Do you have an FHA Loan? An FHA Loan is a mortgage loan you might currently have on your home. If you do, you should refinance your FHA loan before June 3rd as some changes are on the way that could cost you more money. The main selling point of FHA (Federal Housing Administration) is the down payment is only 3.5% vs 10%-20% on a home. This allows more people live the “American Dream and own a home. The main kicker of FHA is that you must all carry MI also known as Mortgage Insurance. This is a an extra fee you have to pay on top of your mortgage payment since the Federal Government is “insuring your loan.” This fee helps soften the blow if you ever default on your payments and stop making them. This is a great loan to have but FHA’s Mutual Mortgage Insurance Fund is announcing a$16.3 billion deficit for the fiscal year of 2013. This doesn’t mean that FHA is going away but it does mean that some new guidelines are taking a affect starting June 3rd that can have impact on you…the homeowner.
Christmas time is here. The end of 2012 and Realtors and Lenders alike are looking back at what they did or didn’t do in 2012 and also set goals and aspirations for the year to come. As the Director of Sales and Marketing for Stewart Title in Northern Virginia/Washington DC I meet with Real Estate agents pretty much on a daily basis. I have heard and do hear everything in terms of needs, wants, and goals. The one saying in the Real Estate business that has always held true is “List to Last!” What that means is…to be a long term, successful Realtor you need to list properties. Buyers are nice…take them when you can, but Listings is where it’s at. Almost all the Realtors that I meet with ask me HOW can I get more listings? NEW Real Estate listings can be hard to obtain. How do you know WHO is ready to make move? What can be done to find out? What if I told you that I can not only tell you exactly WHO needs to sell their home but WHERE they are? Also…these people have an immediate need for a Realtor. Would you be interested?
For over 10 years I lived in a fantastic place in America…Phoenix, AZ. It was summer all the time, a lot of outdoor activities, and if you are an avid golfer…HEAVEN! About 3.5 months ago I moved to the Washington DC area and am adjusting nicely. If you read my blogs you know that I am the Director of Sales/Marketing for Stewart Title and Escrow in Northern Virginia. There is one city that I had heard a lot about before I moved to the DC area that is very popular. Here is why you should move to Arlington Virginia
You may not know it but we are currently experiencing a time in Real Estate that has never existed before…EVER. The market was so hot in 2004-2006, then the market crashed in August in 2007 with interest rates in the 6.5% range. Housing values took a huge dive! Some markets were hurt more than others. At the time I was working as a Title Sales Rep for a National Title Insurance Company in Phoenix, AZ. If you know anything about the Phoenix market…the property values went up 47% in 2005 alone! Well what goes up must come down and when the market crashed and the subprime market went bye bye so did the home values. Let me give you a real life example: In July 2006 I bought my first home…a condo next to the Raven Golf Course in Phoenix for $145,000. I was happy with my purchase and no issues making the payments. By January 2010 the value of my property was $35,000! Yes…$35,000. So I did what 75% of the housing market did in Phoenix, I listed my home as a short sale and said…”See ya later!” I know I made the right choice knowing the value might not ever return to what I owed on the property. So back to my original statement…we are in a weird place in Real Estate…a time that has never existed before that presents SOOO many business opportunities for Real Estate agents AND Mortgage Lenders. Here is why if you are considering do a refinace or short sale…might be good to do both. Let me explain…