Looking for a belated Christmas gift? Thinking that 2012 is the year to make the leap into home ownership? Consider extremely low mortgage rates as your gift to buy a new home in the new year! It may be hard to believe, but rates are dropping below their previous record lows! Check out these rates:
30 Year Fixed Rate Mortgage: 3.91% -- This is an all-time record low and down .9% from last year.
15 Year Fixed Rate Mortgage: 3.21% -- A .94% decrease from last year.
5 Year Adjustable Rate Mortgage: 2.85% -- This is .9% lower than last year's rate
1 Year Adjustable Rate Mortgage: 2.77% -- A .63% decrease from last year
Read the full Freddie Mac article for more information.
Tuesday, December 27, 2011
Thursday, December 22, 2011
Let's Hear it for New York!
Foreclosures in New York State are one of the lowest in the nation! New York ranked 43rd out of all 50 states for monthly total foreclosure filings according to the U.S. Foreclosure Market Report for November 2011. Better yet, the forclosure rate is a 3.17% decrease from October 2011 and a 42.89% decrease from November of last year.
Nationally, foreclosure rates are down 2.72% from October 2011 and 14.46% from last year.
Read the full RealtyTrac article to take a look at foreclosure rates nationwide.
Nationally, foreclosure rates are down 2.72% from October 2011 and 14.46% from last year.
Read the full RealtyTrac article to take a look at foreclosure rates nationwide.
Monday, December 19, 2011
YouTube
Have you checked out our great YouTube Chanel? Take a peek at this home from John Arquette Properties' agent Barbara Miller.
Wednesday, December 7, 2011
Holiday Sales
Believe it or not, but 60% of Realtors advise their clients to list their homes during the holiday season. "Why"" you may ask. 79% of Realtors believe that buyers are their most serious during the holiday and winter seasons while 61% believe that there is less competition on the market to get the home sold.
There are some challenges to listing and selling your home during the winter though. Realtors believe that poor weather conditions and holiday vacations/events pose difficulties when it comes to showings that will inevitability get the home sold.
Online photos are of the utmost importance (not that they aren't important during the rest of the year) during the holiday season to get buyers to come to open houses and schedule showings. Great online photos will definitely give you the upper hand when it comes to selling your home this holiday season!
Read the full article.
There are some challenges to listing and selling your home during the winter though. Realtors believe that poor weather conditions and holiday vacations/events pose difficulties when it comes to showings that will inevitability get the home sold.
Online photos are of the utmost importance (not that they aren't important during the rest of the year) during the holiday season to get buyers to come to open houses and schedule showings. Great online photos will definitely give you the upper hand when it comes to selling your home this holiday season!
Read the full article.
Tuesday, December 6, 2011
Sell Your Home This Winter
Make your home standout from the rest this winter. Here are some tips to help sell your home this winter:
1-Let There Be Light: Turn the lights on! Make sure all your lights are on (even in the closets) during each and every showing.
2-Accessible Parking: Buyers can't put an offer in on your home if they can't get into your home. Make sure that buyers don't have to walk walk too far to get to your home and that they don't have to walk over piles of snow.
3-Avoid Odor: If you have pets make sure to keep the furnace fans going all day in order to move air around your home to dissipate any odors. Also, resist from cooking anything that carries a strong or peculiar smell the on the same day as a showing.
4-Get Festive: Go ahead and decorate for the holidays! Appropriate decorations for Christmas, Valentine's Day, etc. are a great touch.
5-Remember the Outdoors: Make a clear pathway to your front door that is free of snow and ice. Take care of any landscaping that can be maintained during the winter months.
6-Don't Cook Your Buyers: Don't roast your buyers with an unusually warm home. Keep the temperature at around 65 degrees.
7-Control Winter Clothing: The winter seasons require us to bundle up with scarves, gloves, hats, etc., but don't let them take over your home. Store these neatly away from the buyer's eye. Also, consider moving items from stuffed closets to emptier closets throughout your home.
