One of the most popular questions Toby receives regards loan officers and all the questions they like to ask. The basic question will be our Q&A for this week.
Why can’t I get a straight answer on the rates from the lender I called? All I want to know is the rate and how much they charge.
If you can find the best rate and mortgage on your own
then you probably don’t need a mortgage broker.How to find a mortgage broker.Ask friends.Search for local mortgage brokers on NAMB.org.Check for complaints on the company at your state’s banking department (find the website of your your state’s banking department at the Conference of State Bank Supervisors website at csbs.org). Also check the Better Business Bureau (bbb.org). Don’t pay application fees. You should pay appraisal fees (about $350) and credit report fees (about $20).Understand the fees and terms of your loan.Negotiate closing costs (known as the good-faith estimate). The national average on a $200,000 loan is 1.5% (not including taxes or your prorated portion of bank interest and insurance). If it is more then 1.5% you should ask your broker to lower it. After you agree to the costs, ask the broker to guarantee them through closing. How to pay a mortgage broker.Most brokers get part of your closing fees and a variable yield spread premium fee from the lender. The bank gives the broker a larger yield spread premium if the broker sells you a loan with higher interest or with features like a prepayment penalty. One why to avoid the conflict of interest is hiring an up-front mortgage broker that agrees to take a preset fee.
Monarch Lofts (Lawrence, Mass.): $189,000 for an 868 square foot studio.Riverhouse (New York): $835,000 for a 1-bedroom.Macallen Building (Boston): $510,000 for an 800 square foot 1-bedroom.The John Ross (Portland, Ore.): $279,000 for a 640 square foot studio.Arterra (San Francisco): Low $500,000s for a 600 square foot 1-bedroom.
(Go To Article: cnn.com)
abodeblog.com
The number of U.S. homes facing foreclosure increased 58% to 573,397 in the first six months of the 2007, according to RealtyTrac Inc. California, Florida, Texas, and Ohio had the highest number of foreclosure related notices. California had 104,572 foreclosure filings and notices which was the most in the nation. (Go To Article: Associated Press via msnbc.com)
abodeblog.com
Many appraisers misunderstand the place Fannie Mae has in our work, and that misunderstanding helps create misleading appraisals.
Fannie Mae is a participant in the secondary market, buying mortgages from lenders and turning around and selling them to investors.
Zaio has been a hot topic for appraisers this year.
Delaware Cows have moved forward — in more ways than one.
PG Cross Checker, a product of Perfect Game, has named the Cows the 15th best team in collegiate summer baseball. A fine accomplishment considering they are the only Great Lakes Summer Collegiate Baseball League team included.
The Cows will look to carry their hot streak into the league playoffs on Wednesday at Ohio State’s Bill Davis Park. The Cows will play the Cincinnati Steam at 4 p.m. in the middle-game of the day’s games — with Lima and Southern Ohio starting at noon and Columbus and Grand Lake facing off at 7:30 p.m.
Discount brokers offers many business models that fall somewhere in between what you get from a full-commission real estate agent and For Sale By Owners (FSBO).
FSBO.com: $499.95 flat fee multiple listing service (MLS).HouseRebate.com: Rebates up to 1% and MLS listing.MLScountry.com: $399 flat fee MLS listing with no commissions in California.Redfin.com: MLS listings, lists “days on market” and price reductions that you normally only get from a full-commission broker.
To make things more complex what a discount broker is allowed to offer can vary by area. Some states have different rules about what a discount broker is allowed to offer. Some local MLS don’t allow listings from discount brokers.
Due to ARM resets and falling home prices defaults are forecast to peak in the summer of 2008, according to Moody’s Economy.com. Hard hit areas are expected to include California Central Valley, Florida, Nevada, New York, Arizona and the District of Columbia. (Go To Article: cnn.com)
abodeblog.com
Ashley’s Corn Festival is Thursday through Sunday in downtown Ashley. It is a great time and a wonderful opportunity to check out this great little small town located in northeast Delaware County.
Thursday’s hours are 5-10 p.m. and runs on Saturday and Sunday from 5-11 p.m.
delawareohrealestate.com