Showing posts with label Mortgages in Real Estate. Show all posts
Showing posts with label Mortgages in Real Estate. Show all posts
Wednesday, April 7, 2010
Mortgage Money Update
Wednesday's bond market has opened fairly flat as investors cautiously prepare for today's important auction. The stock markets are showing losses with the Dow down 66 points and the Nasdaq down 5 points. The bond market is currently down 2/32, but we will probably still see an improvement in this morning's mortgage rates of approximately .125 - .250 of a discount point due to strength late yesterday.There is no relevant economic data scheduled for release today. Yesterday's FOMC minutes did shed some light on the Fed's current thought process about rates and the economy. They indicated that despite recent signs of the economy gaining strength, they have concerns that it may not be able to continue on that pace. Any concerns about the economy being able to expand are considered to be good news for bonds and mortgage rates. However, the minutes also hinted that the Fed may be closer to raising key short-term interest rates than some had thought. The lan guage that the Fed had been using of ?an extended period? when referring to how long they expect those rates to remain this low was clarified to mean a change could come sooner than what was previously thought. Overall, the release didn't hurt the bond market or mortgage rates, but didn't do much to help them either.There are two events worth watching today. The first is the 10-year Treasury Note auction, which is the more likely candidate to affect mortgage rates in my opinion. Results of the sale will be posted at 1:00 PM ET. Expectations for the sale are not high. If the investor demand was indeed weak, we may see selling in bonds this afternoon that lead to upward changes in mortgage rates. However, if we are surprised by a decent interest, particularly from international buyers, there is a good possibility of seeing bonds rally and mortgage rates move lower this afternoon.The second event is a speech by Fed Chairman Bernanke at 1:30 PM ET. He is speaking in Dallas and is expected to touch on the economy. So, it does make our radar as something worth watching out for. If he gives an indication that the economy will have a difficult time recovering at its current pace, we may see bonds react favorably as a result. I suspect that he will not say much that is a surprise, so the likelihood of this event impacting mortgage rates is moderate.There is no relevant economic data being posted tomorrow except for weekly unemployment figures from the Labor Department. They are expected to report that 435,000 new claims for unemployment benefits were filed last week. This would be a small decline from the previous week, but unless there is a large variance from that total, this data will have minimal influence on mortgage pricing.There also is the 30-year Bond auction tomorrow. It will be the same pattern as today's 10-year Note sale with results being posted at 1:00 PM ET. This sale is somewh at relative to mortgage rates, but not nearly important as today's 10-year Note sale is. We usually see similar results, so if today's sale goes badly, there is little likelihood of tomorrow's going exceptionally well.If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Tuesday, March 30, 2010
Bond Market and Real Estate Market
Tuesday's bond market has opened in negative territory following a much stronger than expected piece of economic news. The stock markets are showing relatively minor gains with the Dow up 17 points and the Nasdaq up 4 points. The bond market is currently down 6/32, which should push this morning's mortgage rates higher by approximately .125 of a discount point.The Conference Board, who is a New York-based business research group, reported late this morning that their Consumer Confidence Index (CCI) for March stood at 52.5. This was a sizable increase from February's reading and higher than analysts had expected for this month. This means that surveyed consumers felt better about their own financial situations than many had thought. That can be considered bad news for bonds and mortgage rates because it indicates that they may be more willing to spend money, fueling economic activity.Tomorrow's only relevant data is February's Factory Orders. This data is similar to last week's Durable Goods Orders report, except that this report includes orders for both durable and non-durable goods, giving us a measurement of manufacturing sector strength. It is also the least important of this week's five reports. Unless it varies greatly from forecasts of a 0.5% increase, I suspect that it will be a non-factor in the mortgage market.Thursday and Friday brings us the most important data of the week. We will get the Institute for Supply Management's (ISM) manufacturing index late tomorrow morning and March's Employment report from the Labor Department early Friday morning. Both of those reports are considered to be highly important to the financial and mortgage markets, particularly Friday's data.If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Wednesday, October 7, 2009
Short Sale Lexington, SC
Last year I had clients wanting to buy a short sale home. The contract was ratified mid July and we finally heard from the bank after my clients had given up. They had waited close to 4 months. My client selling his home in a short sale has been assured by his bank that they can give an answer back to the buyers in less than 30 days. What a difference a year makes! Completed short sales in the first half of 2009 was up over 208 % over the first half of 2008. Banks are understanding that the foreclosure process does not bring a higher price than a simpler, less costly short sale.
