Property Management
The Birmingham Association of Realtors (BAR) learned some new lessons about the importance of having a service-oriented MLS provider when a torrential wind and rainstorm hit the Birmingham area a few weeks ago, leaving Realtors without access to their MLS data.
One of the disappointments that many industry watchers felt when Cyberhomes closed its doors was the loss of its president, John Mosey. He protected the MLS and Realtor agenda and their reputations, and did so with great integrity.
If you are thinking about finally getting your own web site or
Wouldn"t it be terrific if you could get together for an hour or so every few weeks with a group of top sales associates from around the country, sales associates who, like you, want to increase their effectiveness in using technology to capture market share? You can, and at no cost to you!
Sometimes the cart has to go before the horse.
CNNMoney reports that the pains of the recession which we feel now, will only continue to worsen during these first 6 months of this year.
Sometimes to get great search engine placement so consumers can find
The National Association of REALTORS (NAR) and your MLS say you can have public versions of MLS listings on your personal Web site. That"s easier said than done. A database of listings can mean a lot of storage on your Web site. Can your ISP and host handle it, or will you be required to buy more storage? And, do you want to go to the trouble and expense of getting a Webmaster to customize them for you? Some brokers and agents will say custom listings are well worth it, but for the rest of you, there are other alternatives. Here"s how it can work for you if your MLS has a "vendor of choice" policy.
The California Association of REALTORS has just released a ground-breaking report comparing Internet and traditional homebuyers.
Everybody wants DSL, but most can"t get it. Broadband access services are spotty at best, mostly because of two factors: the distance you are from the local central office or whether your local phone exchange carrier is offering a good relationship to your DSL provider.
The Obama administration announced a blockbuster policy change over the holidays that didn"t get a lot of press attention, but will affect the housing market for years.
Are you disappointed with your web site? You"re not alone.
One of the most frustrating problems facing the AOL user is the inability to use professional level email software to send and receive their email, but now help is on the way.
You are serving a relocation client who breezes into town for one mission-critical home-buying day. The buyer selects a home in a hot neighborhood, and you discuss terms while racing back to the airport. Before you leave the airport, you can have your client"s offer populated into your offer/ transaction manager (TM.) Supported by digital signature software, your online business system is also linked to lenders and loan products you have shown the buyer. Your client reviews the offer details from the family Palm VII at the concourse and on the way to boarding the flight, signs the offer with a digital signature. Meanwhile the seller and his/her agent reviews the offer in a transparent, secured window of your TM, and makes their counter-offer. Your e-mail alerts the buyer"s Palm VII that an counter offer has been made, and while the plane lands and taxis to the gate, the buyer accepts the offer, and digitally signs off on a loan product application.
Realtors® are always asking me, “How can I get the search engines to rank my Web site higher.”
If you"ve been active on the web for awhile, then you"re probably getting more junk e-mail or Spam, than you care to. Unfortunately, regardless of how much, or little, Spam you receive now, it"s only going to get worse as the Internet continues to grow.
Being a strong advocate of using CD-ROM read/write units to burn your own CD’s for use as a marketing and promotional tool, I’ve been receiving quite a few inquiries lately. Most questions seem to focus on two subjects: first, what information should be shared with prospects and second, what file formats should be used.
Deregulation is a wonderful thing. It allows competition to grow, but it can also mean unnecessary problems for hapless consumers who now have to sort through the offerings by multiple telephone service providers. If you are working out of your home as many REALTORS do, you may be tempted by the telephone solicitors to monkey with your phone service, too, and it could end up costing you. Let me share my experience with you where I learned that switching can be expensive.
It"s not too early to start planning your technology acquisitions for 2001. As a Net-savvy mobile field agent, what technologies will help you do your business the most? Plugged-in FireTap Communications acting general manager Gregg Larson pitches in with his suggestions and insights into the five technology must-haves for 2001.
If you"ve been on the web for much time at all, you"ve probably heard about how on-line companies can track your movements using "cookie" files, but aren"t sure what they really are, or whether or not you should be concerned.
Dear Mr. Internet:
A recent Cendant Mobility survey of relocation industry professionals has found that a majority believes that technology will have the biggest impact on their industry"s future. The two other most important influences, said the 100 respondents, are demographics and government.
It"s time again for me to rant about the counterproductive behaviors that Realtors® adopt online, either out of ignorance or from thinking that they are saving money or time.
Email may be the most important communication tool ever invented. Not only can it provide instant communication and response, it allows you to keep a record on both ends.
