Use Google Maps To Search For A New Home!Google is developing technology that helps in many facets of our lives. We are all familiar with the Google search engine. Many of us are aware of Google mail through gmail accounts. In fact I switched to a gmail (HomeMortgageAdvisor@gmail.com) last fall after using AOL for almost 20 years. I've recently began using Google Voice to receive calls. Some of us use Google Maps to get directions or or a map.Recent figures indicate that over 80 percent of people looking for a new home use the Internet. I recently learned that you can use Google Maps to search for homes for sale. Below is a short video that goes over how to use Google Maps to search for a new home.
I will be happy to answer any questions you may have.
Alan GrossHome Office: 240.813.0614Email: HomeMortgageAdvisor@gmail.comWeb: www.mtg-info.net
Have Mortgage Interest Rates Hit The Bottom?On February 18, 2010 the Federal Reserve (Fed) announced a surprise increase in the discount rate form 0.50 percent to 0.75 percent. The discount rate is the rate charged to commercial banks and other depository institutions on loans they receive from the Fed. This differs from the Fed Funds Rate that banks charge each other for loans which also effects the Prime Rate.While this move does not directly affect the rates on home mortgages, credit cards, auto and other loans it is a sign that the "cheap money" policy is starting to come to an end. In a statement the Fed said. "The modifications are not expected to lead to tighter financial conditions for households and businesses and do not signal any change in the outlook for the economy or for monetary policy." But the initial knee-jerk reaction was to move mortgage interest rates up slightly. What's going to happen in the next few weeks is anybody's guess.With the economy still weak, an unemployment rate close to 10 percent and continuing fears of mortgage defaults, few economists expect the Fed to increase interest rates quickly or sharply. Just last month the central bank reaffirmed its intention to keep the key short-term rates it controls at "exceptionally low" levels for an"extended period," a position it has held since last March.But that doesn't mean you can expect mortgage interest rates to remain low until the Fed decides to move. It is currently winding down it's purchase of mortgage backed securities and if past history is any indication, the market will anticipate the rise and move before it happens.So, what does this mean for you? If you are looking to purchase a new home or refinance your current home it may be a good idea to act on those plans sooner rather than later. A one percent rise in interest rates on a $300,000 loan will increase your payment almost $200 per month.
Time Is Running Out On The Homebuyers Tax CreditThe Worker, Homeownership. and Business Assistant Act of 2009 has extended the $8,000 tax credit up to $8,000 for qualified first-time homebuyers purchasing a principal residence. The act also included a tax credit of up to $6,500 for qualified repeat homebuyers.The tax credit for first-time homebuyers was extended from December 1, 2009 to April 30, 2010. The income levels were increased for single taxpayers from $75,000 to $125,000. For married taxpayers the income level was extended from $150,000 to$225,00.To be eligible for the homeowners tax credit:
There are special rules for Members of the Military, the Foreign Service and the Intelligence Community. Exemption From Tax Credit Recapture Rules
Extension of Tax Credit Deadlines
Definitions
FHA To Increase Insurance Premiums & Some Down Payments
The Federal Housing Administration (FHA) has announced plans to increase the amount of up-front cash paid by new borrowers and to require higher down payments from those with the poorest credit.
A little history - Prior to 1983 FHA loans required the borrower to pay an annual mortgage insurance premium (MIP) of 0.50% of the principal balance per year. In 1983 President Reagan initiated and additional premium known as Up Front MIP (UFMIP), paid in a lump sum at closing. The premium equaled 2.25% of the loan amount and is due at closing. The premium could be financed into the loan. On January 1, 2001 the UFMIP was reduced to 1.50%. On October 1, 2008 the UFMIP was raised to 1.75% for purchase transactions. FHA regulations required the borrower to invest 3% of the sales price which included a minimum 2.25% down payment. The seller was allowed to contribute up to 6% of sales price towards the borrowers settlement costs. Effective January 1, 2009 the down payment requirement was raised to 3.5%.The new policy changes would increase the UFMIP from the current 1.75% to 2.25% of the loan amount. Borrowers with a credit score of less than 580 will have to make a down payment of at least 10%. It should be noted that the policy of most lenders is to require at least a 620 credit score to be approved for an FHA loan. Under the proposal the amount the seller can contribute to the borrowers closing costs will be reduced from 6% to 3%. The new polices are expected to be implemented starting this spring.
To see FHA's annuncement go to: FHA Press Release
Before the "subprime crises" FHA's loan volume had fallen substantially. FHA current backs 30 percent of all loans for home purchases and 20 percent of refinanced loans.
FHA Relaxes Property Flip Regulation For One Year
Effective for all sales contracts dated on or after February 1, 2010.
Certain property may be resold and financed using FHA insured financing without waiting 90 days.
FHA has temporarily waived the 90 day wait period, on certain transactions. These recently purchased homes may be sold and financed with FHA insurance.
· Private sellers and investors are now eligible to take advantage of this waiver.· These transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction.· In cases where the sales price is 20% or greater than the seller’s acquisition, the lender must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work. o If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer. o The lender must order a property inspection and provide that report to the home buyer. Buyer’s may be charged for the cost of this inspection.
There is much more detail to this wavier and if you have transactions meeting this guideline you are advised to read the waiver in its entirety here: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdfThis should free up the sale of a number of properties that where being hampered by the 90 day restriction.