8-Have Day Time Showings: If possible, try to schedule showings during the day when it is still light outside. Try to have showings between 9am and 3pm.
Remember, buyers that are looking at homes throughout the winter months happen to be some of the most serious buyers so make sure your home stands out!
Read the full article for a few other tips.
1-Let There Be Light: Turn the lights on! Make sure all your lights are on (even in the closets) during each and every showing.
2-Accessible Parking: Buyers can't put an offer in on your home if they can't get into your home. Make sure that buyers don't have to walk walk too far to get to your home and that they don't have to walk over piles of snow.
3-Avoid Odor: If you have pets make sure to keep the furnace fans going all day in order to move air around your home to dissipate any odors. Also, resist from cooking anything that carries a strong or peculiar smell the on the same day as a showing.
4-Get Festive: Go ahead and decorate for the holidays! Appropriate decorations for Christmas, Valentine's Day, etc. are a great touch.
5-Remember the Outdoors: Make a clear pathway to your front door that is free of snow and ice. Take care of any landscaping that can be maintained during the winter months.
6-Don't Cook Your Buyers: Don't roast your buyers with an unusually warm home. Keep the temperature at around 65 degrees.
7-Control Winter Clothing: The winter seasons require us to bundle up with scarves, gloves, hats, etc., but don't let them take over your home. Store these neatly away from the buyer's eye. Also, consider moving items from stuffed closets to emptier closets throughout your home.
8-Have Day Time Showings: If possible, try to schedule showings during the day when it is still light outside. Try to have showings between 9am and 3pm.
Remember, buyers that are looking at homes throughout the winter months happen to be some of the most serious buyers so make sure your home stands out!
Read the full article for a few other tips.
Friday, December 2, 2011
Evictions Stop for the Holidays
Evictions on foreclosed homes (single family and 2-4 family) will be suspended from December 19th- January 2, 2012 according to recent news release from Fannie Mae.
Terry Edwards, Executive Vice President of Credit Portfolio Management, says, "No family should have to give up their home during this holiday season. Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible and we encourage any homeowner who is having difficulty making their payment to reach out for help.”
Check out the full News Release from Fannie Mae.
Terry Edwards, Executive Vice President of Credit Portfolio Management, says, "No family should have to give up their home during this holiday season. Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible and we encourage any homeowner who is having difficulty making their payment to reach out for help.”
Check out the full News Release from Fannie Mae.
Thursday, December 1, 2011
Time to Buy! (Really, It's Time to Buy!)
It's true, now is the time to buy.
Home ownership is only going to get more afforadble as it is expected that rents will rise by 4% this coming year.
Even cities where it still is currently cheaper to rent than it is to own have seen great striced in making home ownership more affordable. For example, in San Diego it has typically cost 83% more to own a home as opposed to renting. But now it only costs 22% more to make the leap into home ownership.
We can only assume that afforadibilty will continue to increase as home prices decline. With such low home prices and low mortage rates it truley is the time to buy. You deserve to have your own home!
Check out the full Wall Street Journal article.
Low home prices and even lower mortgage rates (currently hovering near 4%) have made made home ownership more affordable than the last 15 years! To top it all off home ownership has become less expensive than renting in many cities!
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| Copyright: Wall Street Journal |
Even cities where it still is currently cheaper to rent than it is to own have seen great striced in making home ownership more affordable. For example, in San Diego it has typically cost 83% more to own a home as opposed to renting. But now it only costs 22% more to make the leap into home ownership.
We can only assume that afforadibilty will continue to increase as home prices decline. With such low home prices and low mortage rates it truley is the time to buy. You deserve to have your own home!
Check out the full Wall Street Journal article.
Wednesday, November 30, 2011
Lessons Learned From the Housing Bubble
Both buyers and sellers made plenty of mistakes before the housing bubble burst in 2007. Thankfully, much can be learned from those mistakes to ensure that buyers and sellers don't make them again!
