February 2017

Found 14 blog entries for February 2017.

Cash Out Refinance Rental Property Guidelines And Mortgage Rates

Rental Property Owners Tap Into Rising Equity

Home prices are up -- way up.

According to the Federal Housing Finance Agency, home values have risen nearly 35% nationwide since 2012.

That's giving real estate investors a new opportunity to "cash out" the equity on their rental properties to accomplish a number of goals:

  • Buy another rental property
  • Make rental property improvements
  • Pay off other real estate loans
  • Reduce personal debt

With mortgage rates at half their historical norm, it could be an ideal time for rental property owners to put their equity to work.

Click to see today's rates (Feb 27th, 2017)

Why Get A Cash Out Rental Property Loan?

Home investors can get more benefit from their rental property

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New Home Supply Buyers Mortgage Rates Census Bureau New Home Sales January 2017

New Homes Continue To Sell Quickly

Home shoppers are loving new construction homes.

According to the U.S. Census Bureau, more than half-million new homes were sold on a seasonally-adjusted, annualized basis, continuing last year's momentum.

But new home supply is higher than it's been more than a year, and negotiating buyers could gain the upper hand versus builders in 2017.

For now, a favorable mortgage environment is pushing new home sales ahead.

Today's mortgage rates are low, and lenders are loosening credit standards rapidly. The result: more mortgage applicants are getting approved.

And, coming up with a down payment is rarely a problem anymore.

A program requiring just 3.5% down is the popular FHA loan. Not to be outdone,

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Homes Sell Faster Than Any January This Decade NAR Existing Home Sales Days On Market Report

Buy That House Before It's Gone

The housing market is its strongest in a decade.

According to the National Association of REALTORS®, more than 5.5 million previously-owned homes changed hands last year, marking the first time that's happened since 2006.

The rise in home sales can be attributed to many factors. However, three reasons stand out:

  1. Rising U.S. rents, which has changed the math of "Buy vs Rent"
  2. Loosening mortgage guidelines
  3. Historically low mortgage rates

Today's mortgage rates are in the low-4s, if you didn't know. ARMs are now in the 3s.

Plus, there's an abundance of available low- and no-down payment mortgage programs, including the new 3% down HomeReady™ loan which has widened the pool of potential home

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True Stories Of Mortgage Success

If Denied, Try, Try Again

Almost one-in-four home purchase applicants is denied, according to mortgage software company Ellie Mae.

Even more homeowners are turned down when it comes to refinance applications -- more than 30 percent.

Not all lenders are created equal, though. Some banks, credit unions, and mortgage brokers do things that others can’t.

Many times, it's all about finding a knowledgeable lender that thinks outside of the box.

Don’t lose hope just because you have been turned down in the past.

Following are true stories of successful home buyers who got mortgage-approved despite being told “no” the first time.

Turned Down Because Of Low Credit Scores

Until recently, Timothy and his wife Brenda, along with their

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couple studying mortgage rates

It’s important to understand how mortgage rate increases could affect your home purchase — but there’s no reason to panic.

By Laura Agadoni | Feb 08, 2017 11:56AM

Mortgage rates are rising steadily for the first time since the Great Recession. So what does this mean for buyers now and in the future?

Unless you plan to buy your home with cash (lucky you!), it’s important to know what’s going on with mortgage rates these days. The bad news is that they are rising. The good news is that they have been at historic lows since the housing market crashed nearly 10 years ago — and they are still low. But since they probably won’t stay this way forever, let’s take a moment to learn what rate hikes could mean to you.

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sisters sitting on edge of backyard pool home upgrade

If you’re looking to add a pool, don’t forget that you’ll need to operate and maintain the pool yourself, and this comes with a sizable extra cost.

By Paula Pant | Feb 10, 2017 9:30AM

 

Just because you upgrade doesn’t mean you'll profit when it comes time to sell.

If you’re hoping to increase your home’s value (above and beyond the cost of an upgrade itself), you should know that the upgrades you value might not be valuable to potential buyers. In fact, you may never recoup the full cost of some home improvements, and the primary offenders might surprise you!

Five common upgrades with the worst return on investment

  1. Adding a pool
    Pools can be hit-or-miss when it comes to added value. If
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No Matter What the Groundhog Says, Here are 5 Reasons to Sell Before Spring! | Keeping Current Matters

Is spring closer than we think? Depending on which groundhog you listen to today, you may have less time than you think to get your home on the market before the busy spring season.

Many sellers feel that the spring is the best time to place their homes on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages.

Here are five reasons to sell now.

1. Demand is Strong 

Foot traffic refers to the number of people who are out, physically looking at homes right now. The latest foot traffic numbers from the National Association of Realtors (NAR) show that the number of buyers out looking for their dream homes in December reached the highest mark since

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Daydreaming About Your Perfect Home? Know What You WANT vs. What You NEED | Keeping Current Matters

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses.

Do you really need that farmhouse sink in the kitchen in order to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now?

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Lack of Homes for Sale Slowing Down the Housing Market | Keeping Current Matters

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of December dropped 10.8%...which is the lowest level since NAR began tracking the supply

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Mortgage Applicants Very Likely To Be Approved

Lenders Are Loosening Standards Rapidly

Mortgage applicants are receiving welcome news from their lenders, and it's "you're approved."

According to data released in a recent Mortgage Bankers Association report, mortgage loans are easier to get than during any period this decade.

That's because lenders are loosening standards for every loan type, including popular government-backed mortgages like FHA and the USDA home loan. Even jumbo financing is getting easier.

Mortgage credit availability tightened by nearly 90% between 2006 and 2008, according to the study.

But now those floodgates are being opened, and more home loan applicants are flowing through.

Even if you were denied a mortgage one year ago, chances are you could be approved

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