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3 Tips For Landing a Mortgage

May 1, 2013 by 5 Comments

What is happening with todays current mortgages and how did we get there?

I can tell you one of my most challenging obstacles is financing. The banks/ lenders went from the “fog the mirror” loans to overly strict lending requirements. What is a “fog the mirror loan? Back in the good old days if you could breath and fog a mirror the bank would just ask how much you earned(which you did not have to verify, by the way) and the lender would qualify the loan based on no income verification or documentation. Simply qualify for the 0% first year months payments and it was yours. Now we have good people, with good jobs, money saved and finding it difficult to get a mortgage. I have even had buyers with enough cash to pay for a property outright to be told by the bank they could make the loan. If you are an entreprenur or private business owner good luck getting a decent mortgage.

What can you do to get a mortgage today?

Hope, Pray, Beg….. No not really but be prepared and shop around.

1.) High Credit Scores Count- surprise the lowest interest rates go to the ones with the highest credit scores of 760 or higher. Make sure you don’t open lines of credit or loans for at least 3 months prior to shopping for a loan. Also, try to pay off loan balances – “One large balance — even if it’s paid off at the end of the month — can ding your score by 20 points or more,” according to the article at Money Magazine.

2.) Gather plenty of quotes. Shop around, it can pay off big! Gather at least 6 quotes from lenders on rates because they can vary between lenders. Request quotes from local, regional and even online vendors like www.quikenloans.com or www.rpfunding.com. MOST IMPORTANTLY! Ask about the closing cost, they can vary from 2-3% of the loan amount.

3.) Lock in the Rate. When you chose the lender make sure to lock in the rate. During this period the lender agrees to not raise the rate within a certain time period. Make sure you check with your REALTOR and lender to verify how long the loan will take to close so you know how long to set the lock in rate for.

Lastly, ask for referrals to local professionals that can help. Ask ME! I have several preferred mortgage folks with different banks to serve your needs.

“Until Next Time”

Source: “For Your Customers:…” REALTOR Mag May 2, 2012 http://realtormag.realtor.org/daily-news/2012/04/30/for-your-customers-3-tips-for-landing-mortgage

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Buy a Home, Get A Date! Or maybe even more….

February 21, 2012 by Leave a Comment

Did you ever think your home could be an aphrodisiac?

This is a funny story reported by CNNMoney was conducted with 1,000 single people with more than a third of women and 18% of men saying they would much rather date a homeowner rather than a renter. Only 2% of women and 3% of men preferred to date someone who rents compared to owners of their home.

62% Prefer to Date Singles Who Live Alone w/ No Roomate

What about boomerang kids(these are your adults who went off to college, graduated and then would up back in their old bedrooms.) It’s going to hard to find love, well maybe not from your parents, but less than 5% of all singles surveyed said they would date someone  living with their parents. “Thats a real deal breaker,” said Michael Corbett, of Trulia, “if your still living with your folks, your’re dead-on-arrival for dating.”

What does this ALL mean for you?

First, If you are single, Call, Text, Email or visit the www.OcalaRealtyOnline.com  to search for your next home. In today’s market, many times, it less expensive to own a home than to rent.

Second, a few benefits of homeownership; same monthly payment for life of loan(no more increased rent/lease), IRS mortgage interest deductions on your taxes, customize the home to your likings, not your landlords, and more likely to land a second date or possibly even more.

Third, call, text, or email me to find out about USDA(0% Down), FHA (3.5% Down), or if your a veteran apply for your VA(0% Down) benefits. We can help find you a loan to fit your needs and many times for less than first, last, and security. Don’t Wait the market is gaining steam and there are many choices between $50-$100k.

“Until Next Time”

 

By Les Christie @CNNMoney February 14, 2012: 5:30 AM ET

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Ocala, Florida Area Local Market Report 2011 – 3rd Quarter

December 6, 2011 by Leave a Comment

TODAYS MARKET…. Median Price and Existing home Sales

All real estate is local and every market is unique. Remember that when you hear reports from the major new networks. We are seeing some positive signs in the Ocala / Marion County Market with the Median Home Price now at $80,900 with 1-year Appreciation at -1.6% and a 3 year Appreciation of a whooping -40.1%. This relatively recent correction in local home prices wiped out most of the equity gained over the last 7 years. State Existing Home Sales(2011 Q3 vs 2010 Q3) is at +10.6% for Florida and Nationally 17%.

FORECLOSURE info by type…

The market share of Foreclosures by type is 88.3% are Prime Loans, 5.1% are Sub-Prime Loans and 6.6% are Alt-A Loans. There has been a decline of both 60 and 90 day delinquency rates over the most recent 6-month period suggests a decline in local foreclosure rates in the near future.

AFFORDABILITY….

Based on Ratio of Local Mortgage Servicing Cost to Income, Ocala has typically been more affordable than most markets. For example the Monthly Mortgage Payment to Income for Ocala is 6.6% compared to 15.5% in the United States for 2010 and 5.7% locally for 2011 and 13.9% nationally with the historical average at 11.3% locally and 22% nationally. The price to income ratio has fallen as well and is below the historical average.

So what does this all mean?

Well it could mean we are close to reaching the bottom of the housing value slide. But it will take a strong economy and more local jobs for the housing market to continue gaining traction. There is less inventory on the market with an increase in buyer activity, compared to the same time last year. We are a long way from seeing appreciation in our homes but hopefully close to reaching the bottom and no more depreciation of value.

“Until Next Time”

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