1-Don't view your home as something you can borrow against. Purchasing a home is not like purchasing an investment property. Your home is not a bank that you can borrow funds from for vacations or other large purchases. When refinacning during the housing bubble, homeowners who had treated their home as a bank found that they were unable to sell their homes for the amount that they owed their lender.
2-Keep your home well maintained, but don't go over the top. Don't go above and beyond when it comes to updating and maintaining your home if you don't plan on staying there and enjoying them! Keep in mind that you may not always be able to recuperate the money you spent on maintaining and updating your home.
3-Don't buy a home with little cash down and don't assume your home will appreciate in value. Those that had done this ended up being foreclosed on as their homes depreciated in value.
4-Keep your home move-in ready. Buyers want to move into a home that is not going to require a lot of work.
5-Know what you are getting yourself into when you purchase a home being sold "as-is". Take into account the amount of work and funds it will take to repair the home when you make your offer.
Check out the full article.
1-Don't view your home as something you can borrow against. Purchasing a home is not like purchasing an investment property. Your home is not a bank that you can borrow funds from for vacations or other large purchases. When refinacning during the housing bubble, homeowners who had treated their home as a bank found that they were unable to sell their homes for the amount that they owed their lender.
2-Keep your home well maintained, but don't go over the top. Don't go above and beyond when it comes to updating and maintaining your home if you don't plan on staying there and enjoying them! Keep in mind that you may not always be able to recuperate the money you spent on maintaining and updating your home.
3-Don't buy a home with little cash down and don't assume your home will appreciate in value. Those that had done this ended up being foreclosed on as their homes depreciated in value.
4-Keep your home move-in ready. Buyers want to move into a home that is not going to require a lot of work.
5-Know what you are getting yourself into when you purchase a home being sold "as-is". Take into account the amount of work and funds it will take to repair the home when you make your offer.
Check out the full article.
Tuesday, November 22, 2011
Save the Pets!
The foreclosure crisis isn't just effecting the market and homeowners, it's effecting pets as well. According to the American Society for the Prevention of Cruelty to Animals, about one million animals are left behind because of eviction and foreclosure. The animals are typically left without the resources to survive when real estate agents stumble upon them when touring a foreclosed home.
Real Estate professionals are have begun to help these poor pets out in a number of ways. President Cheryl Lang of Integrated Mortgage Solutions started No Paws Left Behind to bring awareness to and find solutions for foreclosed pets . So far, the group has rescued 1,000 animals nationwide. In Chicago, Suzy Thomas founded Realtors to the Rescue to provide support to pet rescue efforts. The group focuses on helping rescue groups and animal shelters. Recently, Realtors to the Rescue participated in a 36-hour adoption event.
If you are interested in adopting a pet please check out the Humane Association of CNY's website.
Check out the full articles from The Chicago Tribune and REALTOR Magazine Daily News.
Real Estate professionals are have begun to help these poor pets out in a number of ways. President Cheryl Lang of Integrated Mortgage Solutions started No Paws Left Behind to bring awareness to and find solutions for foreclosed pets . So far, the group has rescued 1,000 animals nationwide. In Chicago, Suzy Thomas founded Realtors to the Rescue to provide support to pet rescue efforts. The group focuses on helping rescue groups and animal shelters. Recently, Realtors to the Rescue participated in a 36-hour adoption event.
If you are interested in adopting a pet please check out the Humane Association of CNY's website.
Check out the full articles from The Chicago Tribune and REALTOR Magazine Daily News.
Friday, November 18, 2011
What the Frack!?
The debate over hydraulic fracturing, i.e. hydrofracking, in Syracuse doesn't seem to be ending any time soon despite an October 24th ban from Syracuse's Common Council.
Those anti-fracking cite contaminated water, increased traffic, lack of regulation and a change in the character of small towns and villages as reasons to not hydrofrack. The main argument for drilling rests upon the creation of 6,000 to 24,000 direct jobs (this does not include jobs created indirectly from the process) as well as providing revenue through lease and royalty payments from the drilling. The revenue would stimulate local economies that have been struggling these past few years.
