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 ...

In a market flooded with foreclosures, homebuyers can find steals easily. Or that's what many of them think until they begin searching. Soon, they learn that only savvy buyers get the best deals. Understanding how banks negotiate foreclosure deals is a must if you want to buy low in today's market. Here are five secrets every homebuyer must know when shopping for a foreclosed home. Don't make lowball offers on just-listed properties It's useless to make lowball offers on bank-owned houses that have been on the market for only a few days, says John Thompson, a Realtor at Samson Realty in Chantilly, Va. "When you haven't had opportunity to expose your property to the marketplace long enough, you would be reluctant to take a lowball offer," Thompson says. "Most of the banks are aggressive with their pricing, but they are not going to give the properties away." Asset management companies handle sales for banks. These companies price ...

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...

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 ...

If buying a home is on your New Year’s Resolution list for 2013, know this: your biggest challenge will almost certainly be coming up with your down payment and closing costs. Whether you’re trying to scrape by with 3.5 percent for an FHA loan or you’re planning to put down a full 20 percent, saving for a down payment might be the largest savings endeavor you ever undertake, after retirement planning. But don’t let that daunt you. Look at it as more of a challenge or a game than a slow-slogging deprivation-driven chore. In fact, I suggest that you add something to your scrounging and saving: scavenging . Finding your down payment money hidden in resourc es that are right in front of you can be a fruitful and fun angle t o take on an otherwise overwhelming goal. Use this short list of oft-untapped down payment treasure troves to open your eyes to funds that might be hidden in plain sight: 1.  Your budget’s biggest line items. I like to get maximum bang for my buck. And I like to ...

A big part of my job is helping our clients project the most likely scenarios for the housing market.  Now that we know who will be President, my job just got easier because we have 4 years of experience with Obama and a divided Congress, so we know what we are getting.  However, there is never a dull moment.  Here is what keeps me up at night: Mortgage Rates Dictated by Leadership : Geithner and Bernanke have worked closely together to implement very accommodative housing policies.  Geithner has already announced he is leaving and Bernanke is rumored not to want another term beginning January 2014.  Who will the replacement(s) be?   Who will slow down the housing market when it heats up again - something I believe Bernanke is trying to engineer ASAP? Mortgage Rates Dictated by China : While Bernanke has a lot of power, the bond markets are more powerful.  International bond buyers, particularly in China, can wreak a lo...

What's missing from your current home? Storage space? Decent parking? Privacy? There's no such thing as too much storage No one ever walked out of an open house thinking, "Nice place, but too many closets."  Visually strip away the furniture in a for-sale home and place your furniture and belongings. Or simply measure -- both the rooms and the closets -- and compare it to what you have now.  Ditto for kitchen cupboards, pantries and counter space. Those counter tops may look spacious until you get out all of your kitchen toys and discover there's not enough room, he says. Really look at a kitchen in terms of what you need when you cook to make sure the home offers the counter space you need. Test the commute BEFORE you commit You're only 15 miles from work. How long is that in traffic time?  Try the commute a few times, driving both ways, before you buy, at the times you would be normally commuting.  How well will you "fit in" with the ne...

Winning clients is about establishing yourself as an expert by playing part business manager and part counselor. No matter what role you’re in, you need to offer the real estate information that matters most.  That means understanding their worries and woes and being ready to give the answers that motivate them to purchase a home and use you as their expert guide for the process. Here are the 5 top questions that plague buyers today and ways you can answer them to win more transaction-ready clients: 1.  How do I boost my credit rating? 2. How much home can I afford? 3. What neighborhoods are best for me? 4.  Is now really the best time to buy? 5.  Which agent should I use? To read the answers to these question, CLICK HERE !  What worries would you add to the list? What’s the biggest worry of buyers and buyer prospects in your area?

