Identity Theft, Making Money, Mortgage Tips, Refinance

If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders

A lot of homeowners are looking to refinance their mortgages at the moment. That’s abundantly clear based on the record volume of refis expected this year, per the MBA. And while mortgage rates are in record low territory, thus making the decision to refinance an easy one for most, it still pays to shop around. [&hellip

The post If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

House Architecture, Identity Theft, Mortgage Tips

USA Mortgage Review: #1 Mortgage Lender in Missouri?

If you live in the USA and need a mortgage, perhaps you’ve thought about applying at “USA Mortgage.” Makes sense, right? It just so happens that USA Mortgage is located right smack in the middle of our fine country, in St. Louis, Missouri to be exact. Well, that’s pretty darn close to the midpoint… Anyway, [&hellip

The post USA Mortgage Review: #1 Mortgage Lender in Missouri? first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

Family Finance, Home Buying, Mortgage Tips

Bundle Up! Winter’s Home-Buying Game Has Changed. Here’s How To Win

How to buy a house this winterViktoriia Hnatiuk / Getty Images

Savvy home buyers know that winter is typically a good time to embark on a house hunt, since much of their competition stays holed up at home until spring. But this winter, buyers might notice that despite the cold and the holidays, they’ve got company.

Lots of it, in fact.

“Normally winter is a good time for buyers,” says realtor.com® chief economist Danielle Hale. However, since the coronavirus kept buyers on lockdown for much of spring, many are making up for lost time by home shopping hard right now.

“This year’s unusual seasonal pattern means that buyers aren’t getting the usual break from the market frenzy that they typically do in the cooler weather,” Hale explains.

As a result, this winter is shaping up to be a seller’s market, with low real estate inventory, high prices, and bidding wars that could give buyers a major run for their money.

This doesn’t mean you should throw in the towel—just that you’ll have to hone your house hunt in new ways to suit the times. Here are some tactics that will keep you ahead of the pack so you’ll be sitting in a new home by the new year.

Secure your financing as soon as possible

Getting pre-approved for a mortgage and securing financing are an essential first step when buying a home. It gives you a clear picture of how much house you can afford, and lets you make an offer as soon as you find your dream home.

Matt van Winkle, a real estate broker and owner at Re/Max Northwest Realtors in Seattle, says this process is more important now than ever.

“Getting pre-approved for a loan is obviously important, but is there anything else they can do to put themselves in a good position?” he says. “Buyers need to be ready to buy a house before they start looking.”

Too often, buyers don’t line up their financing until they find a home they want to buy, van Winkle says. In the current competitive market, waiting to get pre-approval means you could lose out on purchasing a home you love.

“That creates a mad dash and stress to get everything lined up under pressure,” he says. “Get all your financing secured and ready before you look, that way when you find the right home you’re 100% ready.”

Starting early could also help you lock in an ultralow interest rate, which could affect your monthly mortgage payment and mean you could afford a more expensive home. As of Oct. 22, Freddie Mac listed rates at 2.8% for a 30-year fixed-rate loan.

Know what you want before you house hunt

COVID-19 has changed how we live and work. We’re spending much more time at home, and people are looking for different features in their living spaces.

Make a list of your must-haves before you start house shopping—and share your needs with your real estate agent.

Simon Isaacs, broker and owner of Simon Isaacs Real Estate in Palm Beach, FL, says it helps cut down on the number of homes you’ll have to view before finding the right one.

“I would suggest buyers not look at 25 homes,” he says. “If the agent is showing them that many houses, the agent doesn’t know what they want.”

In such a competitive landscape, knowing exactly what you want enables you to act fast when you want to make an offer.

Tour homes virtually first

More real estate agents are embracing virtual tours and remote showings to ease coronavirus safety concerns. In some cases, they’re even limiting in-person showings to the most serious buyers—those with financing already secured, for example.

“Real estate agents in our local market are adjusting to the client’s needs by continuing to provide in-person showings with precautions and also assisting buyers virtually with their home purchases,” says Matt Curtis, owner of Matt Curtis Real Estate in Huntsville, AL.

Virtual home tours, using Zoom or FaceTime, let you view the home from anywhere, and depending on the setup, you might be able to ask questions in real time. So you can narrow down the homes you’re most interested in and physically visit only the ones that best meet your needs.

Don’t dawdle if you want to make an offer

In September, there were nearly 40% fewer homes on the market than during the same month last year, according to a realtor.com report. At the same time, buyer demand has increased, creating an incredibly competitive marketplace. Homes were on the market for an average of 54 days in September, 12 fewer days than last year.

Tracy Jones, a real estate agent with Re/Max Platinum Realty in Sarasota, FL, says the buyers she’s worked with lately have had just a few homes to consider. And, with all the other buyers in a location also looking at those same houses, you’ll need to act fast if you’re interested.

The challenge, she says, is potential buyers have little time to mull things over, and they are pitted against one another.

Isaacs is seeing a similar situation. Wait too long to submit an offer, and another buyer is likely to swoop in with an offer of their own.

“I would say don’t deliberate on buying,” he says. “I’ve had too many clients who were [saying], ‘Should we, shouldn’t we.’ I would say if it’s something that you want to do, do it.”

Make your offer stand out

Since inventory is so low, sellers are getting multiple offers on their homes these days. To make sure yours gets accepted, you’ll need to make it stand out.

Cash offers and inspection waivers are some ways to make your offer more appealing, Curtis says.