Vikki Morvant, CRP, is a relocation specialist in the New Orleans area who started out as a traditional agent 10 years ago. Building relationships from scratch with relocation companies that are in charge of transfering the employees of large employers in her area has paid off to the point that she can now conduct her business virtually.
Individual banner advertising for an agent is just about cost prohibitive on the Web, but there is a viable alternative that makes a lot of sense. How about being included as part of a banner ad with a group of top agents known as NUMBER1EXPERTS?
Are you having trouble making money using the Internet?
Tough economic times call for new solutions and it appears a major asset manager and builder may have an answer to the credit crunch problem in today"s marketplace. The Thompson National Properties/ Shangri-La Construction"s (TNP/SLI) Green Building Fund recently announced the acquisition of a 45 percent interest in an 11-story office building and adjacent four-story parking structure in the heart of downtown Las Vegas. Focused on achieving a Silver certification under the U.S. Green Building Council"s LEED (Leadership in Energy and Environmental Design) Rating SystemTM, it will become only the second LEED certified building in downtown Las Vegas further contributing to the area"s revitalization.
Everybody knows how to use a phone book. If you want a plumber, for example, you find "Plumbers" or "Plumbing Contractors" in the phone book. You assume that all the plumbers of any significance are located there. It makes such sense that finding things in this manner is completely ingrained in us.
Yahoo! is king of the mountain. It directs the lion"s share of all web traffic. Both Media Metrix and Net Ratings rate Yahoo! as the most popular "search engine" on the web. No surprises there. But guess what? Yahoo! is not a search engine. Yahoo! is a directory.
For all of you Sony fans out there who just love using a digital camera
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released yesterday, held in the single digits for a fourth consecutive month in February.
I"m going to provide tips for getting the most out
Some Realtors believe in sharing as much information as possible with buyers, while others allow the buyer to ask all the questions. Any topic the buyer doesn"t want to know or know to ask, is left alone - a can of worms unopened. But is that the best way to serve your client? It could be the questions you didn"t answer will make the difference in whether your buyer is happy with your services. Don"t you want them to call you the next time they buy or sell a home?
When you need information, which search engine do you use? According to spammers, who are quite willing to submit your site for a fee, there are over 700. But do you really need them all?
Okay, so you didn’t take a typing class in school. You can’t “touch-type,” or type without looking at your keys. Or maybe your skills need a tune-up.
It seems that everyone is using the Internet in one form or another, but you just aren’t sure if your clients are; and how do you get their email addresses anyway? How can you keep in touch with them without offending them or making them feel that you are just sending "junk" ?
There"s been a lot of talk in the press lately about the security
For REALTORS® who are Realtor.com i-LEAD and Agent Simple customers, there are some new enhancements that have just been announced.
First time buyers will get an improved, higher, nonrepayable version of last year"s repayable $7,500 tax credit under Congress"s massive $789 billion economic stimulus package.
To play ball on the Internet, you are going to have to be a "free agent" on more than one team, and all of the teams require you to pay to play. In other words, marketing yourself on the Internet as an independent service provider is going to be a challenge because it is nearly impossible to stand alone or to stand out.
If you want to find a cheap and easy technology that will change the practice of real estate, stop by the 10 PM (EST) realty chats hosted each Tuesday night on Yahoo! by Connecticut-based broker Al Napier and Richard K. Worthington, a Seattle broker.
It"s interesting. Technology is often heralded as a servant for
It"s been a rare event lately to get good news for real estate investors out of Fannie Mae, but we"ve got some for you this week.
LoansDirect is launching its Internet site today with some paradigm-shifting points of difference. The direct lender is the first to launch an online loan center where consumers can obtain a live, custom-rate quote, gain loan approval, and lock-in a guaranteed interest rate and closing costs within minutes - at no cost and with no obligation. An approved loan is immediately processed and can be closed in as little as four days. Not only is Loan Direct boasting the fastest loan application to date - 15 minutes - but the real news is that their business model represents the first loan application offered online with no money required up front by the consumer.
As a REALTOR®, you know how important it is to back up your files. If you
Ninety-two million Americans and Canadians, or 40 percent of the
Yet another survey has been performed that proves what many of us already
Being accessible to customers and prospects is a key to success in any small
Microsoft HomeAdvisor just became
The Internet gives you the means to increase
Virtual tours, a panoramic digital camera technology which showcases
Technology and the use of "tech toys" only mean one thing. Tools. They are
To get the most buyers, you need the greatest exposure.