Recently, over 850 people assembled in Dansville, NY to discuss the matter. Supporters urged for the passage of new rules as start the process of drilling as early as next year. The drilling would finally bring in jobs and revenue to the region. Opponents feared the environmental effects that hydrofracking would bring to the area as well as what effect it would have on the tourism of the area.
The jury is most certainly still out. Only time and further research will clue us in as to what the fate of hydrofracking in Syracuse holds.
For a timeline of articles on hydrofracking check out this link from Syracuse.com.
Read the full Buffalo News article.
Those anti-fracking cite contaminated water, increased traffic, lack of regulation and a change in the character of small towns and villages as reasons to not hydrofrack. The main argument for drilling rests upon the creation of 6,000 to 24,000 direct jobs (this does not include jobs created indirectly from the process) as well as providing revenue through lease and royalty payments from the drilling. The revenue would stimulate local economies that have been struggling these past few years.
Recently, over 850 people assembled in Dansville, NY to discuss the matter. Supporters urged for the passage of new rules as start the process of drilling as early as next year. The drilling would finally bring in jobs and revenue to the region. Opponents feared the environmental effects that hydrofracking would bring to the area as well as what effect it would have on the tourism of the area.
The jury is most certainly still out. Only time and further research will clue us in as to what the fate of hydrofracking in Syracuse holds.
For a timeline of articles on hydrofracking check out this link from Syracuse.com.
Read the full Buffalo News article.
Thursday, November 17, 2011
Housing Slump Finds an Unlikely Tie to Criminal Activity
"You can't have crime without opportunity," said University of Nevada, Las Vegas criminologist William Sousa.
The crime: growing marijuana. The opportunity: foreclosed homes. That's right, foreclosed homes that are left vacant have become the ideal places to grow marijuana. This has especially been a problem in Nevada which has experienced the highest rates of foreclosure in the county. Authorities took down 153 indoor grow sites in 2010; This is 135 more sites than in 2005.
Read this Los Angeles Times article in full.
The crime: growing marijuana. The opportunity: foreclosed homes. That's right, foreclosed homes that are left vacant have become the ideal places to grow marijuana. This has especially been a problem in Nevada which has experienced the highest rates of foreclosure in the county. Authorities took down 153 indoor grow sites in 2010; This is 135 more sites than in 2005.
Read this Los Angeles Times article in full.
Wednesday, November 16, 2011
Hope For the Next Year
Some promising news from the National Association of Realtors (NAR) Chief Economist Lawrence Yun should hopefully provide confidence to consumers and the real estate market in the upcoming months. Yun predicts that in the next year that home prices will increase by 2% and that home sales will be up by 4%. Yun also predicts that home prices will rise an additional 3% and sales to increase another 6% in 2013.
According to Yun, the market is "strange" because buying conditions (low interest rates and low home prices) are ideal but sales seem to not be growing.
Perhaps strict underwriting requirements from lenders is to blame. Lenders are looking for borrowers to have credit scores no lower than 700 in order to qualify for a loan and in the upper 700s in order to secure a low interest rate. Unfortunately, these requirements are decreasing potential home sales by 20%
Check out the full article.
According to Yun, the market is "strange" because buying conditions (low interest rates and low home prices) are ideal but sales seem to not be growing.
Perhaps strict underwriting requirements from lenders is to blame. Lenders are looking for borrowers to have credit scores no lower than 700 in order to qualify for a loan and in the upper 700s in order to secure a low interest rate. Unfortunately, these requirements are decreasing potential home sales by 20%
Check out the full article.
Tuesday, November 15, 2011
Sell Your Home This Winter
Just because winter is approaching in Central New York doesn't mean that you can't sell your home! Here are some tips to sell your home this winter season:
1. The Right Price - Regardless of the time of year, a well priced home will sell quickly.
2. Light - Keep your home well-lit! The lack of daylight throughout the winter means that you should open the blinds and keep the lights on so your home looks inviting to both those passing by and to those touring your home. Make sure your home is well-lit even when you aren't home so it looks appealing to anyone driving by during the evening.
