Show me the MORTGAGE money!

Sharp words about Wall Street and Washington...

Financial Crises Inquiry Commission

Long Term Adjustable Rate Mortgages are worth looking at......

...as fixed rates rise our regional lenders are filling the gap with great low rates on 5/1, 7/1, and 10/1 Adjustable Rate Mortgages. These are 30 year loans with a rate fixed at the 5 year, 7 year, or 10 year option after which they start to adjust annually according to an index, usually the US Treasury.

Loans up to $1,500,000 can have rates in the 4s!

Realtors: Unwarrantable condo's have a mortgage source:

Listing or selling a condo that is unwarrantable is a problem. We have a solution. Financing for 2 unit complexes, no pre sales, not Fannie Mae or FHA approved. Give me a call with the details and I will find a solution.

Looks like that downward trend is about to end....

From all indications rates have leveled off and may even be on the rise in the next week.

Wall Street banks are cutting their holdings of Treasuries at the fastest pace since 2004. The 18 primary dealers that trade with the Federal Reserve reported that their collective holdings of government debt tumbled to a net $2.34 billion on December 29^th -- from $81.3 billion on November 24^th -- and that is a condition that does not particularly bode well for the likelihood these major broker/dealers will show up with big buying appetites at this week's government debt auctions.

If any one -- or combinations of the three upcoming Treasury auctions are poorly bid -- it is almost a certainty that mortgage investors will push note rates higher.   Heads up.

Mortgage Rates trending down

Bond yields dropping, mortgage rates may follow.

Realtors: Assisting the Appraiser is....

a GOOD thing. Hey you're the good guys, and they are the good guys too!

Let's face it, they have a job to do, coming up with a fair market value, and no one is getting a mortgage without an appraisal! So, let's make their job as easy as possible. Here are a few suggestions:

1) In all likelihood you as the Realtor are the contact for the appraiser to gain access to the property. Make yourself available, and make contact with the appraiser as quickly as possible. (The lender should provide the appraiser with contact info for the Realtor). The faster the appraiser can get into the property the faster the appraisal can get done. No appraisal, no approval, no mortgage.

2) Meet the appraiser at the property. Assist the appraiser with introduction to the homeowner and access to the property.

3) By all means provide the appraiser with the best comps available!!! They will verify them and check for others anyway, but this is a great assist, and the worst that can happen is the appraiser says no thanks.

Saving the appraiser time and effort will speed your transaction and at the very least create a good working relationship with a needed and respected real estate professional.

 

Banks Lose Pivotal Massachusetts Foreclosure Case - Bloomberg

US Bancorp and Wells Fargo & Co. lost a foreclosure case in Massachusetts’s highest court that will guide lower courts in that state and may influence others in the clash between bank practices and state real estate law. The ruling drove down bank stocks.

via www.bloomberg.com

The Opps Factor strikes again!

A Go-To Web Site for Home Buyers - WSJ.com#articleTabs%3Darticle

Dipping a toe into the real-estate market these days can feel a lot like taking your car to the mechanic: If you don't know what you're doing and don't trust the professional you hired, you may feel like someone is taking advantage of you. Thankfully, the Web's ability to demystify intimidating topics has brought what was once considered insider real-estate knowledge to the masses.

via online.wsj.com

First time buyers........ The Glass is half full!

Fact: Undisputable.... lower real estate prices are here now. Opportunity is knocking!

Get out there and look.

Rates start to ease..... a bit.