The first year I had a Web site, sales were somewhat slow, but they quickly
REALTORS®, as much as any other mobile work force, need to be able to access their e-mail messages from any terminal using any ISP anywhere. That is why e-mail that is POP-based (Post Office Protocol) can be a disadvantage.
Some words are trademarked and as such they cannot be used in other non-owners" marketing materials without some form of permission or recognition. Even though you are a Realtor, if you want to use the word "Realtor" in your domain name, beware! The National Association of Realtors owns the rights to this word and has rules about how it may be used in members" marketing.
As a new agent you have a big challenge to appear as if you have been in the business a long time. Many of your prospects are going to be seeing you for the first time either at open houses
As the new president takes office, he"ll be moving into the middle of one of the country"s real estate markets that"s in full throttle recovery.
Dollar for dollar, classified advertising and small space ads are the advertising medium of choice for the real estate industry. The reasons are convenience, immediacy, and profitability. Your local newspaper is usually the first place an interested buyer or seller will turn when they get the urge to research the market because a copy is usually right at hand.
Marketing on the Internet starts with understanding the principles behind subscription services. For accounting, cash flow, design and business planning purposes, almost all marketing tools available on the Internet, from e-mail programs to personal Web sites to consumer newsletters to school reports, are available for use by subscription. Subscriptions, just like they are for newspapers and magazines, are paid in advance by the subscriber for use for a particular length of time. The length of subscriptions can vary - monthly, quarterly, annually or longer, depending on the product and the vendor.
What does it take to gamble on a new service model? Money, imagination, and the iron nerve of a risk-taker, are just a few cards to have in your hand. After sitting for several years on the notion of paying sellers to represent them, Winnipeg REALTOR® Dave Davidson is now ready to put the idea to the test.
Referrals are still the number one method of acquiring clients through friends, family, and satisfied clients. But another source of great referrals - other Realtors - is often overlooked.
In most regions throughout America, local Boards of Realtors® hold weekly "broker preview" days. At these, Realtors® host open houses showcasing their newest listings to other agents in their area. And the hosts often serve some form of food or drink.
Do less…achieve more. Sounds good doesn"t it? But how in the world could it be possible when you are overwhelmed just trying to keep up? Wouldn"t doing less just get you further behind? After all,you"ve got buyers to do research for, the sellers whose houses haven"t sold wants to know what you are doing and are calling frequently, you got problems with some escrows….and where is that piece of paper you need ?
Editor"s Note: This is Part IV of a four part series: All About Online Classifieds If you missed any part of the series, you can read it here:Part I: Why Classifieds Have Migrated to the Internet Part II: Getting the Most From Paid, Low-cost, and Free Online ClassifiedsPart III: Writing Effective Online Classified Ads
Editor"s Note: This is Part I of a four part series: All About Online Classifieds. Part II can is available at: Getting the Most From Paid, Low-cost, and Free Online Classifieds
Do you successfully close most all of the listing appointments you go on, or could your batting average be better? With the hot markets prevalent in many areas of the country, listings are becoming more valuable than ever - but also harder to get. As the competition for listings intensifies among agents, it is vitally important to give yourself every competitive edge possible.
The five states with the lowest unemployment rate also have some of the most stable real estate prices in the Union. Interestingly, though, most observers may be surprised at those states as reported by the Associated Press.
When you work with a client, one of two things must have happened: Either you called them, or they called you. If you"re like most agents, and you prefer the latter, your constant goal should be setting up and maintaining a network to generate referral and repeat business.
Yard signs are the most obvious, yet underutilized selling tool in the
You just set a good appointment to list a home with a motivated seller. You
Abcnews.com is reporting that one of the top areas in the country right now for housing is El Paso, Texas. This bustling city they say, has weathered both the bubble and bust. Remaining seeminly unaffected.
For many salespeople, prospecting is the most difficult activity they do. They
Your past clients can be an absolute gold mine of future business if worked
One of the most important time savers when qualifying a prospective buyer is
Being a top producer in life is more than having high sales. Money or
The Greatest Salesman in the World. Og Mandino wrote that classic
As condo sales continue to hit bottom on resales in metro area after metro area, New Jersey water front is still all the rage across from the Big Apple. A piece in the Hudson Reporter states that "the resurrection of Journal Square, the possible rise of an 80-story office tower near the Hoboken train station, two new luxury hotels near the Hudson County waterfront, and the long-awaited opening of the retail and entertainment complex Xanadu in the Meadowlands will be the main topics of development discussion in 2009."
