All posts categorized under ‘Financing’
I just experienced something that I thought was worth mentioning. A transaction where I was representing the Seller which was supposed to close a couple days ago, kept being delayed again and again by the actions, inactions and innept processing of the mortgage loan by the buyers lender. While delay after delay was announced, the buyers furniture and personal possessions sat in their cars and on the moving truck as movers threatened to unload
A review of market activity last month shows it’s continued transitioning into a market that’s more traditional. Without the effects of the federal government stimulus money that induced purchasers to buy now, altering their normal motivation, sales slowed from previous months. This was expected. But still it was surprising that the market was 30% off compared to the same time period in 2009.
While some would see this as negative news, I call
The deadline in order to be eligible for the tax incentives from the Federal Government for home buyers is really causing some excitement in the marketplace right now. As most people know by now, first-time home buyers can receive up to $8,000, and seasoned home owners up to $6,500 as a tax credit if they close on a home they are purchasing before June 30 this year. The frenzy though is being caused by
PMI, or Private Mortgage Insurance, is a fact of life these days if a buyer wants or needs a mortgage to purchase a home that is greater than 80% of the purchase price. PMI insures the lender for the amount over 80% in case there is a default. Without this coverage, lenders would be hesitant to give a mortgage to anyone with a lower equity position. PMI simply reduces the lender’s risk.
A PMI pemium is
I’ve tracked mortgage rates from lenders for years, always to keep my knowledge current on the financing end of things. Just about every day, I receive rate updates from several different lenders. In years past I remember mortgage rates that were a LOT different than now-a-days. More than double what they are now. But mortgage rates lately have been steady for quite a while now at around the 5% level for fixed rate/30 year conventional mortgage loans. These are loans with no discount points
There are still some who believe that the real estate market is dead, the financial world is in shambles and that mortgage lenders have no money to lend. Let’s just STOP right there. The truth is there is a glut of money out there from investors to loan. If you want a loan to buy a home, are employed and have decent credit scores, there is no problem at
-
I would think most people have heard at least something about the incentives available for first-time home buyers this year. Possibly though some don’t realize that anyone who has not owned a home for the last three years also qualifies.
The federal government is trying to stimulate housing market activity which has slowed over the last couple years. Simply put, if you qualify as a first-time home buyer, and purchase a home
Search thousands of properties currently listed in central Indiana.
Be the first to identify this mystery location and win a prize.
Read the clues. Take a guess!Have a question about our community or something real estate-related?
Like our content? Subscribe for free and get instant updates when we post something new.
Richard Hindman
Realtor® | Broker | CRS
Mobile: (317) 413-7189
Office: (317) 849-5050
Email: Contact Me
My Website: www.RichardHindman.com