A cash offer, if you can afford it, is attractive to sellers because it eliminates dealing with a mortgage lender and often speeds up closings. An inspection waiver comes with lots of risks, since you’re essentially agreeing to purchase a home as is, but the waiver removes any repair negotiations and helps you close faster.

For competitive markets, where you know you’ll be competing directly with many buyers, Jones suggests talking to your agent about escalation clauses. This is a contract addendum where you agree to pay more than other offers (up to a maximum you set).

Bottom line: “Find a strategy to help make your offer stand out amongst the 10, 20, or more offers that may come in on your dream home,” Curtis says.

The post Bundle Up! Winter’s Home-Buying Game Has Changed. Here’s How To Win appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Mortgage Tips

Homie’s Greater Phoenix, AZ Housing Market Update November 2020

The local Arizona housing market has been hot nearly all year long. As we get closer and closer to the year’s end, will the trends continue? We checked out all the stats for Arizona’s market during November. Check out what we found out!

Monthly Sales

According to data from the ARMLS ® from November 1, 2020 to November 30, 2020, monthly sales in the Phoenix metro area rose significantly from where they were at this same time last year. With a +27.4% year-over-year increase, sales landed at 8,886 for the month.

While this number is a slight drop from the previous month of October, the -8.3% month-to-month decrease in sales is in line with the typical slow down in the market as the year starts wrapping up.

Monthly sales graph

Data retrieved from ARMLS®.

List Price

At $453.9K, November saw a +6.4% year-over-year increase in average list price. Median prices also rose. With a +10.0% increase from November 2019, the median list price in November was $330K.

List Price Graph

Data retrieved from ARMLS®.

Sale Price

Average sale prices increased by +18.0% between November 2019 and November 2020, landing at $418.7K. With a slightly smaller jump, median sale prices still rose significantly with +16.8% year-over-year increase. The November median sale price was $331.0K.

As forecasts predicted, these numbers are slightly lower than sale prices in October of this year. The average sale price was -1.5% lower than that of October and the median sale price was -1% lower. For next month, the average sale price is projected to increase, while the median sale price is expected to have another small decrease. Check back next month to see how these forecasts turn out.

Sales Price Graph

Data retrieved from ARMLS®.

Days on Market (DOM)

While many metrics in the market slowed down this November compared to the previous month, the Average Cumulative Days on Market did not. This number continues to steadily drop, showing homes are being sold more and more quickly. Landing at 41, the Average DOM saw a 2-day decrease from October of this year and a 17-day decrease from November of last year.

Graph of Average Days on Market

Data retrieved from ARMLS®.

Want to Know Your Home’s Value?

If you’re thinking of selling soon, you’re probably wondering how much your home is worth. Click here to request your free home value report from a Homie pro!

A Message From Sales and Operations Manager, Wayne Graham

Going into December, inventory is 28.2% lower than it was a year ago. In fact, some areas are experiencing record low levels of inventory. However, In contrast to the record low levels of inventory, we’re seeing record-high levels of sales. Demand increased by 27.4% between November 2019 and November 2020. Low supply and high demand are one of the surest guarantees of rising sales prices.

But even though prices are rising, according to the National Association of Realtors Housing Affordability Index it is still very affordable to buy a home in Phoenix compared to historical market trends. This is still possible because of extremely low-interest rates. So overall, home affordability is still in a good historical place in the Phoenix area.

Turn to a Homie

With our dedicated team of professionals, we can help you navigate the real estate market easier than ever. Click to start selling or buying with a dedicated and experienced Homie agent.

Want to learn more about buying or selling? Sign up to get more info directly to your inbox!

What are you interested in?

The post Homie’s Greater Phoenix, AZ Housing Market Update November 2020 appeared first on Homie Blog.

Source: homie.com

House Architecture, Identity Theft, Mortgage Tips

20-Year vs. 30-Year Mortgages: Get a Lower Rate?

It’s time for a new mortgage match-up. Since paying down the mortgage early seems to be so en vogue these days, it makes sense to compare “20-year mortgages vs. 30-year mortgages.” The most common type of mortgage is the 30-year fixed. It amortizes over 30-years and the mortgage rate never changes during that time. Each [&hellip

The post 20-Year vs. 30-Year Mortgages: Get a Lower Rate? first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

Identity Theft, Making Money, Mortgage Tips, Refinance

Don’t Let Your Current Lender Talk You Out of a Mortgage Refinance

What I’ve seen and heard through the years is certain lenders not being so forthcoming with existing customers wanting to refinance their mortgage. For example, when a homeowner goes to inquire about the “awesome low rates,” their first instinct may be to pick up the phone and call the lender who gave them their current [&hellip

The post Don’t Let Your Current Lender Talk You Out of a Mortgage Refinance first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

House Architecture, Identity Theft, Mortgage Rates, Mortgage Tips

10 Mortgage Lenders to Consider for the Best Mortgage Rates (and Fees!)

Everyone likes a discount, right, even if it’s on a small one-time purchase that equates to a nominal amount. For one reason or another, it just feels like a win. It’s obviously even sweeter if you get a discount on a big-ticket item, as the savings will be much larger. Better yet, how about a [&hellip

The post 10 Mortgage Lenders to Consider for the Best Mortgage Rates (and Fees!) first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

House Architecture, Identity Theft, Mortgage Tips

What’s the Best Mortgage for First Time Buyers?

If you’re new to real estate, or preparing to make an offer on your first home, you might be wondering what mortgage is best for a novice home buyer. While both seasoned homeowners and first-time buyers may wind up with the same exact home loan, there are additional options to consider if you’ve never bought [&hellip

The post What’s the Best Mortgage for First Time Buyers? first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com