Archive for July, 2010

Lowest in History??

July 26, 2010

How many times have we heard this about real estate loans?  But guess what…it is TRUE.

Today, Metro Brokers Financial rates are 4.25% for 30-year fixed, and 3.75% for 15-year fixed. 

Rates are the lowest in history, or at least as long as I have been in the business (28 years).  In fact, both 30-year and 15-year fixed-rate mortgages are at the lowest levels since Freddie Mac even began keeping track.

Home shoppers who missed the April 30 deadline for a housing tax credit might have the last laugh. They are likely to end up saving more than the $8,000 they could have received from the tax refund. A mere 1.5% rate differential on a $200,000 loan is $3,000 per year.  The average homeowner keeps the property for 8 years.  That means a savings of $24,000 just because of low rates! 

Folks who know this, are taking action. Mortgage applications rose 3.4 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

Real estate agents, share these numbers…it’s your duty!

LQI: Potential Closing Killer!

July 19, 2010

With the new LQI (Loan Quality Initiative), buyers better not make ANY purchases until after closing or there might not be a closing! Even after the mortgage loan is approved, lenders now do a final credit check to make sure nothing has changed.

This means that homebuyers could now find their closing stopped the day of closing if they make any new purchases or changes to their credit, income or assets after they make loan application. The LQI rules require lenders to re-check all of the borrower’s data to ensure that there have been NO changes since the loan application.

In the past, homebuyers were sometimes advised by their Realtor and Loan Officer not to make any purchases or open any new credit until AFTER the closing.  Now with the new LQI lender re-verification of the borrower’s mortgage file within days prior to closing, homebuyers could stand to lose more than their loan approval. (more…)

Selling in Today’s Market

July 9, 2010

Putting yourself in the right mindset to sell is essential. Once your house goes on the market, it’s no longer “Home Sweet Home”, but a product that will be seen by prospective buyers and their agents who have no attachments to the house. It’s the most difficult aspect of selling for most sellers.

Detaching yourself emotionally from your home is difficult. Clearing out years of clutter, depersonalizing your home by removing personal memorabilia and staging your home for sale can help you view the home as a product that needs to be sold rather than as your personal sanctuary. (more…)

5 Keys to Success in Real Estate

July 2, 2010

Many people know that I host a show on BlogTalkRadio for The Real Estate Insider. On a recent show, we spoke about 5 simple steps that you can implement into your business, to make it simple and a bit more fun.

  1. Exposure – Remember the saying “the right place at the right time”, today it needs to be “being in enough places, more than enough times”.  that’s what it that’s today. Social media is taking over the world, which allows us to be in enough places. Facebook, Twitter, LinkedIn, blogs (like the one your reading now) allows you to be in those places. Take advantage and get your EXPOSURE on!
  2. Staging – Know the difference between “selling condition” and “living condition”. We all know that when a home is priced correctly, many people will “look” at the home. And when a home is in “living condition”, the offers will come in. Most buyers want to see themselves moving in the home asap, but if they can’t envision it, they’ll keep looking until they find a home in “living condition”. (more…)