Thursday, October 1, 2009
October 2009 Sales
The October 2009 Edition of the Quick Report, gave stats showing that the lower price homes sales are up. Prices up to 100K are up by 38.8%. The price range of 100K to 250K sales are up by 8.7%. That is the good news but for homes in the 250K and higher range sales are down. The percentage of decline gets higher as the price range gets higher. The rebound has only affected the lower price homes. Sellers in the upper price ranges need to be aware that the rebound for them has not arrived, but hopefully is around the corner.
Friday, May 29, 2009
NOTES ABOUT MORTGAGES IN TODAY'S ENVIROMENT by Edwin Gerace and Kip Murphy
NOTES AND CONVERSATION ABOUT MORTGAGES IN TODAY'S ENVIROMENT.
(June 1,2009)
What are the largest changes that face the Home Buying process?
One of the biggest changes for buyers looking for a conventional mortgage in today’s market is the importance of their credit score. Just two years ago it was an all or nothing system. If you were approved for a conventional loan you got the same rate whether your credit score was 620 or 740. Now the difference in rate for these two buyers would be more than a point or cost the 620 buyer 3 discount points to get the same rate as the 740 buyer. Also, buyers with less than a 660 credit score no longer qualify for mortgage insurance, requiring them to be able to put down 20%. This is the primary reason FHA loans are becoming more popular. If a borrower qualifies, there is no minimum credit score and everyone gets the same interest rate. The FHA loan limit for most of SC, including the Columbia Metro Area, is $271,050; so buyers needing a larger loan need to do their homework upfront and make sure there are no errors on their credit report which could be impacting their score.
What are interest rates going to do in the future?
It is always dangerous to try and predict which way interest rates will go, but generally they will increase as the economy improves. Most people think the FED sets mortgage rates and expect rates to go up and down based on FED policy. This is not true. Rates are impacted by the FED’s action, but are actually determined by the bond market. Generally speaking, if the stock market is improving, investors shift money from the bond market to stocks. This requires bond sellers (Fannie Mae & Freddie Mac) to offer higher yields to sell their bonds which they must then pass on to the end consumer in the form of higher rates. So to answer your question, if the economy has really started to turn the corner, we can expect rates to rise as well.
When is a good time to refinance your home?
Assuming that the only reason a borrower is considering refinancing is to lower their rate, there is a pretty simple calculation to determine whether it is a good time or not. The first question is always “how long do you intend to keep the property?” Once you determine this, you simply divide the cost of the new loan by the monthly payment savings to establish the break even period. If this is a shorter time frame than how much longer they intend to own the property it is probably a good financial decision. An example would be someone with a $200,000 mortgage thinking about refinancing from a 6% rate to a 5% rate. The monthly savings would be approximately $125 month and the closing costs without points would be around $2500. This borrower would break even in only 20 months, so most borrowers would benefit from this refinance. It can be a little harder to determine if the borrower wants to pay off other debts, include renovations, or drastically reduce or increase the pay off time of their current loan. Most mortgage professionals will be happy to assist someone with the decision without any charges.
Has the loan approval process over last 90 to 120 days on loans changed?
