Does a new home loan make sense? There are at least seven reasons to refinance a mortgage. You probably can think of the first one -- to get a lower mortgage rate. The average interest rate on an outstanding mortgage at the beginning of 2012 was 5.098 percent, according to the Bureau of Economic Analysis. However, lenders today are offering rates well below that benchmark, making a refinance a no-brainer for many. But low rates are not the only motive nowadays, here are some more good reasons to consider to refinance. Refi for a lower rate The No. 1 reason to refi is to get a lower mortgage rate. Despite sinking rates, a lot of people haven't refinanced. Many homeowners would like to refinance but can't because they have little or no equity due to falling home values, too many can't refi for this reason. Convert an ARM Stability-hungry borrowers are ditching adjustable-rate mortgages and refinancing into fixed-rate loans. Other borro...

How much does Title Insurance cost? The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you or your heirs own the property. Do I need Title Insurance? Most definitely! Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim. Why Do You Need It? Buying a new home is one of life's most gratifying experiences. As you approach the big day of closing, however, all the details can be a little overwhelming. You might easily overlook the single most important step in ...

Homebuyers are back. But they're not finding many for-sale houses to choose from. This dearth of for-sale homes isn't imaginary. In fact, the pool of properties actually has shrunk in housing markets across the nation. Only 2.32 million existing homes were available for sale in the U.S. at the end of September 2012, according to the National Association of Realtors. That figure represented a 5.9-month supply of for-sale homes at the September pace of sales. A year earlier, the supply of for-sale homes would have lasted 8.1 months at the then-current pace of sales. So, what happened to all the houses? Leslie Appleton-Young, chief economist for the California Association of Realtors in Los Angeles, and Rick Sharga, executive vice president of Carrington Mortgage Holdings, a mortgage company in Aliso Viejo, Calif., offer some answers. Sellers are on the sidelines.  Some homeowners have no reason to move. Others aren't motivated because they would take a loss at c...

A mortgage refinance boom is in full swing, as homeowners take advantage of record low rates by refinancing their home loans, but a home loan refi is more complicated than it was a few years ago. Home values are lower and paperwork requirements are higher. It's easy to make mistakes while refinancing a mortgage. To help you avoid some of the most common errors, here is a list of five things you shouldn't do when you refi. Be unrealistic about your home's value Deluding yourself about the value of your home is an excellent way to ruin a refi. Too many homeowners ignore falling home values in their neighborhood, convincing themselves their houses are worth at least what they paid for them. In mortgage refinances today, the most common reason for denial is a home appraisal that comes in too low. The lender won't lend for more than the appraised value. And a lot of homeowners go into denial about the decreased values of their homes. Dit...

It doesn't take much to quickly update a room, here are some great ideas for the kitchen and bath: Color ~  Paint an accent wall — try a bold, bright color! Dedicated Workspace ~  Create a station for what you love — baking, crafts, you name it! Dining Banquette ~  With a banquette at the table, you'll dine in comfort. Bathroom Seating ~  A comfortable chair is a great piece to have in the bath. Try upholstering one in terry cloth or even putting a ceramic garden stool right in the shower. Kitchen Island Alternative ~  A pretty table and chairs makes a great alternative to an island, while a single large-scale lantern or chandelier hanging above it will punctuate the room. TV in the Bathroom ~  If you love a good long soak in the tub, hang a wall-mounted flat-screen. Low-Maintenance Rugs ~  Indoor-outdoor rugs are super-easy to clean whether they're in the front of the sink, under a table, or if you have young children or pets.   W...

The recovery in the housing market continues to pick up steam, as home prices posted the biggest percentage gain in more than two years in the latest reading of the closely followed S&P/Case-Shiller index. The index showed prices up 4.3% in October compared to a year earlier. That's the best improvement since May 2010. But that earlier increase was due to a temporary spike caused by a homebuyers' tax credit of up to $8,000 on homes purchased in late 2009 and early 2010. This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. A combination of near record-low mortgage rates,lower unemployment and a drop in foreclosures to a five-year low means there are more buyers interested in purchasing fewer available homes. That in turn has lifted prices. October marked the fifth straight month that the index has been up on a year-over-year basis.  The improvement in housing market fundamentals has ...

Completed foreclosures continued their progressive decline, and foreclosure inventory fell to its lowest level since April 2010,  CoreLogic   reported Thursday. In August 2012, 57,000 homes were lost to foreclosure, down from 58,000 in July and 75,000 a year ago, according to the report. The yearly decrease represents a 24 percent decline. “August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing,” said Mark Fleming, chief economist for CoreLogic. Since the financial crisis began in September 2008, 3.8 million homes have been lost to foreclosure. Fewer homes with a mortgage were also in the foreclosure process in August, with foreclosure inventory numbering about 1.3 million homes, or 3.2 percent of all homes with a mortgage, down from last year’s 1.4 million homes, CoreLogic reported. Foreclosure inventory remained unchanged on a monthly basis. Anand Nallathambi, presid...