3. Staging - Consider hiring a stager that will bring out the best in your home. Stagers can make rooms look more inviting with a simple paint job as well as arrange your furniture to make sure potential buyers see all the great selling points of your home. Stagers also can make sure your home has a welcoming and warm feel to it throughout the cold winter months. Also, don't forget to keep the thermostat turned up so buyers feel comfortable in your home.
4. Clear Walkways - The only way a buyer is going to purchase your home is if they take a look inside, but the only way they are going to get inside is if your walkways are clear! Make sure your driveway and sidewalk are ice, snow and leave free.
Check out the full article by the Associated Press.
1. The Right Price - Regardless of the time of year, a well priced home will sell quickly.
2. Light - Keep your home well-lit! The lack of daylight throughout the winter means that you should open the blinds and keep the lights on so your home looks inviting to both those passing by and to those touring your home. Make sure your home is well-lit even when you aren't home so it looks appealing to anyone driving by during the evening.
3. Staging - Consider hiring a stager that will bring out the best in your home. Stagers can make rooms look more inviting with a simple paint job as well as arrange your furniture to make sure potential buyers see all the great selling points of your home. Stagers also can make sure your home has a welcoming and warm feel to it throughout the cold winter months. Also, don't forget to keep the thermostat turned up so buyers feel comfortable in your home.
4. Clear Walkways - The only way a buyer is going to purchase your home is if they take a look inside, but the only way they are going to get inside is if your walkways are clear! Make sure your driveway and sidewalk are ice, snow and leave free.
Check out the full article by the Associated Press.
Mortgage Must Haves
Although interest rates are historically low that doesn't mean that it is incredibly easy to qualify for a loan. It is actually slightly more difficult to qualify now than it was last year. Here are some tips from Inman News to make sure you are approved for a mortgage:
1. Make sure that your credit score is in at least the 700 range in order to qualify for the lowest interest rates.
2. In addition to a down payment and closing costs, have verifiable income and cash reserves.
3. Understand that being self employed and having lapses in employment may cause a few road blocks.
4. Make sure that you have 30% equity in your current home if you are buying a new home before selling the one you still own.
5. Be aware that there can be issues with appraisers that can interfere with your mortgage approval. Things such as having an appraisal come in under the purchase price, or having additional square feet of a home that was built without a permit can keep you from qualifying for a loan.
6. Don't speak too much about anything in your finances that may make a loan professional hesitant to approve your loan.
1. Make sure that your credit score is in at least the 700 range in order to qualify for the lowest interest rates.
2. In addition to a down payment and closing costs, have verifiable income and cash reserves.
3. Understand that being self employed and having lapses in employment may cause a few road blocks.
4. Make sure that you have 30% equity in your current home if you are buying a new home before selling the one you still own.
5. Be aware that there can be issues with appraisers that can interfere with your mortgage approval. Things such as having an appraisal come in under the purchase price, or having additional square feet of a home that was built without a permit can keep you from qualifying for a loan.
6. Don't speak too much about anything in your finances that may make a loan professional hesitant to approve your loan.
Friday, November 11, 2011
Mortgage Payments Down by 40%
Record low mortgage rates and lower home prices means that owning your home is more affordable than ever before! Homeowners are paying 40% less on their mortgage payment than they were in 2006!
According to David Stiff, chief economist at Fiserv, "Nationally, purchase mortgage payments now account for only 13 percent of monthly median family income, the lowest percentage on record (since 1971), and compared to 23 percent in the first quarter of 2006." Now is definitely the time to buy!!
Check out this Housing Wire article and Fiserv report for more information.
According to David Stiff, chief economist at Fiserv, "Nationally, purchase mortgage payments now account for only 13 percent of monthly median family income, the lowest percentage on record (since 1971), and compared to 23 percent in the first quarter of 2006." Now is definitely the time to buy!!