The process is definitely taking longer and more documentation is being required than at any time in the last ten years. Borrowers need to be prepared for this upfront and realize the importance of getting the process started as early as possible if they are trying to achieve a specific closing date. The reason it is taking longer is two fold. As the mortgage industry was shaken to its core over 2007 and 2008, many lenders began to lay off thousands of support personnel or failed all together. By the end of 2008 there were approximately 60% fewer lenders and workers in the mortgage industry. At this time mortgage rates fell to their all time lows, creating a rush of business. This coupled with legislation giving first time buyers tax credits and an improving economy left lenders overwhelmed with business. Still reeling from losses the last two years and leery of the duration this business surge would last, most lenders decided not to bring on more employees due to training times and costs. The new requirements in credit policy also added to delays. The more documentation that is required, the longer it takes to be reviewed in underwriting. Fewer people, more business, and more documentation requirements caused some loans to take 60 days or more to get approved. The good news is that most lenders have now increased staffing and improved efficiencies so that most purchase loans can be closed in 30 days. You should still expect 45 to 60 days on refinances, but this should improve too if rates continue to rise.
Are there any True 100% financing programs out there?
In general there are no longer any 100% loans available. A few exceptions are Rural Housing and VA loans, but these loans are only available on certain properties or for military personnel. FHA has the lowest down payment requirement of the non-income restricted loans at 3.5% and can be used by qualified borrowers up to $271,050 in most of South Carolina. Borrowers should also do their homework on any available down payment assistance programs. Most of these are available to first time borrowers at or below the median income and work well in conjunction with FHA loans. Another good option for buyers needing 100% financing is to consider buying a HUD foreclosure. These can be purchased with $100 down using a FHA loan.
What are the top 2-4 factors that effect buyers buying/ credit score numbers?
Credit scoring is very tricky to predict for even the most seasoned loan officer, much less the general consumer, but there are a few things buyers should know. Revolving credit balances should be below 50% of the limit and preferably below 30% of the limit. Judgments and collections do hurt a credit score, ironically though, if they are over two years old it may be better to leave them alone unless it is required for loan approval. Inquiries do not have near the impact most people think as long as they are not excessive. One thing most people don’t realize is that borrowing from finance companies actually hurts your credit score even if you make your payments on time. Finally, anytime you open a new loan your score will go down until you establish a payment history. So if you are thinking about getting a mortgage it is advisable to hold off on getting any other new credit.
This is some great information put together in Partnership with Kip Murphy with Bank of Amercia and Edwin Gerace of Russell and Jeffcoat.
Kip Murphy is a loan officer with Bank of America Home Loans with over 10 years of experience in the Columbia market. He has helped 100’s of buyers over this time. At Bank of America he has the tools, products and support to help anyone from first time buyers to someone needing a jumbo construction loan. Give him a call or email him today if you need any information about getting a mortgage loan. He can help with purchases or refinances in 48 of the 50 states.
Kip Murphy , Loan Officer, Bank Of America Home Loans, O: 803-216-7488, C: 803-920-3470,
F: 866-429-1636, E: Robert.K.Murphy@Bankofamerica.com
Edwin Gerace is a realtor with Russell and Jeffcoat Realtors with over 10 years of expierence in the Columbia market. He has help buyers,sellers and builders over the years reach thier real estate desires. Feel free to call or email him about real estate. Visit him on othe web at http://www.edwingerace.com/ or visit his blog at http://www.edwingeracesrealestateblog.com/ . Contact him at 803-609-7653 cause with Ed You Win.
(June 1,2009)
What are the largest changes that face the Home Buying process?
One of the biggest changes for buyers looking for a conventional mortgage in today’s market is the importance of their credit score. Just two years ago it was an all or nothing system. If you were approved for a conventional loan you got the same rate whether your credit score was 620 or 740. Now the difference in rate for these two buyers would be more than a point or cost the 620 buyer 3 discount points to get the same rate as the 740 buyer. Also, buyers with less than a 660 credit score no longer qualify for mortgage insurance, requiring them to be able to put down 20%. This is the primary reason FHA loans are becoming more popular. If a borrower qualifies, there is no minimum credit score and everyone gets the same interest rate. The FHA loan limit for most of SC, including the Columbia Metro Area, is $271,050; so buyers needing a larger loan need to do their homework upfront and make sure there are no errors on their credit report which could be impacting their score.