The Internet is here to stay.
If you have potential sellers who are on the fence about whether to list their homes with you or to stay put and remodel, some startling new figures could help you swing the vote in your favor (and also in theirs!)
Tax filing season is just weeks away, but real estate investors, commercial property owners and developers still have tax-saving options they may not have considered.
Earlier this week, Fed Chairman Ben Bernanke reported that the newly proposed Obama stimulus package could help boost economic activity.
Homes.com has strengthened commitment to its ongoing distribution partnership with Realty Times by removing its previous news service provider and putting Realty Times consumer news on all 12,500 of the Web sites it has sold to and hosts for its agent customers.
The Orange County Register and Realty Times announce the completion of a distribution agreement in which the newspaper will publish Realty Times" dynamic Market Conditions Report as well as its consumer real estate news.
Realty Times is proud to announce distribution agreements with 25 member-owned or third-party operated MLS organizations to promote Market Conditions Report(tm) as a premier marketing tool and as a benefit for members.
Home is where the heart is – as are the many fine comforts that exist in today’s 21st Century playground. There’s the home theater system, alarm, lighting and HVAC systems on timers for maximum cost and usage efficiencies, and the remodeled kitchens of the future that make your coffee in the morning and cook your dinner at night, to name just a new. The home is constantly changing and the builders of today, and tomorrow, need to stay one step ahead of the consumer and her needs.
Technology may be leveling the playing field when it comes to shopping for a home.
The NAR believes it is heading full steam toward the electronic transaction.
Question: We have a number of vacant homes in our homeowner association. Does the HOA have a responsibility to secure and protect them?
“Today we are joining forces with the real estate industry to build on our shared commitment to enforcing the fair housing laws and educating individuals of their rights,” said Martinez. “Over two-thirds of the new households being formed this decade will be minority and immigrant and we must recognize that a strong commitment to fair and equal treatment in the housing market will become even more urgent.”
In full settlement of the lawsuit, CBS has agreed to change the sign to remove any likeness to the RE/MAX yard sign in future broadcasts of the episode. CBS said any similarities to the RE/MAX sign were inadvertent and any negative reflection on RE/MAX was unintentional.
to a national housing market outlook for 2003 released today by
The firms were added as defendants in a securities class action suit brought by the California State Teachers" Retirement System against Homestore and its top officers.
"The Hispanic American community is one of the largest and fastest growing segments of homebuyers today and www.Century21espanol.com is helping to meet the growing real estate needs of this population," said John Greenleaf, senior vice president, Marketing, Century 21 Real Estate Corporation.
The MSN(r) HomeAdvisor(tm) service the Internet"s most comprehensive resource for home buying, selling and ownership, today announced a renewed relationship with Builder Homesite Inc. (BHI), a consortium of top U.S. home builders and operator of NewHomeSource.com.
The 15-year FRM this week averaged 4.83 percent with an average 0.7 point, down from last week when it averaged 4.91 percent. A year ago at this time, the 15-year FRM averaged 5.68 percent. The 15-year FRM has not been lower since March 25, 2004, when it averaged 4.70 percent.
Homestore has commenced a search for a new President of its REALTOR.com unit and anticipates appointing a seasoned, real estate professional as successor in the near future. Ozonian will remain available for a short transition period before assuming his new role with RE/MAX.
The First American Corporation (NYSE: FAF - news), the nation"s leading, diversified provider of business information and related products and services, today announced it has acquired an equity ownership interest in MarketLinx Solutions, a Knoxville, Tenn.-based multiple listing service (MLS) software company.
Americans are staying put more then ever, but when they do move many of them do so for housing-related reasons, say, to buy a new home or find a better neighborhood.
While building "green" may still cost more upfront, many building industry professionals realize that the health benefits, employee productivity, and the overall positive impact to the environment far outweigh the initial fees. Better yet, environmental responsibility and green building eventually will lead to lower operating costs and increased revenue for building operators and owners. A new report by industry giant McGraw-Hill Construction backs these assumptions, showing an increase in the perceived value of green building among architects, engineering firms, contractors and owners over the last three years, especially the financial benefits.
Fidelity National Information Solutions (Nasdaq: FNIS) has
ERA Franchise Systems, Inc., one of the world’s residential real estate leaders, continued its remarkable growth in 2001, posting a 62 percent increase in core franchise sales as compared to 2000.
