Fannie Mae says it will reduce or suspend mortgage payments for up to six months for military families if they are unable to pay because of the injury or death of a service member.
Military members or surviving spouses should contact their mortgage company or call this special military phone number: (877) MIL-4566.
Source: The Associate Press (09/27/2010)
"Star Treatment for Your Real Estate Needs" It is important for me to understand my client’s needs and wants so I can exceed their expectations. I’m not happy unless they are. It is essential to have a productive positive working relationship and smooth transactions.
Tuesday, September 28, 2010
Friday, September 24, 2010
Taking a Second Look
I think this is a good decision for the banks. What do you think?
Banks to Review Rejected Loans
Some banks are launching a “second look program” to review loans that have been denied in order to identify circumstances that might persuade underwriters to reverse their decisions.
The Financial Services Roundtable, a trade group of 100 financial companies, including Bank of America Corp., J.P. Morgan Chase & Co., and U.S. Bancorp. Bankers say these programs are starting to loosen the logjams that have made it so hard for both home buyers and small businesses to get loans.
"I don't think of it as being looser. I think of it as making good judgments," says Stephen D. Steinour, chairman, president and CEO of Huntington Bancshares Inc.
Source: The Wall Street Journal, Ruth Simon (09/23/2010)
Banks to Review Rejected Loans
Some banks are launching a “second look program” to review loans that have been denied in order to identify circumstances that might persuade underwriters to reverse their decisions.
The Financial Services Roundtable, a trade group of 100 financial companies, including Bank of America Corp., J.P. Morgan Chase & Co., and U.S. Bancorp. Bankers say these programs are starting to loosen the logjams that have made it so hard for both home buyers and small businesses to get loans.
"I don't think of it as being looser. I think of it as making good judgments," says Stephen D. Steinour, chairman, president and CEO of Huntington Bancshares Inc.
Source: The Wall Street Journal, Ruth Simon (09/23/2010)
Thursday, September 16, 2010
Are you Still on the Fence about Buying a New Home?
10 Reasons to Buy a Home
Now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed.
1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.
8. It's forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.
Source: Wall Street Journal, Brett Arends (9/16/10)
Now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed.
1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.
8. It's forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.
Source: Wall Street Journal, Brett Arends (9/16/10)
Subscribe to:
Posts (Atom)