What are interest rates going to do in the future?
It is always dangerous to try and predict which way interest rates will go, but generally they will increase as the economy improves. Most people think the FED sets mortgage rates and expect rates to go up and down based on FED policy. This is not true. Rates are impacted by the FED’s action, but are actually determined by the bond market. Generally speaking, if the stock market is improving, investors shift money from the bond market to stocks. This requires bond sellers (Fannie Mae & Freddie Mac) to offer higher yields to sell their bonds which they must then pass on to the end consumer in the form of higher rates. So to answer your question, if the economy has really started to turn the corner, we can expect rates to rise as well.
When is a good time to refinance your home?
Assuming that the only reason a borrower is considering refinancing is to lower their rate, there is a pretty simple calculation to determine whether it is a good time or not. The first question is always “how long do you intend to keep the property?” Once you determine this, you simply divide the cost of the new loan by the monthly payment savings to establish the break even period. If this is a shorter time frame than how much longer they intend to own the property it is probably a good financial decision. An example would be someone with a $200,000 mortgage thinking about refinancing from a 6% rate to a 5% rate. The monthly savings would be approximately $125 month and the closing costs without points would be around $2500. This borrower would break even in only 20 months, so most borrowers would benefit from this refinance. It can be a little harder to determine if the borrower wants to pay off other debts, include renovations, or drastically reduce or increase the pay off time of their current loan. Most mortgage professionals will be happy to assist someone with the decision without any charges.
Has the loan approval process over last 90 to 120 days on loans changed?
The process is definitely taking longer and more documentation is being required than at any time in the last ten years. Borrowers need to be prepared for this upfront and realize the importance of getting the process started as early as possible if they are trying to achieve a specific closing date. The reason it is taking longer is two fold. As the mortgage industry was shaken to its core over 2007 and 2008, many lenders began to lay off thousands of support personnel or failed all together. By the end of 2008 there were approximately 60% fewer lenders and workers in the mortgage industry. At this time mortgage rates fell to their all time lows, creating a rush of business. This coupled with legislation giving first time buyers tax credits and an improving economy left lenders overwhelmed with business. Still reeling from losses the last two years and leery of the duration this business surge would last, most lenders decided not to bring on more employees due to training times and costs. The new requirements in credit policy also added to delays. The more documentation that is required, the longer it takes to be reviewed in underwriting. Fewer people, more business, and more documentation requirements caused some loans to take 60 days or more to get approved. The good news is that most lenders have now increased staffing and improved efficiencies so that most purchase loans can be closed in 30 days. You should still expect 45 to 60 days on refinances, but this should improve too if rates continue to rise.
Are there any True 100% financing programs out there?
In general there are no longer any 100% loans available. A few exceptions are Rural Housing and VA loans, but these loans are only available on certain properties or for military personnel. FHA has the lowest down payment requirement of the non-income restricted loans at 3.5% and can be used by qualified borrowers up to $271,050 in most of South Carolina. Borrowers should also do their homework on any available down payment assistance programs. Most of these are available to first time borrowers at or below the median income and work well in conjunction with FHA loans. Another good option for buyers needing 100% financing is to consider buying a HUD foreclosure. These can be purchased with $100 down using a FHA loan.
What are the top 2-4 factors that effect buyers buying/ credit score numbers?
Credit scoring is very tricky to predict for even the most seasoned loan officer, much less the general consumer, but there are a few things buyers should know. Revolving credit balances should be below 50% of the limit and preferably below 30% of the limit. Judgments and collections do hurt a credit score, ironically though, if they are over two years old it may be better to leave them alone unless it is required for loan approval. Inquiries do not have near the impact most people think as long as they are not excessive. One thing most people don’t realize is that borrowing from finance companies actually hurts your credit score even if you make your payments on time. Finally, anytime you open a new loan your score will go down until you establish a payment history. So if you are thinking about getting a mortgage it is advisable to hold off on getting any other new credit.
