Blog – Page 804 of 890 – Mike Pfefferman

03

Jun

Home Buyer Tips

Buying a Home? What to Do if Problems Are Found During the Final Home Inspection

Buying a Home? What to Do if Problems Are Found During the Final Home Inspection As a home buyer, you may go through a number of different steps to ensure that the property that you purchase is in great condition. For example, you may complete an initial walk-through or even several home tours before you make an offer. You may also order a property inspection and even negotiate for the seller to make some repairs on your behalf. A day or two before your closing date, you may set up a final home inspection to ensure that the home is still in the same condition as the initial walk-through. In most cases, there will be no problems with the final inspection. However, in the event that there is a problem with the final inspection, you will need to know how to handle it.

Work With Your Real Estate Agent

As a first step, you should discuss the issues with your real estate agent. Your real estate agent may have some strategies or ideas that can be used to help you overcome the issue in the best possible way. Minor issues may be resolved with a last minute negotiation to the sales contract. More significant issues may need to be rectified prior to closing, and you may need to delay the closing by a few days or longer until any issues are resolved.

Consider Walking Away

It may be rare for a property to have issues during the final home inspection, and most issues that do arise at this late stage in the buying process may be resolved through negotiations between the buyer and seller. However, in the event that the seller plays hard ball and refuses to work with you to resolve the matter or in the event that the issue is so significant that you are not comfortable with it, it may be an option to walk away from the property.

In most sales contracts, wording is present that requires the property to be delivered to the buyer in the same condition as it was when the contract was signed less general wear and tear. Walking away may not be ideal, but it may be the best option in some cases.

Making a final home inspection is not a requirement, but it is advisable. It can ensure that the home your purchase is in the same condition as it was when you did the initial walk-through, and you can apply these tips if you discover that the home is not in the same condition.

02

Jun

By support

Home Mortgage Tips

An Insider’s Guide to Fannie Mae’s HomePath Program and Closing Cost Assistance

An Insider's Guide to Fannie Mae's HomePath Program and Closing Cost Assistance Home buyers today may be concerned about finding the perfect home to purchase, but they are also often concerned with the process of applying for a mortgage. The loan application process itself may seem daunting, but many are concerned about finding a great deal on their mortgage. This may include getting a great interest rate and finding a program with low closing costs. The Fannie Mae HomePath program and closing cost assistance program is a beneficial option for many, and you may benefit from learning more about it.

What Is This Program?

The Fannie Mae loan program has been around for many years, and it is designed to provide borrowers with a lower interest rate than some of the other programs available. It also has easier underwriting guidelines than some of the other options.

However, the HomePath program started in 2009 in response to the rising number of foreclosures at that time. This program gives buyers a great opportunity to find homes that were financed through Fannie Mae and that were foreclosed on. The goal was to help Fannie Mae sell some of the homes they had foreclosed on more quickly by providing buyers with easier underwriting requirements and closing cost assistance than they otherwise would have access to.

What to Expect From This Program

If you are not familiar with this program, you may consider exploring it in more detail. The program’s website has many listings for foreclosed properties, and this makes it easy for you to find a great deal on a property in your area.

You should be aware that there are essentially two programs under the HomePath umbrella. One is designed to resemble a traditional mortgage program with closing cost assistance and easier underwriting requirements. The other is designed for properties in need of renovations, and with this program, you may be able to borrower more than the current value or sales price of the house.

While you may want to find the perfect home and get it at a great price, you also want to set up affordable financing. When a traditional buying and mortgage experience is not right for you, the HomePath program offered by Fannie Mae is a great option to consider. You can spend time exploring the foreclosed properties on the website today, and you can also work with your trusted mortgage broker to learn more about the HomePath financing options that are available to you.

01

Jun

By support

Market Outlook

What’s Ahead For Mortgage Rates This Week – June 1, 2015

Whats Ahead For Mortgage Rates This Week June 1 2015 Last week’s economic reports included the Case-Shiller Home Price Indexes, FHFA’s House Price Index and Pending Home Sales from the Commerce Department. The details:

Home Prices Dip in March, Pending Home Sales Up

According to the Case-Shiller 20-City Housing Market Index, the national reading for average home prices dipped in March. The 20-City Index moved from February’s year-over-year home price growth of 4.20 percent to an average year-over-year home price growth rate of 4.10 percent in March. San Francisco, California reclaimed the top spot for home price growth of 10.30 percent year-over-year.

The Federal Housing Finance Agency reported results that mirrored the Case-Shiller report. The FHFA House Price Index tracks purchase-only transactions for homes connected with mortgages owned or backed by Fannie Mae and Freddie Mac. The March reading for home price growth slipped to 5.20 percent year-over-year as compared to February’s reading year-over-year growth rate of 5.50 percent. Lingering winter weather conditions were seen as a contributing factor to lagging home prices.

Meanwhile, the Commerce Department provided some good news for pending home sales. April’s pending sales reading increased to 3.40 percent from the March reading of 1.20 percent. Pending home sales are considered an indicator of future closings and suggest that the peak home selling and buying season is gaining momentum.

Sales of new homes in April brought spring home sales to their highest level in seven years. New home sales rose to an annual rate of 517,000 homes sold in April as compared to expected sales of 490,000 new homes sold and March’s reading of 484,000 new homes sold. The Midwest led the charge where new home sales surged by 36.80 percent. The latest readings for pending and new home sales suggest that 2015 can expect a healthy sales activity during the spring and summer.

Mortgage Rates, Weekly Jobless Claims Rise

Average mortgage rates rose last week according to Freddie Mac. The rate for a 30-year fixed rate mortgage rose by three basis points to 3.87 percent; discount points dropped from 0.70 percent to 0.60 percent. The average rate for a 15-year fixed rate mortgage rose by six basis points to 3.11 percent with discount points lower at 0.50 percent than the previous week’s average of 0.60 percent. The average rate for a 5/1 adjustable rate mortgage rose by two basis points to 2.90 percent. Discount points were unchanged at 0.50 percent.

Weekly jobless claims rose to 282,000 new claims filed as compared to expectations of 270,000 new claims and the prior week’s reading of 275,000 new claims filed. In spite of the higher reading for new jobless claims, analysts said that layoffs are few and far between. New jobless claims hit their highest level in five weeks, but remain close to a 15-year low. The four-week rolling average of jobless claims increased by 5000 new claims to a reading of 271,500 new jobless claims filed. The four-week average is considered a more reliable source for tracking unemployment trends as it evens out highs and lows that occur in weekly readings.

What’s Ahead

This week’s economic reports include Construction spending and several labor-related news topics including Non-Farm Payrolls, the National Unemployment Rate and Average Hourly Earnings. Analysts expect improving labor conditions to further bolster housing markets.