months for a buyer.
Inspect
Look beyond the home's recently painted interior and nicely landscaped yard to determine the true condition of the property. If you're not handy yourself, bring along a friend or family member who could easily spot expensive and troublesome problems like leaky roofs, cracking foundations and major termite damage.
Test out the commute
Even if the home turns out to be a gem on further inspection, it may not seem like one if the drive to and from your job to your new home is a bear. Test out the morning and evening commutes to see just how bad -- or good -- the drive is.
Explore the neighborhood
A house doesn't exist in a vacuum -- it sits in a neighborhood full of neighbors, noises, even smells. Get to know the home's surroundings to determine whether it's a good fit for you. It's best to visit the neighborhood at different hours and different days, because a neighborhood that's quiet by day might be hopping at night (or vice versa).
Get a second (or a third) opinion
Sometimes love is blind, and a house that has you at first sight could turn out to be everything you've wished for (or everything you'd never wish for). Have a trusted friend or family member look at the home to get an objective opinion.
Secure financing
Take a serious look at your finances and determine how much you can afford to spend on a home. Also calculate how much you have for closing costs and a down payment. If you'll need a home loan, investigate your options both online and in person with a lender and get pre-approved (with a pre-approval letter from the lender) for a loan. A pre-approval means that the lender thinks you'll qualify for a given loan amount.
Having that pre-approval (which points to your ability to purchase the home) will put you in better position with the seller should you decide you do want to buy that home.
Are you ready to purchase a home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Monday, October 3, 2011
Autumn Landscaping
Provided By Realty Times
Fall is the perfect time to add new life to your yard. The heat of the summer has passed and cold, hard frosts are still weeks or months away. This second chance planting season allows you to amp up your curb appeal.
Here are some lovely ideas for autumn planting!
Selecting the right plants, trees, and shrubs can be overwhelming. Many nurseries are full of colors, sizes, and varieties of plants. There are so many choices you don't know where to begin.
The initial step is to create a plan of action. Without a solid design plan you may end up having random plants that look ... random. Think both long and short term. What plants do you want now and how do you want your yard to appear years down the road.
To make sure everyone is on the same page, illustrate your plan on a large sheet of paper. Make notes for shapes of flower beds, what types of plants you want, where you'll mulch, and what size plants you'll need.
Next, do your research. Sometimes the best source of information is the nursery itself. You can see up close and personal what plants will fit within your design plan. Do you want small, evergreen shrubs for your front bed? Boxwoods are a great choice! Are you looking for a shrub with a bit more color? Consider using bayberry.
Think about how plants will look during the different seasons. Are there flower beds that will be filled with annuals during the summer and will be dormant in the Winter? Consider adding evergreen shrubs, such as holly, spruce, or yew in order to keep green color all year!
Now that you have a plan and know what plants are available, it's time to load up the car with the latest finds! Consider how long you have until the first frost. Plants need several weeks to become established.
Consider that flower beds look best when layered in textures, color, and sizes. Begin with taller shrubs in the back of a bed and work your way down.
When planting your shrubs and trees, be sure to dig a hole that is twice the size of the root ball. Stamp the dirt to remove air from the soil and then water well. Be sure to give plants plenty of room! Most plants and trees come with spacing instructions. Take into account how big trees will become 40 years down the road!
Many bulbs also need to be planted during the Fall. If you want beautiful hyacinths and tulips this next Spring, then do your planting in the Fall. Allow these items to settle a few weeks before topping with a think layer of mulch. Plus, remember to sweep aside the mulch when Spring arrives!
Fall is a wonderful time to spruce up your yard. Be thoughtful with your design and plant choices and you're sure to create a beautiful accent to your home.
Would you love to landscape your lawn at your NEW home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Fall is the perfect time to add new life to your yard. The heat of the summer has passed and cold, hard frosts are still weeks or months away. This second chance planting season allows you to amp up your curb appeal.
Here are some lovely ideas for autumn planting!
Selecting the right plants, trees, and shrubs can be overwhelming. Many nurseries are full of colors, sizes, and varieties of plants. There are so many choices you don't know where to begin.
The initial step is to create a plan of action. Without a solid design plan you may end up having random plants that look ... random. Think both long and short term. What plants do you want now and how do you want your yard to appear years down the road.
To make sure everyone is on the same page, illustrate your plan on a large sheet of paper. Make notes for shapes of flower beds, what types of plants you want, where you'll mulch, and what size plants you'll need.
Next, do your research. Sometimes the best source of information is the nursery itself. You can see up close and personal what plants will fit within your design plan. Do you want small, evergreen shrubs for your front bed? Boxwoods are a great choice! Are you looking for a shrub with a bit more color? Consider using bayberry.
Think about how plants will look during the different seasons. Are there flower beds that will be filled with annuals during the summer and will be dormant in the Winter? Consider adding evergreen shrubs, such as holly, spruce, or yew in order to keep green color all year!
Now that you have a plan and know what plants are available, it's time to load up the car with the latest finds! Consider how long you have until the first frost. Plants need several weeks to become established.
Consider that flower beds look best when layered in textures, color, and sizes. Begin with taller shrubs in the back of a bed and work your way down.
When planting your shrubs and trees, be sure to dig a hole that is twice the size of the root ball. Stamp the dirt to remove air from the soil and then water well. Be sure to give plants plenty of room! Most plants and trees come with spacing instructions. Take into account how big trees will become 40 years down the road!
Many bulbs also need to be planted during the Fall. If you want beautiful hyacinths and tulips this next Spring, then do your planting in the Fall. Allow these items to settle a few weeks before topping with a think layer of mulch. Plus, remember to sweep aside the mulch when Spring arrives!
Fall is a wonderful time to spruce up your yard. Be thoughtful with your design and plant choices and you're sure to create a beautiful accent to your home.
Would you love to landscape your lawn at your NEW home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Subscribe to:
Posts (Atom)