Check out this Housing Wire article and Fiserv report for more information.
Take the Leap! Become a Homeowner!
Thinking about buying a home? Here are 5 awesome things about owning your own home!!
1. Equity - You'll never see the money you pay in rent ever again, but with a home you will. Homes typically appreciate in value (4%-6% per year) so you build long-term wealth by owning your own home. A home purchased for $20,000 in 1970 is most certainly worth a lot more in today's market!
2. Relationships - Apartment complexes have a limited if any amount of space for residents to meet and socialize. Renters don't see very much of their neighbors at all and have a limited time in a community based on a lease agreement. Homeowners on the other hand have long-term neighbors. They share trails, community parks and have yards to socialize and develop relationships in. According to research a healthy relationship will in turn make you happy and relieve some of your stress!
3. Predictability - Owning a home provides a fairly foreseeable set of expenses. By having a mortgage you know exactly what your payment will be monthly for the remainder of the mortgage, but with a lease the rent may go up.
4. Ownership - You own your living space; this means you can do whatever you would like with it! Renters do not have this luxury. As a homeowner you can decorate and renovate however you'd like. You can also add a deck, install a pool, or even build an addition.
5. Amazing Deals - Interest rates and home prices are low! You'll save big on a mortgage and a home by purchasing a home in today's market!!
Time to make the leap into homeownership!
Check out the full article about the benefits of being a homeowner here.
1. Equity - You'll never see the money you pay in rent ever again, but with a home you will. Homes typically appreciate in value (4%-6% per year) so you build long-term wealth by owning your own home. A home purchased for $20,000 in 1970 is most certainly worth a lot more in today's market!
2. Relationships - Apartment complexes have a limited if any amount of space for residents to meet and socialize. Renters don't see very much of their neighbors at all and have a limited time in a community based on a lease agreement. Homeowners on the other hand have long-term neighbors. They share trails, community parks and have yards to socialize and develop relationships in. According to research a healthy relationship will in turn make you happy and relieve some of your stress!
3. Predictability - Owning a home provides a fairly foreseeable set of expenses. By having a mortgage you know exactly what your payment will be monthly for the remainder of the mortgage, but with a lease the rent may go up.
4. Ownership - You own your living space; this means you can do whatever you would like with it! Renters do not have this luxury. As a homeowner you can decorate and renovate however you'd like. You can also add a deck, install a pool, or even build an addition.
5. Amazing Deals - Interest rates and home prices are low! You'll save big on a mortgage and a home by purchasing a home in today's market!!
Time to make the leap into homeownership!
Check out the full article about the benefits of being a homeowner here.
More Optimism for Small Business Owners
Good news for small business owners! According the the Small Business Optimism Index from the National Federation of Independent Business (NFIB) rose for the second consecutive month this past October. The index currently is at 90.2. The net percentage of business owners who expect better business rose by 6 points as well!
Unfortunately, according to the NFIB, these measurements are still lower than they were last year. Mike Durant, NFIB New York State Director, states, "Until consumers have more money in their pockets, and until businesses and taxpayers across the board feel a little more confidence, we’re not going to see significant [index] gains."
Check out the full article from the Central New York Business Journal.
Unfortunately, according to the NFIB, these measurements are still lower than they were last year. Mike Durant, NFIB New York State Director, states, "Until consumers have more money in their pockets, and until businesses and taxpayers across the board feel a little more confidence, we’re not going to see significant [index] gains."
Check out the full article from the Central New York Business Journal.
Thursday, November 10, 2011
Home Vales Dip
Home values are unfortunately still on the decline from their June 2006 peak, according to an article from Inman News. Values declined by 0.2 percent from the second quarter to the third quarter, and by 4.4 percent compared the 2010 third quarter. According to Zillow, home values will most likely reach the bottom in 2012 after declining by another 3-5 percent.
