Realty World - Viking Realty » loan http://realtyworld-viking.com Serving the area since 1971 Sat, 19 May 2012 17:30:00 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Fixed-Rate Mortgages Preferred http://brianripp.com/2012/03/20/fixed-rate-mortgages-preferred/ http://brianripp.com/2012/03/20/fixed-rate-mortgages-preferred/#comments Tue, 20 Mar 2012 23:01:00 +0000 Brian Ripp http://realtyworld-viking.com/2012/03/20/fixed-rate-mortgages-preferred/ Fixed-rate loans accounted for more than 95% of all refinance loans in the 4th, regardless of whether the original loan was an adjustable-rate mortgage (ARM) or a fixed-rate, according to a report by Freddie Mac.  Nearly two-thirds of borrowers who had a hybrid ARM (58%) chose a fixed-rate loan during the 4th quarter, while the remaining 42% refinanced into a similar type of product.
An increasing number of refinancing borrowers chose to shorten their loan terms. Of those who paid off a 30-year fixed-rate loan, 43% chose a 15-year or 20-year loan, the highest such share since the 1st quarter of 2003.  The strong refinance activity is attributed to continuing low interest rates on fixed-rate mortgages, which averaged 4% for 30-year loans and 3.3% for 15 years during the 4th quarter, according to Freddie Mac’s Primary Mortgage Market Survey.
great info from March/April 2012 CRS magazine
Related articles

Adjustable Rate Mortgage vs. Fixed Rate Mortgage (loans.org)
More Americans Opting for Shorter-Term Mortgage Refis (usnews.com)
More interest in fixed rate mortgages (news.smh.com.au)

]]> http://brianripp.com/2012/03/20/fixed-rate-mortgages-preferred/feed/ 0 Renting vs Buying a new home http://zaidapatel.com/2012/02/23/renting-vs-buying-a-new-home/ http://zaidapatel.com/2012/02/23/renting-vs-buying-a-new-home/#comments Thu, 23 Feb 2012 18:02:00 +0000 Zaida Patel http://realtyworld-viking.com/2012/02/23/renting-vs-buying-a-new-home/ Is it better to rent or own?  It is a matter of opinion.  According to the New York Real Estate news, a professor UC Berkeley,  who did a case study said it is better to rent all the time.  “And not just from a practical standpoint; also from a financial one, Reuters reported.
The reason is that the carrying costs associated with homeownership, such as property taxes and renovations, often cause homeowners to fail to meet their other financial goals, the professor, Rich Arzaga, said.
Of course, there are critics of that logic.
“To state that owning a home is or isn’t a good investment is too simplistic,” said Jeffrey Rogers, president of Integra Realty Resources, a New York-based real estate appraisal firm. “It depends. In times of relatively higher rents, low home values, and low interest rates, it makes sense to own a home. But in a reverse market, it wouldn’t be economically feasible. Over time, those who purchase in down or flat markets with low interest rates come out ahead.”
click here on story: Reuters

]]> http://zaidapatel.com/2012/02/23/renting-vs-buying-a-new-home/feed/ 0 Talking Points http://mittalrealty.com/2012/02/05/talking-points-3/ http://mittalrealty.com/2012/02/05/talking-points-3/#comments Mon, 06 Feb 2012 03:07:00 +0000 Skand Mittal http://realtyworld-viking.com/2012/02/05/talking-points-2/ 1. As the housing market continues to struggle for stabilization, many homeowners are turning to strategic default.  Almost 11 million homes are now underwater, according to Corelogic.  Around 3.5 million homeowners are behind in their payments and another 1.5 million homes are already in the foreclosure process, according to RealtyTrac.
 2. Aside from the moral quandary of whether strategic default is the right decision, there also are other factors to consider.
3. borrowers’ credit scores will take a hit. According to FICO, someone with a 680 credit score would see their score decline anywhere between 85-100 points after a strategic default, and someone with a 780 credit score could lose 140-160 points.
4. Borrowers who are considering strategically defaulting on a house should look at it as a last resort, not a first option.  Financial troubles could be eliminated by refinancing, especially if the Obama administration’s program is implemented.
5. Each state has its own rules and regulations regarding foreclosures, which affect both the length of the process and what the borrower could be liable for in the end.

]]> http://mittalrealty.com/2012/02/05/talking-points-3/feed/ 0 Some common problems for condos in the eyes of the conventional loan http://mittalrealty.com/2011/10/21/few-of-the-common-problems-for-condos-in-the-eyes-of-the-conventional-loan/ http://mittalrealty.com/2011/10/21/few-of-the-common-problems-for-condos-in-the-eyes-of-the-conventional-loan/#comments Sat, 22 Oct 2011 06:06:00 +0000 Skand Mittal http://realtyworld-viking.com/2011/10/21/some-common-problems-for-condos-in-the-eyes-of-the-conventional-loan/ Total number of units are delinquent (past 30 days late) on their assessments.
Pending litigation exists AGAINST the association.
One entity (individual, investment group, partnership or corporation) owns more than certain % of the total number of units.
Commercial space makes up more than certain % of the total ownership (not total number of units) of the association.
No more than certain % of the total number of units can be rentals.