Buying a home is euphoric and scary. On one hand, you are moving into a property you own. On the other, you are committing to the repayment of a lot of money. How to Avoid Buyer’s Remorse Buying a property can throw your emotions all over the place. First, you are ecstatic when the seller agrees to your offer. Soon thereafter, you start worrying about the price, potential problems and the commitment you have made to pay hundreds of thousands of dollars over the next 10, 15 or 30 years. It can be a monstrous rollercoaster for your emotions. You need not have buyer’s remorse. The first issue giving rise to remorse is almost always the purchase price. If it makes you feel any better, the seller almost always thinks they should have asked for more. In truth, the agreed upon price is almost always pretty fair if you obtain a mortgage loan. The lender is not going to give you a loan well in excess of the value of the home, so you can rest assured you probably got a fair price. Yes, you...

The Consumer Financial Protection Bureau (CFPB) released a report Thursday showing that although reverse mortgages are meant to help borrowers in retirement, they are in fact causing problems for many who don’t fully understand them. A reverse mortgage is a type of home loan that lets older homeowners access the equity they have built up on their homes and defer loan payment until they sell the home, move out, or pass away. The original purpose of reverse mortgages was to allow these homeowners to convert home equity into an income stream or line or credit to use in retirement. Borrowers were largely expected to age in place with their loans, living in their current homes until they passed or needed skilled care. Reverse mortgages require no monthly mortgage payments, but borrowers must still pay property taxes and homeowner’s insurance. The report showed that nearly 10 percent of reverse mortgage borrowers are at risk of foreclosure because they failed to pay those costs. “Revers...

Congress has given itself two more months to come up with long-term solutions for the debt-burdened federal program that provides insurance for homes and businesses in areas subject to flooding. A voice vote in the House Wednesday extended the life of the National Flood Insurance Program for 60 days, assuring that people in flood-risk areas will continue to have access to the flood insurance they need to close on mortgages or obtain refinancing. The program is slated to expire Thursday. The last full-scale reauthorization of the NFIP, a wing of the Federal Emergency Management Agency, occurred in 2004. Since 2008 the insurance provider has stayed alive through a series of 16 short-term extensions while lawmakers debate how to restore its fiscal soundness. To read Jim Abrahms full artice, CLICK HERE Title Junction is hoping that come July 31st, that Congress will extended it for a SOLID 5 more years!

Straight from the famous Queen lyrics! We want it all and want it now! Don’t we?! You might be starting your home search and think that you’re pretty level-headed about what you want. Most people do. I did too when I was looking for my last home. When I ask someone what they’re looking for, it makes me chuckle after minutes go by and they suddenly realize their list kept getting longer and longer and longer! What I encourage every buyer to do is to write down the following list: 1.) One column for Must-Haves 2.) One column for Can Live Withouts 3.) One column for Indifferent Once you’re done making that list, rate them all highest to lowest priority in each column. For instance, if you had 13 must-haves, put them in order of what you would want first, 1-13. I know it sounds crazy, but there’s a reason behind it. Let’s say a pool and tile floor is on your must-have list, but they were ranked 9 & 11 in that column. These are things that may have been deal breakers before this ...

The Home Ownership Resource Center is in a new, high-profile location in Fort Myers as it braces for a major reworking of the programs designed to save people from foreclosure. Formerly in four locations scattered around Lee County, the private, nonprofit agency moved two weeks ago into space it leases in the Fifth Third Bank building on Colonial Boulevard just west of Metro Parkway. Executive director Eddie Felton said the consolidation will let him operate more efficiently as the state prepares to roll out revised federal programs that will let more people qualify for help with foreclosure issues. Under the old setup, “My operations budget was killing me,” Felton said. “I feel really blessed” to have the new location. If the U.S. Treasury Department approves the state’s proposed revisions for the federal programs administered by the state, the changes will go into effect mid-June, said Cecka Rose Green, communications director for Florida Housing. Felton said the one he’s m...

June 1 marks the first day of the 2012 Atlantic hurricane season. And if Congress does not act, it could also be the day that millions of homeowners, renters, and businesses learn the hard way their property is not insured against the devastating floods that often follow a hurricane. But it's not just people who live in states affected by hurricanes who should be nervous. Flooding is one of the most common forms of natural disaster and affects nearly every region of the country—from the aftermath of blizzards in the Northeast, hurricanes along the Gulf Coast, river surges in the Midwest, or tsunamis on the West coast. What does this have to do with Congress? On May 31, the National Flood Insurance Program is set to expire. Congress established the program in 1968, as flood damage is not covered under a standard homeowners policy. Today the program provides federal flood protection to more than 5.6 million individuals and businesses across the nation, in more than 20,000 commun...