Allied Mortgage Preapproval List There are a variety of personal and financial documents that your loan officer will need to complete your loan. To help you prepare and ensure that the process flows smoothly, here’s a checklist of the items you’ll need: Signed initial loan disclosures Tax returns from the two most recent years (all…
Ever wonder what your real estate agent is really thinking? Here are the five things that we hope to instill in every client: Not all $200,000 homes cost the same! Instead of thinking about your budget in terms of the sales price, consider the amount you’ll pay monthly. A home’s affordability can be greatly affected by…
PA Real Estate Market Report. The Pennsylvania Association of Realtors recently released housing statistics for the second quarter of 2015, and the market continues to steadily improve. Perhaps most notably, the median sales price increased 3.3% over this time last year to $175,500. Sellers are also benefiting from quicker sales; the average Days On Market decreased…
There are still plenty of short sales and foreclosed homes on the market, despite the housing market being largely recovered. While the bank is involved in both short sales and foreclosure, it’s important to know that these two terms are very different– and result in a far different buying process! Here’s how these distressed properties work:…
If you’re looking to secure a mortgage for $417,000 or more, then you’re in the market for a “Jumbo” Loan! These jumbo mortgages refer to loans that are in excess of the limits imposed by government mortgage giants Fannie Mae and Freddie Mac. If the mortgage amount is higher than $417,000 (A few of the…
Economic conditions are slowly returning to normal across the nation and many experts are speculating that the Federal Reserve may soon raise interest rates. In recent years, the Fed has attempted to promote economic growth by holding the Fed Funds Rate near 0.00% which has allowed businesses and consumers to borrow money cheaply. However, strong labor market reports,…
TRID Policies and Forms If you’ve been researching real estate or mortgages recently, you may have come across information about TRID – and how these new TRID policies and forms will be implemented on October 3, 2015. TRID stands for the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), Integrated Disclosure. This…
Mortgage rates decreased slightly last week, leading to a greater number of eager buyers and homeowners to apply and refinance, respectively. The Mortgage Bankers Association reported that the average 30-year fixed ate loan fell from 4.17% to 4.13%, which is its lowest level since mid May. The average 15-year fixed rate loan and 5/1 Adjustable…
15-year Fixed Rate Mortgage The fixed rate mortgage is the most popular choice for most home buyers. After all, the payment plan allows for lower monthly payments, and the fixed rate provides predictability; your monthly payment will always remain the same! So why are more and more buyers turning to a 15-year fixed rate over the…
Did you know that the average home built last year was over 2600 square feet? While that might not sound huge, consider that home sizes have climbed steadily since the 1950s– and the average family size has decreased! Unfortunately, higher mortgage payments and utility bills accompany bigger homes, so it’s no surprise that one of the biggest…
Quickly Purchase A Home Many of our buyers are curious about the timeline of a home purchase — after all, how long does it really take to get a mortgage and secure title insurance and make it to the settlement table? It depends largely on whether or not you’re securing a mortgage (you probably are),…
Boomerang Buyers : Who Are They? Have you heard the new industry buzzword “Boomerang Buyers” yet? If not, you’re about to hear a lot more about it! Referring to previous homeowners who were foreclosed upon or had to short sale their home, most Boomerang Buyers are expected to re-enter the real estate market within five…
A recent report detailing negative equity among homeowners nationwide found that fewer homeowners are underwater. The national rate dropped to 15.4 percent in the first quarter, from 18.8 percent one year ago. Image via solvencyiinews.com Defined as owing more on your home than it is worth, being underwater restricts many homeowners from selling or even…
Mortgage Applications Jump 16 Percent As the spring real estate market heats up, mortgage applications are on the rise! The total volume of applications to purchase a home increased 16 percent from one year ago and applications to refinance a home have risen 41% in the same time period. It’s no surprise that homeowners are scrambling to refinance, as the…
1st Time Buyer Program From Fannie Mae! Good news! Government mortgage giant Fannie Mae is beginning to offer to pay the closing costs for first time buyers (and anyone who hasn’t owned a home in three years). Move-in ready 3 bedroom home for just $172,900! Wondering what the catch is? We have more good news!…