As far as the real estate and mortgage industries are concerned, rates are supposed to rise throughout 2014. However, it’s now almost halfway through 2014 and rates have really not risen very much, and are definitely not up to 5.1% as the Mortgage Banker’s Association predicted at the end of 2013. For homebuyers, this is, of course, excellent news. To
Home equity in the South Bay is rebounding as property values climb. For the first time since 2008, home values are up while interest rates are down (they’re in the 4.30% area this week). As the equity in your home goes up, it might finally be time for that cash-out refinance you’ve needed for home improvement. Almost 1/4th of all
With the first quarter of 2014 coming to a close, I wanted to take a minute and discuss a shift we have been seeing within the industry. As we phase out of the “extremely” low rates and transition to a “low” rate environment, a few changes are starting to take place. It is safe to say the days of a
Buying a first property is exciting and sometimes mystifying. We all dream of our “perfect home” from the time we’re children. It’ll be on the beach, or in the hills, two-story or with a pool, a large yard or near a great school… we all want the best for ourselves and for our children. Yet, we may end up having
There’s good news from the Wall Street Journal (“Mortgage Credit Most Available in at Least Three Years, Gauge Says,” April 9, 2014) about the ongoing affordability of mortgages. According to their datat, access to a mortgage is at its highest level in at least three years. Not only that, but in general, credit standards are expected to loosen even more than
During the recent housing bubble, borrowers were often taking out mortgages with far less than a 20% down-payment. Down-payments have been as low as 6%, or even less. The National Association of Realtors’ latest Confidence Index Survey shows that fewer first-time buyers had mortgages with 6% or less down compared to 2009. With private mortgage insurance making a comeback in 2011,
Sometimes, people ask me the difference between a mortgage broker and a mortgage banker. Do you know the difference? It’s a subtle distinction that not many laymen understand until faced with the task of obtaining a mortgage for a new property. A mortgage banker, unlike a mortgage broker, provides the funds for the mortgage, while a mortgage broker negotiates on
If you’re one of the many who have been eager to purchase property in the South Bay but have found little inventory listed from which you could choose, the real estate market of spring 2014 is promising to put many more properties on the market as sellers finally realize their increased home values. Property in the South Bay has gone
I have a few predictions (which are shared by mortgage professionals everywhere) about what 2014 holds for the real estate market and for mortgage loan affordability. First, the Dodd-Frank Wall Street Reform and Consumer Protection Act, which you should know about, took effect on January 10th, 2014, and is meant to prevent housing meltdowns (like that which we saw in 2007).
Are you “on the fence about whether now the time to purchase property with a mortgage? Here are a few reasons why you may want to make a decision to go forward. Despite recent rises in mortgage rates in general, rates are still really low in the grand scheme of real estate, money, and our general economy. In fact, a
