The median price of single family home rose 8 percent from May to June as the real estate market remains relatively strong in Colorado. Buyers are finding value in home priced at $600,000 or less as transaction activity picks up between buyers and sellers.
2008 Mortgage Fraud Report by FBI
No comments »The FBI have put out a year end comprehensive mortgage fraud report for 2008. In summary, mortgage fraud cases are increasing at an alarming rate, and the depressed housing market will continue to contribute to money losses due to fraudulent and unethical mortgage lending practices and scams.
Absorbing the 20 plus page report will require your full attention to detail.
Working With a Mortgage Broker
July 7, 2009 No comments »Mortgage brokers have access to lenders, and sometimes wholesale lenders. It is your job to know that the mortgage broker you decide to work with are in good standing with banks and lending institutions. You have to understand that they are only looking out for their own self interest as to getting a referral fee to connect the borrower (you) with a lender; and little regard for your financial welfare.
Do your due diligence by checking up on the mortgage broker’s reputation, and comparable rates that they can get for you as a client.
http://www.mainstreet.com/article/moneyinvesting/real-estate/benefits-behind-mortgage-broker
Steps to Get Fast Mortgage Pre-Approval
No comments »Getting a mortgage pre-approval is the first steps to securing a mortgage and owning a home. Buying a home will be one of the biggest purchases in your lifetime, and it is essential that you play by the rules and get it right the first time around to expedite the process. Two words sum it up: documentation documentation.
The sooner the better as the $8,000 tax credit expires on November 30, 2009 for first time home buyers.
http://www.zillow.com/blog/mortgage/2009/07/07/mortgage-pre-approval/
Luxury Home Market Suffers
No comments »The luxury home market faces the same mortgage crisis as everyone else. Homes priced over a million dollars could sit on the market for months without bids as securing a jumbo loan is even harder because of the higher risk that lender have to take as it must remain on the company books, and thus tack on a higher interest rate. A 30 year jumbo loan carries a 6.91% compared to the 5.7% on a regular 30 year home loan.
If you ever in the market for a free Mercedes Benz with a home, simply pony up $800,000.
http://www.usatoday.com/money/economy/housing/2009-07-07-luxury-homes_N.htm