This is some great information put together in Partnership with Kip Murphy with Bank of Amercia and Edwin Gerace of Russell and Jeffcoat.
Kip Murphy is a loan officer with Bank of America Home Loans with over 10 years of experience in the Columbia market. He has helped 100’s of buyers over this time. At Bank of America he has the tools, products and support to help anyone from first time buyers to someone needing a jumbo construction loan. Give him a call or email him today if you need any information about getting a mortgage loan. He can help with purchases or refinances in 48 of the 50 states.
Kip Murphy , Loan Officer, Bank Of America Home Loans, O: 803-216-7488, C: 803-920-3470,
F: 866-429-1636, E: Robert.K.Murphy@Bankofamerica.com
Edwin Gerace is a realtor with Russell and Jeffcoat Realtors with over 10 years of expierence in the Columbia market. He has help buyers,sellers and builders over the years reach thier real estate desires. Feel free to call or email him about real estate. Visit him on othe web at http://www.edwingerace.com/ or visit his blog at http://www.edwingeracesrealestateblog.com/ . Contact him at 803-609-7653 cause with Ed You Win.
Tuesday, April 21, 2009
Vision of Real Estate
As a top producing agent in the area, I am struggling to get a grasp on our "new" economy. My friend said it was like Star Trek's Enterprise, "going where no man has gone before". The economy we are in and the reasons we are here are new, and the outside factors (international dependence) are new as well. There are a few things about the new economic environment I have observed:
I am currently working with several qualified homebuyers. That fact should translate to several lucky sellers. Surprisingly, that is not the case. My buyers made an excellent offer but were driven away due to the seller's warped perception of the market. I am not implying that all sellers must work with all buyers, but in this current economic climate, the consumer should understand that this kind of market is unprecedented. In Lexington and Richland County, as in other parts of the country, sellers have to face the fact that retail values are now set by the buyer.
Sellers need to understand the definition of Mark-to-market valuations as it applies to real estate. Mark-to-Market methodology of assigning a value to a home position is based on the current market price (what a consumer will pay). Example Bank of America Stock bought for $15.00 a share a year ago is now trading for $5, 00 a share. What is the Market Value? It is $5.00, since that is what people will buy it for.
Looking at the economics of Lexington and Richland County, they vary drastically from the rest of the state. An important economic factor such as state unemployment increased to 8.4% in November 2008. This is half a point above the revised rate of 7.9% in October and the highest rate since September 1983. South Carolina has been one of the hardest-hit states in terms of unemployment during the recessionary period of the past year. The lowest unemployment for the state is Lexington County (6.0%) followed up by Beaufort County. Richland County was near the lowest in unemployment (7.2%).
In the 1970's there was little change in house sales. In the early 1980's there were deep cuts in housing sales. In the early 1990's there were medium cuts in housing sales. In the 2000's there was a spike in housing sales. Some factors that will cause these numbers to change will be left up to the consumers, who must strengthen their balance sheets with slower spending and greater saving. I feel reduced consumer spending will produce a significant drag on economic growth throughout 2009. Although the economic growth may be slower, the consumer belt tightening should increase savings providing down payments and funds for buying homes. It will take some time to see the desired effects of consumer savings on the real estate market, but it will come.
Stocks, bonds, and 401K are down, but statistics show that values of the average portfolios are in the same value as in January 1999 and January 2004. That indicates that we had a lot of growth and the values are correcting themselves. Another variable that is dropping is amount of inventory in new construction. There has been a large decrease in building of spec homes throughout the country. I can only speak for what I know in the Columbia, SC market. Builders are doing what they can do to decrease current inventory. Banks are doing what they can to limit them in the amount of loans they will give to builders. Consumers are shopping for deals in new construction and resale's. My concern in the area of new construction is homes that are not 100% . The homeowners struggle to find financing to complete and warranty it. Time will tell on this issue.