]]> http://mittalrealty.com/2011/10/21/few-of-the-common-problems-for-condos-in-the-eyes-of-the-conventional-loan/feed/ 0 Can I do my own loan modification? http://zaidapatel.com/2011/06/27/can-i-do-my-own-loan-modification/ http://zaidapatel.com/2011/06/27/can-i-do-my-own-loan-modification/#comments Tue, 28 Jun 2011 00:55:00 +0000 Zaida Patel http://realtyworld-viking.com/2011/06/27/can-i-do-my-own-loan-modification/ What is a loan modification?  A loan modification is when your mortgage terms, rate and payments are modified to reach an affordable monthly payment. You must meet certain criteria to qualify for the most popular loan modification program provided by the government which is called HAMP or Home Affordable Modification Program.
There are various reasons why homeowners are trying to get a loan modification.    One of the main reasons is due to a job loss which becomes a financial hardship.   And the question is  ‘Can I do my own loan modification?’.  The answer is YES. If you, the homeowner, is willing to spend time on the phone and do some paperwork, then you can do it.
The first thing a homeowner should do is call their lender (mortgage company), request for the loss mitigation department and ask for a loan modification package.    This will let them know that you are willing to work with them on getting your loan back on track.   They will give you a list of items that they want.  These items can include proof of income, hardship letter which states why you can’t pay the current mortgage, bank statements, and so on.  Be honest and provide what they are asking for and let them know your situation.  The lenders do not want to hear sob stories but just the facts and a summary of your ability to repay your loan.
If the lender doesn’t respond quickly, be patient.  There is a process and many homeowners, like you,  have submitted their requests, too.   At the same time, keep detailed records of all your calls. Once contact is made, write down the name of the person with whom you spoke, his or her identification number, the date and time of your conversation and a summary of what was said. Also make copies of all your correspondence and other paperwork. Lenders tend to lose things.
Avoid SCAMS from companies who offer services to do your loan modification for a fee.  That is illegal.  Only pay for services rendered, if any.  The main thing is keep informed, keep pushing and stay in communication with your lenders.  Nothing will kill your chances of modifying your loan than not communicating your situation to them and waiting until the last  minute to work something out.

]]> http://zaidapatel.com/2011/06/27/can-i-do-my-own-loan-modification/feed/ 0 Mistakes Home Buyers Make http://zaidapatel.com/2010/09/03/mistakes-home-buyers-make/ http://zaidapatel.com/2010/09/03/mistakes-home-buyers-make/#comments Fri, 03 Sep 2010 16:56:00 +0000 Zaida Patel http://realtyworld-viking.com/2010/09/03/mistakes-home-buyers-make/ According to the Wall Street Journal, affordable home prices and historically low interest rates have created an ideal situation for many qualified first-time home buyers to purchase a house.  Despite this opportunity, some buyers may be overconfident and make mistakes during the home-buying process.

MAKING SENSE OF THE STORY FOR CONSUMERS

Some first-time buyers are unaware of the vast amount of paperwork and negotiations that go into purchasing a home.  As a result, buyers may think they can save money by forgoing the use of a REALTOR®.  However, managing the nuances of offers, inspections, financing, and other pivotal steps when buying a home often causes confusion and anxiety for buyers.  Working with a REALTOR®–who is obligated to put the buyer’s best interests first–will help to alleviate buyer concerns during this process.

Online mortgage calculators can help buyers estimate the amount of house they can afford, but calculators should not be the sole source for mortgage-approval information.  Buyers are advised to meet with a mortgage broker or banker prior to beginning the home search to help determine the loan amount for which they are most likely to be approved.

Although there is a large selection of homes available for sale, home buyers should not assume they can make low offers or unreasonable demands.  Even in hard-hit housing markets, homes in desirable neighborhoods are receiving multiple offers.

To read the full story, please click here.

]]> http://zaidapatel.com/2010/09/03/mistakes-home-buyers-make/feed/ 1 Is it a good time to BUY? http://zaidapatel.com/2010/04/02/is-it-a-good-time-to-buy/ http://zaidapatel.com/2010/04/02/is-it-a-good-time-to-buy/#comments Fri, 02 Apr 2010 22:15:00 +0000 Zaida Patel http://realtyworld-viking.com/2010/04/02/is-it-a-good-time-to-buy/ Yes, but no need to rush.  According to the Wall Street Journal, many housing economists have said that for borrowers with stable incomes, good credit history, and FICO scores of at least 620, now is an opportune time to purchase a home.  Although inventory rates are below the long-run average, there still are plenty of options available for buyers of high-end homes. Things to think about are as follows:

Closely-watched indices, including the Standard & Poor’s/Case Shiller Index, indicate that the high end of the market didn’t experience the same dramatic price appreciation as the low end. Home prices in this segment have not declined as steeply as homes in the mid- to low-end of the market.  Additionally, many discretionary sellers in the high end—those who do not have to sell their homes—are opting to wait until home prices rise before listing their homes for sale.
The high end of the market also is facing challenges with buyers qualifying for financing.  During the height of the market, many high-end home purchases were fueled by exotic mortgage products.  Now that those mortgages are no longer readily available, many lenders are requiring borrowers to provide proof of income, such as W-2s and recent paystubs, as well as demonstrate their ability to meet the monthly mortgage obligation.
To read the full story, please click here.

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