The growing use of the Internet by potential homesellers and buyers is causing
Two SEC fili
For the third consecutive year, global real
to the company, Shew joined Homestore in 1998 as a comptroller, and was
Estate Research Corporation (RERC), the deteriorating economy exacerbated by
Most metropolitan areas continued to experience strong price gains during the
HomeSeekers has announced that it is out of cash, and is reorganizing.
The National Association of Real Estate Consultants (NAREC) founder, Julie
One of the most popular trends in home design is the creation of custom closet spaces. Over the past few decades, closets have grown in new-home construction, but whether you have a newer home with a walk-in closet or an older home with a reach-in closet, everyone can use a little help getting organized.
The Council of Real Estate Brokerage Managers (CRB) is proud to announce
July research reports from both Jupiter Media Matrix and Nielsen companies
Century 21 Real Estate Corporation’s Web site, www.Century21.com, recently
Title companies,
Michael T. Robinson, president of
HomeSeekers.com (NASDAQ: HMSK), a leader in online real estate technology
Every homeowner association needs a well crafted annual budget to calculate the fees to be paid by the members. For most HOAs which have a fiscal year starting in January, the fall prior to that is budget review time. A review and revision should happen each year without exception because costs change every year. Failure to revise (read "increase") each year will put the HOA deeper and deeper in the hole. There are number of areas that every budget review should include:
HomeSeekers.com (NASDAQ: HMSK) has entered into a strategic relationship
Those who are homeless are shut out of two environments, not just one. They have no home and no home page.
Judith Lindenau, Executive Vice President of the Traverse Area Association
Aram Minnetian, president of Weichert Relocation Company, and Kraig
Classified Ventures, Inc., today announced the
Microsoft Corp. says that the MSN® HomeAdvisor(TM) online home and real
The latest results of the FDIC"s Survey of Real Estate Trends
The latest report from the National Association of Realtors is reporting that pending home sales eased against a deteriorating economic backdrop but remain in a stable range.
University.com, a wholly owned subsidiary of EntrePort Corporation (Amex:
Coldwell Banker Residential Brokerage,
earlier this month. In that lawsuit, RE/MAX International alleged that eBay"s
International Assignment Management (CIAM) has signed up 756 members
The Americana Group, a powerhouse in the Las Vegas residential market, is
The Golden Hammer Awards will be presented at the 1999 COLDWELL BANKER International Business Conference during a General Session. These new awards celebrate the company"s relationship with and support of Habitat for Humanity. Alex Perriello, president and CEO of Coldwell Banker Real Estate Corporation will present the Golden Hammer Awards with conference emcee and daytime television personality, Leeza Gibbons. The company anticipates that approximately 10,000 COLDWELL BANKER sales associates, brokers, managers and employees will attend the annual conference, to be held March 7-9 in San
country on the sixth continent to host the RE/MAX real estate franchise. Two Spaniards, Juan and Ivonne Barrichina are converting their independent office to RE/MAX Isla Margarita on the vacation "mecca" -- Margarita Island, just off the north coast of Venezuela. The official opening is slated for mid-January. The two also expect to open a RE/MAX office by Feb. 1, in Caracas, Venezuela"s capital and largest city, with a population of two million.
David Rea, RE/MAX International creative director was honored at the 1998 Aurora Awards for television advertising. Honored for overall excellence with Gold Awards were three television commercials, "Bubble," "Shadow," and "Race," from the 1998 RE/MAX "Real Estate Leaders" campaign, all written
"The extraordinary success achieved by Jim Fite, Jan Fite Miller and
The world has changed dramatically in the last 50 years. There has been more innovation and more technological progress in the last 80 years than there were in the previous years added together since the beginning of time.
NAR has recently added a new certification program for REALTORS to help them better serve the increasingly diverse minority market. Entitled "At Home With Diversity: One America," the course aims to equip real estate professionals with information and marketing skills needed to offer home ownership opportunities to the growing number of multicultural and minority buyers.
Looking at today"s mortgage rates it"s not unreasonable to wonder if this is it, if we are now at the very lowest possible interest level with nowhere to go but up.
Well folks, I always like to report on the more interesting mortgage programs that come across my desk. Most people know that there are 100 percent mortgage programs available. Actually, there are dozens of them and they have two things in common: first, you need to have near perfect credit and second, you need to have some cash reserves after settlement. Unfortunately, these two requirements make a lot of folks ineligible for 100 percent mortgage loans.
With a job loss, divorce, illness, or death or illness of a spouse, you may have a difficult time making your mortgage payment. But don"t despair - there are steps you can take to stay on top of your bills and avoid losing your home during this transition period.
