Category - Mortgage Tips

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IT’S REAL … IT’S NOW! by Larry Flick
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Good News for Mortgage Rates
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6 DONT’S AFTER YOU APPLY FOR A MORTGAGE
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Now This is Good News……
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The Anatomy of a Real Estate Purchase
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Housing Passes a Milestone
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FEDERAL RESERVE HOLDS INTEREST RATES AT ROCK BOTTOM
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App of the Week: Mortgage Calculator Pro
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US economy adds jobs; unemployment rate stays at 9.6%
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Article in Newsmax: Real Estate Agents Land the Deals by Ben Stein

IT’S REAL … IT’S NOW! by Larry Flick

Have you noticed that the conversations about real estate have changed…for the better? Until recently, talk often focused on how bad the market was. And it’s easy to see why – for the past five years, the news was dominated by price declines and slow sales. But no longer. The times have definitely changed! Now it seems nearly every day I hear from someone I know that they’ve just bought a home at a great price and unbelievably low interest rate. And considering how many homes have sold so far this year, the odds are that you also know at least one person who is thrilled with a recent home purchase.

IT’S REAL!

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Good News for Mortgage Rates

Mortgage Rates to Stay Low or go even Lower !!!!

WASHINGTON (AP) – The Federal Reserve unleashed a series of bold and open-ended steps Thursday to stimulate the economy by making it cheaper for consumers and businesses to borrow and spend.

The Fed said it will spend $40 billion a month to buy mortgage bonds for as long as it deems necessary to make home buying more affordable. It plans to keep short-term interest rates at record lows through mid-2015 — six months longer than previously planned. And it’s ready to take other unconventional steps if job growth doesn’t pick up.

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6 DONT’S AFTER YOU APPLY FOR A MORTGAGE

I learned a long time ago that “common sense is NOT common practice“. This is especially the case during the emotional time that surrounds buying a home, when people tend to do some non-commonsensical things. Here are a few that I’ve seen over the years that have delayed (and even killed) deal

1. Don’t deposit cash into your bank accounts.

Lenders need to source your money and cash is not really traceable. Small, explainable deposits are fine, but getting $10,000 from your parents as a gift in cash is not. Discuss the proper way to track your assets with your loan officer.

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Now This is Good News……

Pending home sales touch two-year high

Contracts to buy previously owned homes rose to their highest level in more than two years in July, an industry group said on Wednesday, suggesting the housing market recovery was gaining traction.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in July, increased 2.4 percent to 101.7 – the highest level since April 2010 and shortly before the deadline for the home buyer tax credit.

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The Anatomy of a Real Estate Purchase

The Anatomy of a Real Estate Purchase

The steps, process and details of buying real estate can be intimidating and overwhelmi he first-time (and even the veteran) buyer. If you’ve never done this before, you likely have no idea how the process begins or what to expect.
Every market does things a little differently, and you should ask your real estate agent how the process works in your community. For the most part, however, the transaction should follow these seven steps.

Make an offer and write up a contract

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Housing Passes a Milestone

Housing Passes a Milestone

The housing market has turned—at last.

The U.S. finally has moved beyond attention-grabbing predictions from housing “ex- perts” that housing is bottoming. The numbers are now convincing.

Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. “We finally saw some rising home prices,” S&P’s David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case- Shiller house-price data after seven months of declines.

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FEDERAL RESERVE HOLDS INTEREST RATES AT ROCK BOTTOM

The U.S. Federal Reserve said it will not raise interest rates until at least late 2014, even later than investors expected, in an effort to support a sluggish economic recovery.

Without making major shifts to its outlook for the economy, the central bank described the unemployment rate as still elevated and said it expects inflation to remain at levels consistent with stable prices.

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App of the Week: Mortgage Calculator Pro

Mortgage Calcultor is quick and easy to use calculator for brokers, realtors, and home buyers. Within seconds, you will be able to calculate the monthly payment for a mortgage, car payment, credit card, or other types of fixed rate loans. The calculator lets you add different adjustments such as insurance, property tax, and monthly fees such as HOA to see if they would affect the monthly payment.
Only $0.99 at the iTunes App Store. Follow the link below to download this app today:

http://itunes.apple.com/us/app/mortgage-calculator-pro/id315103123?mt=8

US economy adds jobs; unemployment rate stays at 9.6%

The issue of unemployment affects all areas of the country and the economy. Today the status of unemployment was reassessed, and we’d like to share this article by Mark Haden explaining what was found.

U.S. adds 151K jobs in Oct.; rate stable at 9.6%

The U.S. economy last month experienced its largest monthly jobs gain since May, but the increase wasn’t enough to lower the national unemployment rate from 9.6 percent.
The U.S. Labor Department reported Friday that non-farm sectors climbed by 151,000 jobs last month, with 159,000 jobs added by private businesses and the public sector posting a small employment decline. Central Texas unemployment numbers for October will be release later this month. The rate fell to 6.8 percent in September from 7.2 percent August, the Texas Workforce Commission reported.
In news-media surveys, economists had projected a smaller rise in payrolls.
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Article in Newsmax: Real Estate Agents Land the Deals by Ben Stein

We came across this article in the October issue of Newsmax. Ben Stein describes the importance of appreciating real estate agents.

Real Estate Agents Land the Deals
By: Ben Stein
Monday, 07 Jun 2010

A few months ago, a notice arrived in the mail that a real estate broker in the desert near Palm Springs named Alice Beckman Cannon had passed on. She was an older woman and had been ill for some time. Plus, I had not seen her in at least five years, but still I felt deeply saddened when I got the note and here’s why.

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