With all of the negatives previously mentioned, the silver lining to this dark cloud for the consumer is this current market offers the best opportunity in the last 5 years to buy a home. The reasons it is a great time to buy are: First there is more inventory to choose from now than there was ever before. Then pricing and condition become weighted more than ever, which will separate homes between on the market and sold. Secondly if you want to move up and are concerned that your present home won't sell for what you want, don't worry. For example your home is worth $100,000 last year; you are only able to sell your home for (90%) $90,000. Your loss is $10,000. Your move up home is listed at $150,000 you get it for $135,000 (90%). Doing the math, your net to the good is $5,000. Moving up in a buyer's market works for move up consumers. Thirdly if you qualify for the Federal Tax Credit of $7,500, in most circumstances, it covers your down payment and closing cost. The benefit to that credit is it can be taken in Tax year 2008 or 2009. The form needed is IRS Form is IRS Form 5405.
In conclusion with great interest rates, volume of inventory and people willing to work with buyers makes now the time to buy! That is why my local Home Builders have created, Build Now Buy Now Campaign to encourage homeownership. There is also a great campaign to help the economy stimulus called A plan to fix Homeownership First. Are you ready to buy a home?
Edwin Gerace ,http://www.609sold.com/, http://www.edwingeracesrealsestateblog.com/
I am currently working with several qualified homebuyers. That fact should translate to several lucky sellers. Surprisingly, that is not the case. My buyers made an excellent offer but were driven away due to the seller's warped perception of the market. I am not implying that all sellers must work with all buyers, but in this current economic climate, the consumer should understand that this kind of market is unprecedented. In Lexington and Richland County, as in other parts of the country, sellers have to face the fact that retail values are now set by the buyer.
Sellers need to understand the definition of Mark-to-market valuations as it applies to real estate. Mark-to-Market methodology of assigning a value to a home position is based on the current market price (what a consumer will pay). Example Bank of America Stock bought for $15.00 a share a year ago is now trading for $5, 00 a share. What is the Market Value? It is $5.00, since that is what people will buy it for.
Looking at the economics of Lexington and Richland County, they vary drastically from the rest of the state. An important economic factor such as state unemployment increased to 8.4% in November 2008. This is half a point above the revised rate of 7.9% in October and the highest rate since September 1983. South Carolina has been one of the hardest-hit states in terms of unemployment during the recessionary period of the past year. The lowest unemployment for the state is Lexington County (6.0%) followed up by Beaufort County. Richland County was near the lowest in unemployment (7.2%).
In the 1970's there was little change in house sales. In the early 1980's there were deep cuts in housing sales. In the early 1990's there were medium cuts in housing sales. In the 2000's there was a spike in housing sales. Some factors that will cause these numbers to change will be left up to the consumers, who must strengthen their balance sheets with slower spending and greater saving. I feel reduced consumer spending will produce a significant drag on economic growth throughout 2009. Although the economic growth may be slower, the consumer belt tightening should increase savings providing down payments and funds for buying homes. It will take some time to see the desired effects of consumer savings on the real estate market, but it will come.
Stocks, bonds, and 401K are down, but statistics show that values of the average portfolios are in the same value as in January 1999 and January 2004. That indicates that we had a lot of growth and the values are correcting themselves. Another variable that is dropping is amount of inventory in new construction. There has been a large decrease in building of spec homes throughout the country. I can only speak for what I know in the Columbia, SC market. Builders are doing what they can do to decrease current inventory. Banks are doing what they can to limit them in the amount of loans they will give to builders. Consumers are shopping for deals in new construction and resale's. My concern in the area of new construction is homes that are not 100% . The homeowners struggle to find financing to complete and warranty it. Time will tell on this issue.