Question: I am a self-employed consultant and I have two primary clients. My annual contracts with these customers agree to pay me over $150,000 per year in fees. I recently applied for a $400,000 mortgage to purchase a house and I locked into a great interest rate. A week later, after I sent the lender my tax returns, he calls me up and says that I don"t qualify for the loan because my income is insufficient. He says that even though I make $150,000, my tax returns show nearly $100,000 in expenses. Mr. Savage, isn"t the job of a good accountant to reduce my income on paper so I pay less tax? And shouldn"t a loan officer know that self-employed people always show less income on their tax return than they really make? My credit is great and I"m putting down 20 percent, but the loan officer says I have to take a program with a higher rate that doesn"t verify income. What"s your take on this? Should I switch lenders?
Top federal housing officials are promising a “consumer-friendly” overhaul by this summer of the current rules on disclosures of mortgage-related fees and closing costs. In an interview, HUD Secretary Mel R. Martinez said the reforms will touch virtually every new loan transaction in the U.S., and will bring “far greater clarity and transparency than ever before” to home purchases and mortgage refinancings.
The 15-year FRM this week averaged 5.74 percent with an average 0.7 point, up slightly from last week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.
Consumers aren"t reaping the full benefits of technology available to mortgage lenders, because many lenders just aren"t up to speed.
Opportunities for real estate agents to build a profitable new homes niche in their markets could explode in 2010. Traditional new homes marketing is out. Innovative value-driven service is in. What were sold as leading edge marketing tools no longer matter. Such as:
The American title insurance industry is successfully blocking the widespread adoption of a new, competing product--a form of title-risk coverage that cuts title costs to the consumer by about half in a typical mortgage refinancing.
Question: I am in the process of refinancing my home. I initially locked in verbally at 6.875 percent with no points. I then received a Good Faith Estimate of Closing Costs and a Lock-In Agreement. Both of these forms indicated that there were no points associated with the loan. One week later my loan officer called to tell me that he made a mistake and that I would have to pay ø point. Since this only added up to $320, I felt it wasn"t worth fighting.
Mortgage rates are moving down this week, pushed by mixed economic signals as mortgage experts cautioned consumers to lock in a mortgage rate and avoid the mistake many made waiting for the mortgage rate market bottom late last year.
[Note: To follow is an excerpt of an interview with Elliott Eisenberg, senior economist of the National Association of Homebuilders in Washington, DC, and Michael Anderson, Managing Member and Founder of Salt Lake City-based RealSource, a leader in multifamily research and tenant in common deals [www.realsource.net/bestoftimes]. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/110508.]
Question: I recently settled on a home and obtained a 5/1 adjustable rate mortgage (ARM) at 6.375 percent. In looking over my papers, I realized that at the time of application my loan officer gave me a Truth-In-Lending (TIL) statement that showed my annual percentage rate (APR) to be 7.548 percent. Then, at the settlement table, I signed another TIL that indicated an APR of 5.687 percent. My note says that my interest rate is fixed for five years at 6.375 percent. So I have three very different rates to look at. Can the mortgage people get it together and tell me what"s going on?
I just had a very interesting conversation with a client: It seems his son is purchasing a new home in Florida and won"t be settling for six months. The big dilemma is whether this fellow should pay a hefty up-front fee to lock in his interest rate for the next six months. Or should he save the fee and float his rate until he"s within 60 days of settlement?
Ouch! You locked in your loan a few days ago and rates plummeted this week! You thought you had the market timed just right but after many sleepless nights deciding whether or not to lock you decided to go ahead and take the leap.
The loan limit for "conventional" or "conforming" financing will increase 9.3 percent from $275,000 to $300,700 for single-family homes as of January 1st, according to announcements made by both Fannie Mae and Freddie Mac.
The National Association of Realtors is reporting that existing-home sales declined on the heels of a strong gain in September as uncertainty and economic concerns increased in October.
Sub-prime lending -- and the possibility of predatory lending activities -- are widespread nationwide. This is the conclusion of a study entitled "Separate and Unequal: Predatory Lending in America" just released by ACORN and the ACORN Housing Corporation, (the Association of Community Organizations for Reform Now).
LITTLE ROCK, AK -- In what"s being labeled "financial apartheid," a disproportionate number of minorities and low-income home owners are often steered to more expensive sub-prime mortgages, even when they can qualify for cheaper financing.
You"ve heard the term "conventional" financing, but what does this expression really mean to mortgage borrowers?