Thursday, December 18, 2008
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Recent actions by the Federal Reserve have resulted in mortgage rates dropping to their lowest levels since 2003.
Homebuyers: Did you know that a % change in interest rates is equal to a 5% change in the sales price of a home? That means the recent dramatic drop in interest rates is equal to at least a 10% reduction in home sales prices. To take advantage of this opportunity, start your home search NOW on JohnLScott.com or Find out more about the mortgage options available to you!
Homeowners: Significantly reduce your monthly mortgage payment by refinancing to a lower rate loan. Request Information about reducing your payment.
Qualifying: Contrary to what you may have heard, you dont need to have perfect credit, a large down payment, or a large amount of equity in your home in order to qualify for a low interest loan. Loans still exist for the majority of people looking to purchase or refinance.
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| Posted by Michael Shumway at 12:21 PM |
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Thursday, December 04, 2008
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The residential real estate market is just right for consumers looking for a single family home, condominium, or co-op. Pro or con?
Pro: Get Out Your Wallet
by Thomas FitzGibbon, DePaul University
At this time in the economic cycle, one might think that venturing into the choppy waters of home buying is the last thing you should think about. But there are good reasons you should consider it.
Home prices have declined to a level that?s more in line with household incomes than at any time in the past several years. Residential real estate prices were artificially inflated because of wider access to easy-to-qualify loans that had features making affordability of payments, even if only for a year or two, seem attractive. So home buyers only looked at the payment, not the loan features or the price of the property. The idea was that home prices would continue to rise, and the borrowers would at some time refinance the loan or sell the house to recoup the equity and buy a different prope...
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| Posted by Michael Shumway at 10:46 AM |
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Thursday, July 31, 2008
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Culminating months of intensive advocacy efforts by the entire NAHB federation, the Senate has approved a major housing stimulus package that will go to the President?s desk to be signed into law shortly.
?This landmark bill contains several provisions to help home buyers, stop the slide in home prices, provide a lifeline to borrowers facing foreclosure, improve mortgage liquidity and bolster confidence in Fannie Mae and Freddie Mac,? said NAHB President Sandy Dunn. ?We commend Congress for working in a bipartisan fashion to provide much-needed relief to the American people.?
For the past year, NAHB has been in the forefront in pushing for legislation to address the turmoil in the financial and housing markets and to bolster the nation?s faltering economy.
Senate Banking Committee Chairman Chris Dodd (D-Conn.), a chief architect of the bill, calls it ?the most important piece of housing legislation in a generation.?
Echoing those comments, House Speaker Nancy Pelosi (D-Calif.) sa...
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| Posted by Michael Shumway at 6:19 AM |
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