I Have Moved to PrimeLendingIt's been no secret that the last couple of years have been very volatile in both the Real Estate and Mortgage Banking industries... with home prices dropping, loan programs becoming more restrictive and companies closing.As you know, my success has been driven by you and others like you, who have referred your friends, co-workers, relatives and clients to me when they were considering home financing. My primary goal has always been to offer my clients an unmatched level of service... to make the mortgage loan process absolutely painless and to provide real world, make sense financing options... allowing my clients to cut a straighter path to their financial goals.As I looked at the changes taking place, I began evaluating the direction of the mortgage banking industry, and began forecasting the tools necessary to again raise the bar for my standard or customer service... to provide more value for you and your referrals! After looking at many options available in today's market, I am pleased to announce that I have aligned with PrimeLending... a bank owned mortgage provider that is not new to the concept of customer service as a primary business directive. Using the latest technological systems we can offer a level of service that is unparalleled in the mortgage industry! (Not to mention PrimeLending's unmatched mortgage programs.)Why did I start looking at other options? As many of you are aware, National City Mortgage was purchased by PNC bank at the end of 2008. I became concerned about their commitment to the mortgage operation when I read in the corporate history. "In 1993, PNC acquired Sears Mortgage operation to create one of the nation's largest mortgage originators and service providers at the time. Due to the heavy consolidation in the industry, PNC made a strategic decision to exit the consumer mortgage business in 2000, selling PNC Mortgage to Washington Mutual Home Loans, Inc." As we moved through 2009 it became clear to me that PNC didn't want to make the kind of commitment to the consumer mortgage business I felt was necessary to meet my service level goals.With my move to PrimeLending, I am happy to be able to tell you that you will continue to receive the same high level of help and service you have received in the past. I will continue to work with the same people I have worked with for the past 12 years including the regional management, processing and underwriting staffs. The only thing that is changing is my office location.As I transition I will be using a new home office phone number, (240.813.0614) and a new email address(HomeMortgageAdvisor@gmail.com) I am doing this to take advantage of new technologies. You will still be able to reach me at my current phone number and email address. The new office phone number is 301.208.0055. As in the past the best place to reach me will be at the home office.With your permission, I will continue to keep you advised of items of interest and impact to you and your home... I am confident you will share my excitement... I look forward to speaking with you soon.Have a great upcoming holiday season!
Congress Passes Legislation Extending Loan Limits Scheduled to Expire on 12/31/09.On October 29, 2009 Congress passed legislation to keep the U. S. government running through December 18th. Included in this legislation is a provision that will extend the temporary loan limits for Fannie Mae, Freddie Mac and FHA. The higher loan limit ceilings were first authorized as part of a 2008 stimulus package and were extended through 12/31/2009 earlier this year.The loan limits will remain at $729,750 through 12/31/2010. "While those loan limits aren't scheduled to go down to $625,500 until Jan. 1, if not maintained at the higher level now, the mortgage industry will begin to plan for loans at the lower amount," said appropriators said in a statement. "This could result in major disruptions in the mortgage origination market for large loan sizes as early as November. This legislation is particularly important in high housing cost areas because the secondary market for "Jumbo" loans has not recovered since it's collapse at the the beginning of the housing crisis.In related news, the U. S. Senate won't vote until next week at the earliest on proposals to extend the $8,000 tax credit for first-time homebuyers. The Obama administration is officially asking Congress to extend the tax credit for first-time homebuyers. "I think the first-time home-buyer credit is a great example of funding that's helped to stabilize the housing market and should be extended." Jared Bernstein, chief economist to Vice President Joe Biden, said on Bloomberg television. Treasury Secretary Timothy Geigher gave his support earlier.Lawmakers announced earlier this week a plan to attach the tax-credit proposal to a pending bill on unemployment benefits. The lawmakers want to extend the credit until April 30, 2010. The proposal would expand the tax credit to allow higher-income Americans and some that already own homes to quality for the break.Homebuyers who have lived in their prior residences for at least five years may receive a credit of $6,500 under the plan, said Senate Finance Committee Chairman Max Baucus. Also, couples earning as much as $225,000 and individuals as much as $125,000 would quality for the extended break, Baucus said. That's an increase in the limit of $75,000 for individuals and $150,000 for couples. "The success of the American economy is closely tied to the success of the housing market; by helping to stabilize the housing market, the homebuyer tax credit has help shore up the economy as it begins to recover," said Baucus, a Montana Democrat. "This plan would enable an even greater number of potential homebuyers to take the credit."
Call me with any questions you have concerning the current mortgage market.
To keep up with the trends in interest rates you can visit my Daily Market Report at www.mtg-info.net/DailyMarketReport.
I am always available to answer any questions you have concerning interest rates or mortgage loans.
Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 301.353.9360. You can also email me at mtginfo@aol.comAlan GrossHome Office: 301.353.9360Email: mtginfo@aol.comWeb: www.mtg-info.net
How To Change the New Facebook "News Feed" Settings:Recently Facebook has made some changes in what can appear on Facebook pages. These changes have caused confusion for a lot of people.Facebook's changes include a restriction on the number of updates. The preset limit is set at 250 individuals with Facebook determining what content is displayed. The video below shows how to make adjustments to the new settings and gives you control of what you want to see. < Call me with any questions you have concerning the current mortgage market. To keep up with the trends in interest rates you can visit my Daily Market Report at www.mtg-info.net/DailyMarketReport. I am always available to answer any questions you have concerning interest rates or mortgage loans. Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 301.353.9360. You can also email me at mtginfo@aol.comAlan GrossHome Office: 301.353.9360Email: mtginfo@aol.comWeb: www.mtg-info.net
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The more I work with Google products the more I become a Google Fan. A few months ago I opened a new email address HomeMortgageAdvisor@gmail.com. Then I added an igoogle account which lets me check my email, Google Voice (another free service I added recently - 240.813.0614) and store all my favorite sites online so I have access to them from any computer. I recently came across Google Reader In Plain English. It lets you get content from your favorite sites without having to visit all of them.Here's a short video on Google Reader In Plain English:
For all the Twitter Fan's out there here's an interesting video.
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