I found this fascinating quote today:
lillianwong, Mortgage and Real Estate News: Commercial Real Estate 2010 - A Decade of Extremes, Mar 2010
You should read the whole article.
Monday, March 29, 2010
reBlog from lillianwong: Mortgage and Real Estate News: Commercial Real Estate 2010 - A Decade of Extremes
Tuesday, March 2, 2010
Housing Market News: What Does it All Mean?
If you are currently thinking about purchasing a home, chances are high that you have your ears perked to all the news coming out about the housing market and mortgage changes. How can you be sure you understand all of it and that you won’t end up in a potentially disastrous situation? Even if this is not your first time, hearing how tumultuous the conditions are currently can be intimidating. Education is great, but working with someone knowledgeable and trustworthy is paramount.
In getting started finding the right mortgage professional to work with, here are some items to think about to keep yourself current on the changes:
• Tax credits are still available. Talk to your lender or your accountant to learn how to best negotiate the rules and guidelines to make sure you get any credit you may be eligible for and plan your move accordingly.
• Learn the basics about loans and loan changes to make sure your decisions are sound. FHA has changed their guidelines and is more stringent about credit and PMI requirements. Some mortgages are or will be eliminated, such as interest only loans. Appraisal guidelines are becoming tighter.
• Rate is not the only cost of getting a mortgage. Get a Good Faith Estimate and learn about all of the fees—which are due at closing and which are due upfront and compare pricing.
Bottom line? There is too much information and it changes too often for you to be 100% certain of all the facts. Choose a lender or mortgage broker that has expertise on the current guideline and news; and one that you can trust. They will help you make the right decision, based on your situation in particular.
About Brian Ofsie and Vanguard Funding:
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
In getting started finding the right mortgage professional to work with, here are some items to think about to keep yourself current on the changes:
• Tax credits are still available. Talk to your lender or your accountant to learn how to best negotiate the rules and guidelines to make sure you get any credit you may be eligible for and plan your move accordingly.
• Learn the basics about loans and loan changes to make sure your decisions are sound. FHA has changed their guidelines and is more stringent about credit and PMI requirements. Some mortgages are or will be eliminated, such as interest only loans. Appraisal guidelines are becoming tighter.
• Rate is not the only cost of getting a mortgage. Get a Good Faith Estimate and learn about all of the fees—which are due at closing and which are due upfront and compare pricing.
Bottom line? There is too much information and it changes too often for you to be 100% certain of all the facts. Choose a lender or mortgage broker that has expertise on the current guideline and news; and one that you can trust. They will help you make the right decision, based on your situation in particular.
About Brian Ofsie and Vanguard Funding:
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
Monday, March 1, 2010
Increasing Defaults: Federal Housing Administration Responds
FHA loans were created to offer the dream of homeownership to low and middle income borrowers and those in underserved communities. This dream has become a reality for many. However, with the credit crunch affecting all sectors of lending, the Federal Housing Administration has had to tighten their guidelines, as well.
The new FHA guidelines include:
• A rise in upfront PMI, mortgage insurance, requiring from 1.75% to 2.25% of the loan amount
• Borrowers with lower credit scores (below 580) will be required to provide a ten percent down payment, nearly triple the previous requirement
While FHA loans will still be largely accessible to many individuals that may not qualify for conventional financing, these new guidelines will make it a bit tougher for some to realize homeownership.
At Vanguard Funding, we underwrite and fund FHA loans. We stay up to date on all loan guidelines, particularly with FHA, and strive to match every borrower with the home financing option that is best for their situation. We make the process a pleasant one, with fees and costs disclosed up front and smooth, stress-free closings.
A good mortgage professional will be well versed on loan guidelines and available products. They will offer competitive pricing and streamlined closing. But an outstanding originator will educate you on your options and have a vested interest in making sure you make solid financial decisions for now and looking toward the future. Defaults are not in anyone’s best interest—not that of the lender, the borrower, or the market at large.
We will be happy to tell you more about the general guidelines for FHA loans, such as maximum loan amount, inspection requirements, and appraisal parameters. We can also let you know what other options may be available.
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
The new FHA guidelines include:
• A rise in upfront PMI, mortgage insurance, requiring from 1.75% to 2.25% of the loan amount
• Borrowers with lower credit scores (below 580) will be required to provide a ten percent down payment, nearly triple the previous requirement
While FHA loans will still be largely accessible to many individuals that may not qualify for conventional financing, these new guidelines will make it a bit tougher for some to realize homeownership.
At Vanguard Funding, we underwrite and fund FHA loans. We stay up to date on all loan guidelines, particularly with FHA, and strive to match every borrower with the home financing option that is best for their situation. We make the process a pleasant one, with fees and costs disclosed up front and smooth, stress-free closings.
A good mortgage professional will be well versed on loan guidelines and available products. They will offer competitive pricing and streamlined closing. But an outstanding originator will educate you on your options and have a vested interest in making sure you make solid financial decisions for now and looking toward the future. Defaults are not in anyone’s best interest—not that of the lender, the borrower, or the market at large.
We will be happy to tell you more about the general guidelines for FHA loans, such as maximum loan amount, inspection requirements, and appraisal parameters. We can also let you know what other options may be available.
About Brian Ofsie and Vanguard Funding:
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
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