Interest rates in Scottsdale are truly remarkable this month. Jay Thompson, aka “The Phoenix Real Estate Guy”, published an update to his interest rate chart a couple days ago showing interest rates at 4%, the lowest rates in the 40 years tracked here by FreddieMac. Personally I can share that the last two contracts I [...]
Mortgage & Finance
photo credit: TheTruthAbout Matthew Maret, of Bell Mortgage shared the following chart, showing the impact of bankruptcy, foreclosure, short sales, and loan modifications on a buyer’s ability to qualify for a home loan. Basically, the facts about how long home buyers must wait before obtaining financing. As you can see, loan type (Conventional, FHA, and [...]
photo credit: TheTruthAbout Here’s some research you will want to read if you or someone close to you is considering a loan modification, short sale, or walking away from their property. Impact on Consumer VantageScore Credit Scores Due to Various Mortgage Loan Restructuring Options This study evaluates the effect of various mortgage programs on consumers’ [...]
I attended some training today, where Wells Fargo brought in a national speaker to talk about selling real estate. When I got back to my office, I discovered that an interesting market report with Phoenix housing stats had been included in my seminar packet. The first two charts in this report answered a question that [...]
I just represented a buyer who used the FHA Streamlined 203(k) loan program to purchase a 3 bedroom, 2 bath ranch in South Scottsdale. The house was over 50 years old, and had been maintained, but the buyer wanted to update the kitchen, remove wall paper, and replace some of the flooring before moving in. [...]
photo credit: TheeErin I had a client who used the Bank of American Doctor Loan program a couple years ago as she transitioned from medical school to her residency. It was perfect for her situation. In the email I received earlier today, the Bank of America sales manager called this program new, so I imagine [...]
Frequently, lenders email me updates about the current mortgage market. This week, I got an email from Mike Weldy at Prime Lending. Titled “The Perfect Storm”, it outlined the following: A “Perfect Storm” of low purchase prices and historic low interest rates Compare this example: $250,000 purchase price at 4.5% (which recently closed) Versus $250,000 purchase [...]