With all of the negatives previously mentioned, the silver lining to this dark cloud for the consumer is this current market offers the best opportunity in the last 5 years to buy a home. The reasons it is a great time to buy are: First there is more inventory to choose from now than there was ever before. Then pricing and condition become weighted more than ever, which will separate homes between on the market and sold. Secondly if you want to move up and are concerned that your present home won't sell for what you want, don't worry. For example your home is worth $100,000 last year; you are only able to sell your home for (90%) $90,000. Your loss is $10,000. Your move up home is listed at $150,000 you get it for $135,000 (90%). Doing the math, your net to the good is $5,000. Moving up in a buyer's market works for move up consumers. Thirdly if you qualify for the Federal Tax Credit of $7,500, in most circumstances, it covers your down payment and closing cost. The benefit to that credit is it can be taken in Tax year 2008 or 2009. The form needed is IRS Form is IRS Form 5405.
In conclusion with great interest rates, volume of inventory and people willing to work with buyers makes now the time to buy! That is why my local Home Builders have created, Build Now Buy Now Campaign to encourage homeownership. There is also a great campaign to help the economy stimulus called A plan to fix Homeownership First. Are you ready to buy a home?
Edwin Gerace ,http://www.609sold.com/, http://www.edwingeracesrealsestateblog.com/
Tuesday, April 14, 2009
Real Estate is Good
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When watching, listening or reading the news one point becomes painfully clear. The scriptwriters for the news have no new message. They have no imagination, no creativity and no new ideas. Only one writer is needed because they only say one thing ... the sky is falling.
At our company awards breakfast last week it was apparent that some of us had not gotten the gloom doom sky is falling memo. It was a room full of optimism, new ideas and hope for a bright future. Yes, we are in uncharted waters but it is times like these that bring out the winners. People are attracted to hope and optimism. I am doing well this year but I have to adapt my business plan each day to changing and challenging news. If something in my plan isn't working then I find another avenue to success. Don't waste valuable time lamenting about the "good old days". Even if they were good old days, they are gone, so get over it and move forward. No one wants to work with a depressed pessimistic realtor when buying or selling their home. I am neither depressed nor pessimistic. I see some amazing opportunities for me and my clients.
Winners are the ones that see opportunity in most any situation. Winners like swimming in uncharted waters for the challenge it presents. Winners are optimistic!
For more information about your market or any market conditions dont hesitate to call 803-609-SOLD or email mail@609sold.com
Edwin Gerace, CSP,ASR,CGREP
At our company awards breakfast last week it was apparent that some of us had not gotten the gloom doom sky is falling memo. It was a room full of optimism, new ideas and hope for a bright future. Yes, we are in uncharted waters but it is times like these that bring out the winners. People are attracted to hope and optimism. I am doing well this year but I have to adapt my business plan each day to changing and challenging news. If something in my plan isn't working then I find another avenue to success. Don't waste valuable time lamenting about the "good old days". Even if they were good old days, they are gone, so get over it and move forward. No one wants to work with a depressed pessimistic realtor when buying or selling their home. I am neither depressed nor pessimistic. I see some amazing opportunities for me and my clients.
Winners are the ones that see opportunity in most any situation. Winners like swimming in uncharted waters for the challenge it presents. Winners are optimistic!