Zillow tracked 157 metropolitan areas such as New York, Philadelphia, Detroit, Seattle and Tampa found that 86 percent of the areas annually saw home values decrease. Also, out of the 25 largest metropolitan areas such as Orlando, Denver, San Diego and Phoenix, all but Pittsburgh saw annual decreases.
But there is some good news for homeowners! The foreclosure rate has decreased by 2 percent since September 2010 to 8.7 percent. We hope this trend continues!
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| Zillow Home Value Index - September 2011 |
But there is some good news for homeowners! The foreclosure rate has decreased by 2 percent since September 2010 to 8.7 percent. We hope this trend continues!
Wednesday, November 9, 2011
Real Estate Pocket Coach
Do you use an Android device? Then this post is especially for you!
According to a Benzinga.com article, Android users can now download the Real Estate Pocket Coach to assist in lead generation. This free app offers scripts, forms and dialogs. In addition to the aforementioned resources it also provides approaches for following up with open houses, expired listings, for sale by owners and investors. Think of how great it will be to have the ability to access all of these resources at anytime instead of having to wait until you reach your office!
Don't fret iPhone users! The app will soon be available to Apple users through iTunes.
According to a Benzinga.com article, Android users can now download the Real Estate Pocket Coach to assist in lead generation. This free app offers scripts, forms and dialogs. In addition to the aforementioned resources it also provides approaches for following up with open houses, expired listings, for sale by owners and investors. Think of how great it will be to have the ability to access all of these resources at anytime instead of having to wait until you reach your office!
Don't fret iPhone users! The app will soon be available to Apple users through iTunes.
Tuesday, November 8, 2011
Watch Out For Red Flags!
"Rates are at an all time low!"
"Now is the time to get a mortgage!"
It is nearly impossible to count how many times you have heard the aforementioned statements and the like. Unfortunately, the more you hear these statements the more they sound like a sales pitch to get you locked into a long term committment.
This is no sales pitch though; it's true! Rates are at a historic low. Now is the time to get a mortgage.
Before you apply for a mortgage, take note of these three items that according to a New York Times aricle may wave some red flags to lenders:
Large Deposit - By law, lenders must be able to confirm that funds in an account come from a real source. If you earn $7,000 a month but put down a $20,000 deposit the lender will question where the money came from.
New Address - Purchasing a home far away from your place of employment will draw some scruty to your loan application. Lenders want to make sure the property is owner-occupied as opposed to being purchased to rent out or flip. If you do decide to flip our rent a home this must be disclosed to your lender.
Signing Up For Credit Cards - Accumulating extra debt when applying for a loan is a big red flag to lenders. Extra debt can even endanger closing on a home!
"Now is the time to get a mortgage!"
It is nearly impossible to count how many times you have heard the aforementioned statements and the like. Unfortunately, the more you hear these statements the more they sound like a sales pitch to get you locked into a long term committment.
This is no sales pitch though; it's true! Rates are at a historic low. Now is the time to get a mortgage.
Before you apply for a mortgage, take note of these three items that according to a New York Times aricle may wave some red flags to lenders:
Large Deposit - By law, lenders must be able to confirm that funds in an account come from a real source. If you earn $7,000 a month but put down a $20,000 deposit the lender will question where the money came from.
New Address - Purchasing a home far away from your place of employment will draw some scruty to your loan application. Lenders want to make sure the property is owner-occupied as opposed to being purchased to rent out or flip. If you do decide to flip our rent a home this must be disclosed to your lender.
Signing Up For Credit Cards - Accumulating extra debt when applying for a loan is a big red flag to lenders. Extra debt can even endanger closing on a home!
Welcome
Welcome to the John Arquette Properties blog!
We hope that with this blog we can keep you up to date with market trends, mortage information and a variety of insights into the real estate world. Feel free to also check us out on Facebook or on Twitter to be updated with the latest open houses, agent informaton and information on Central New York.
We hope that with this blog we can keep you up to date with market trends, mortage information and a variety of insights into the real estate world. Feel free to also check us out on Facebook or on Twitter to be updated with the latest open houses, agent informaton and information on Central New York.
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