Do you know there is a SW FL blog to all things pertaining to the real estate industry? Finance, Legal, Title Insurance, Real Estate, and Inspections. We’re “in the know” and it’s our job to make sure that you are as well.  There are many licensed individuals in this industry, but you can count on this group of professionals to truly communicate to buyers and sellers with utmost integrity. Our commitment is to guide you and keep you up to date! So come be a part of this group of the expert contributors that blog every day on a certain topic. Have questions...Ask?  We are all here to make the process of buying/selling/renting/investing real estate go just a little bit smoother!! You can also   LIKE US  on Facebook 

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...

You have prospects who contact you expressing an interest in purchasing a home, but how do you know if they’re really serious, or able, to purchase a home? MRIS, a large multiple listing service serving the Mid-Atlantic region, asked its real estate member network for some of the best signs for understanding whether potential buyers are really ready for the task of taking on home ownership. Here’s what they found: Buyers are increasing their savings: MRIS suggests home buyers save enough money for six months of mortgage payments and at least 3.5 percent of the purchase price for a down payment and closing costs. Buyers also haven’t forgotten about moving and possible home repair costs in setting up a savings plan for a home purchase. Buyers have their credit in shape: Home buyers know their FICO score and know how it can impact the mortgage rate they get. Buyers know what they can afford: Home buyers are alrea...

                   1) Improve Your Social Reach Complete & Update your profile Integrate your keywords throughout Add social icons to all NON-social stuff Add button to content to promote sharing Find influencers & interact with them When people talk TO you, talk back Facebook Use Cover & Profile pictures CREATIVELY YouTube Tag & Title videos with keywords Use educational over promotional sites Submit a video site map to search engines Twitter Use #hashtags Register in directories Build a compelling profile Follow relevant influencers Be consistent with your posts 2) Increase Fan Engagement Develop creative, non-promotional content Aim to strike a chord; be funny, empathetic or informational Above all else, be genuine and relevant Facebook Publish daily Check insights for stats Ask questions Use videos, photos and/...

Smartphones aren’t just an accessory for everyone, they have become a necessity for real estate agents!!! To make the most of your phone, you need the right apps to turn it into a real business tool that can bring you into the 21st century! Here are some of must-have Android apps for impressing your clients! 1. TripLog - Track your mileage!!! • Logging of business mileage, fuel, tolls, parking and vehicle expenses. Multiple vehicles tracking for multiple tax categories (business, medical, charity, etc.) and multiple business entities. Calculates fuel economy (MPG, L/100km, or KM/L). • Use of GPS to track driving distance. Use of GPS, Cellular Network, and/or WiFi to find your locations and look up physical addresses. • A home screen widget with the ability to create shortcuts to start and stop trips.                           ...

Aurthor: Washington, March 06, 2012 Housing affordability conditions have reached the highest level since record keeping began in 1970, according to the National Association of Realtors®. NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small down payments, the affordability levels are relatively lower. NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today’s market. “T...

A few years ago, flipping houses was the rage in Real Estate Investing. "Reality" TV and Real Estate Investing book "Guru's" had thousands of people getting into flipping houses. Good news for the Real Estate industry - large inventories of houses were reduced and prices started increasing again. Bad news for Flippers - large inventories of houses were reduced and prices started increasing again. People are recovering and have money to start their real estate investing but it is not as easy as it used to be to find the bargain properties. This is the next niche to be discussed in a series dedicated to educating new and seasoned Investors about some of the new strategies in Property Investment. Discounted Bank Notes: Financial institutions are willing to sell the mortgages or notes at a discount rate in some cases. Notes can be performing or nonperforming and both have different strategies, Financial institutions sell these notes rather than going through th...

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...

As most of you are aware, if you watch or read our local news, that Lee County is being hit by multiple homicides. Having a sister being prior law enforcement and then myself, along with my parents being in the real estate industry, we have seen how crime rates can affect many different aspects within several industries in our county. What I would like to know is: 1) Have you started seeing an affect in your business due to the extreme violence? 2) If you have, what are they or what have you heard? 3) What do you think we, as a community, can do to help bring positiveness BACK into our county?