For more information about your market or any market conditions dont hesitate to call 803-609-SOLD or email mail@609sold.com
Edwin Gerace, CSP,ASR,CGREP
Friday, November 30, 2007
Mortgage in Real Estate
Mortgage Side of Real Estate
Mortgage side of the real estate transaction is critical to home ownership. I see many people going to the internet for rate comparison and information. I am very internet savoy and use it as a tool but I would strongly suggest not make it the only tool. I have many clients that use the mortgage person that their friend or family used, due to the customer service, or a particular loan programs for that buyer. That is a very good way to do it too, but not always the best avenue since that person used that used that mortgage professional for a certain reason that might not fit for your specific needs. What I do suggest is talk to several persons for ideas and suggestions since their are 1,000's of mortgage loan types and finding the one that fits you might take a professional to find. But be careful if you talk to 2 persons, and if rate is an issue then get those rates from the Mortgage professional on the same day so you can compare apples to apples. Things that are important when talking to a mortgage professional1- Rate2- Down Payment required by lender3- Closing Cost ( request a good faith estimate) 4- Type of Mortgage5- Early Payment penalties or change in interest rate
Mortgage side of the real estate transaction is critical to home ownership. I see many people going to the internet for rate comparison and information. I am very internet savoy and use it as a tool but I would strongly suggest not make it the only tool. I have many clients that use the mortgage person that their friend or family used, due to the customer service, or a particular loan programs for that buyer. That is a very good way to do it too, but not always the best avenue since that person used that used that mortgage professional for a certain reason that might not fit for your specific needs. What I do suggest is talk to several persons for ideas and suggestions since their are 1,000's of mortgage loan types and finding the one that fits you might take a professional to find. But be careful if you talk to 2 persons, and if rate is an issue then get those rates from the Mortgage professional on the same day so you can compare apples to apples. Things that are important when talking to a mortgage professional1- Rate2- Down Payment required by lender3- Closing Cost ( request a good faith estimate) 4- Type of Mortgage5- Early Payment penalties or change in interest rate
Mortgage in Real Estate
Mortgage Side of Real Estate
Mortgage side of the real estate transaction is critical to home ownership. I see many people going to the internet for rate comparison and information. I am very internet savoy and use it as a tool but I would strongly suggest not make it the only tool. I have many clients that use the mortgage person that their friend or family used, due to the customer service, or a particular loan programs for that buyer. That is a very good way to do it too, but not always the best avenue since that person used that used that mortgage professional for a certain reason that might not fit for your specific needs. What I do suggest is talk to several persons for ideas and suggestions since their are 1,000's of mortgage loan types and finding the one that fits you might take a professional to find. But be careful if you talk to 2 persons, and if rate is an issue then get those rates from the Mortgage professional on the same day so you can compare apples to apples. Things that are important when talking to a mortgage professional1- Rate2- Down Payment required by lender3- Closing Cost ( request a good faith estimate) 4- Type of Mortgage5- Early Payment penalties or change in interest rate
Mortgage side of the real estate transaction is critical to home ownership. I see many people going to the internet for rate comparison and information. I am very internet savoy and use it as a tool but I would strongly suggest not make it the only tool. I have many clients that use the mortgage person that their friend or family used, due to the customer service, or a particular loan programs for that buyer. That is a very good way to do it too, but not always the best avenue since that person used that used that mortgage professional for a certain reason that might not fit for your specific needs. What I do suggest is talk to several persons for ideas and suggestions since their are 1,000's of mortgage loan types and finding the one that fits you might take a professional to find. But be careful if you talk to 2 persons, and if rate is an issue then get those rates from the Mortgage professional on the same day so you can compare apples to apples. Things that are important when talking to a mortgage professional1- Rate2- Down Payment required by lender3- Closing Cost ( request a good faith estimate) 4- Type of Mortgage5- Early Payment penalties or change in interest rate
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About Me
- Lexington Real Estate with Edwin Gerace
- Lexington, SC, United States
- Edwin Gerace is Realtor with Holiday Builders in Lexington South Carolina. Edwin specializes in New Construction and 1st Time Home Buyers. Edwin is very active in Lexington South Carolina and is knowledgeable about the surroundings. Edwin is very active in his profession and community such as: On active committees with the Columbia Home Builders, active and on committees with Lexington Chamber of Commerce, Town of Lexington Performing Arts Center, Green Building Council of HBA, LORADAC, State Association of Realtors on State and Local Level, and many other community oriented service groups.
