The Associated Press reported on December 3, that the average interest rate for a 30-year fixed rate home mortgage dropped to a record low of 4.71%. This was helped by an aggressive government campaign to reduce borrowing costs. The Federal Reserve is pumping $1.25 trillion (yes, trillion dollars) into mortgage backed securities but this is expected to run out by the Spring of 2010.
What does this mean to you? If you're thinking of buying a home in Arizona not only do you have the opportunity to purchase a home priced lower than they have been in the last 5 years, but you also get a record low rate. This opportunity will not last. As much as that sounds like a sales pitch, it's a fact. Recovery is still a slow process but based on the activity of buyers viewing my listings, I believe we are making some headway.
It's common knowledge that you save tax $$ by having a home investment - whether it's for your own use or as an investment property, you will gain. As someone who currently has 5 properties as rentals, I can tell you it's not easy but the tax deductions are beneficial and I have someone else paying the mortgages.
Call me or visit my website if you want to see some newly listed homes for sale in Arizona.
www.RealEstateAZ4U.com or 480-212-3774
Raymond
Sunday, December 6, 2009
Sunday, November 1, 2009
Is the Recession over?
Sorry no posts during the month of October, the month just got away from me.
There have been recent news reports of the status of the Recession. Firstly, it took how long for everyone to admit we were in one? Now that the "experts" are heralding it's end how does that effect middle Americans? I'm not an economist but I can tell you that home sales are strong in the short sale market. In October I listed four new properties for Short Sale and all of those are under contract for more than the list price.
Keep in mind that the current market is still way below where it was 2-3 years ago. That's not necessarily a bad thing for everyone. For those people who bought at the peak, it's shattering. Homes that cost $300k two years ago are selling now for a third in some cases.
If you are in a home which is behind the value you paid for it, if you can stay, then do so. Home prices will gradually start to rise again. In time you will regain your lossses. It's not so different from the stock market. Many of us lost money in the stock market and there have been some gains made back, but we've a long way to go.
If you can't stay in your home, consider a short sale before foreclosure. A short sale won't get your lost equity back but it will help your credit. As a certified negotiator with experience dealing with many different lenders, I work for you to help you get the best deal possible. You want to leave the past behind and get a fresh start without the added debt of having to make payments on a house you no longer own.
Consider all your options carefully. Consult an attorney. Consult a CPA. Don't waste time if you receive a foreclosure notice, but do take the time to talk about your options with professionals.
There have been recent news reports of the status of the Recession. Firstly, it took how long for everyone to admit we were in one? Now that the "experts" are heralding it's end how does that effect middle Americans? I'm not an economist but I can tell you that home sales are strong in the short sale market. In October I listed four new properties for Short Sale and all of those are under contract for more than the list price.
Keep in mind that the current market is still way below where it was 2-3 years ago. That's not necessarily a bad thing for everyone. For those people who bought at the peak, it's shattering. Homes that cost $300k two years ago are selling now for a third in some cases.
If you are in a home which is behind the value you paid for it, if you can stay, then do so. Home prices will gradually start to rise again. In time you will regain your lossses. It's not so different from the stock market. Many of us lost money in the stock market and there have been some gains made back, but we've a long way to go.
If you can't stay in your home, consider a short sale before foreclosure. A short sale won't get your lost equity back but it will help your credit. As a certified negotiator with experience dealing with many different lenders, I work for you to help you get the best deal possible. You want to leave the past behind and get a fresh start without the added debt of having to make payments on a house you no longer own.
Consider all your options carefully. Consult an attorney. Consult a CPA. Don't waste time if you receive a foreclosure notice, but do take the time to talk about your options with professionals.
Monday, September 21, 2009
Loan Modifications - Slow Turnaround
Many people call me every week complaining that they have tried a loan modification on their own and the lender is unresponsive. The loan mod process is a lengthy one and requires you to wear many different hats - negotiator and homeowner. It requires you to be prepared with all of the documentation required by the lender, know how to put together the best package in your application and have hours of time available for followup and faxing!
There are many new loan programs available today and it may be possible to work out your financial problems. The key is don't wait until the wolf is at your door. Be careful of loan modification companies who charge high upfront fees and promise nothing.
Call me for the most up to date information on new loans, refinances and loan modifications.
There are many new loan programs available today and it may be possible to work out your financial problems. The key is don't wait until the wolf is at your door. Be careful of loan modification companies who charge high upfront fees and promise nothing.
Call me for the most up to date information on new loans, refinances and loan modifications.
Wednesday, September 16, 2009
Home Buyer Mortgage Tax Credit
As reported in today's New York Times, the National Association of Realtors (NAR) is pushing Congress to extend the $8,000 tax credit for first time home buyers. Not only does NAR want to extend the deadline for this credit to last but also wants to increase the amount to $15k and extend it to all buyers.
If this change passes, this could be the kick in the pants that our economy needs. What do people do with that tax credit? They buy new furniture, new cars, shop in retail stores, dine in restaurants, take vacations. In short, it all goes back in to stimulate the economy. Exactly what it was intended to do.
Mortgage applications increased nearly 10% for the week ending Sept 3rd, which is the highest increase since early April. When the real estate market rebounds, the rest of the economy will follow.
As I keep saying, now is the time to buy a new home. Prices will start climbing back to what would be a normal rate of appreciation. The best deals are out there now and you have to shop smart and get the right person to help you.
Raymond
If this change passes, this could be the kick in the pants that our economy needs. What do people do with that tax credit? They buy new furniture, new cars, shop in retail stores, dine in restaurants, take vacations. In short, it all goes back in to stimulate the economy. Exactly what it was intended to do.
Mortgage applications increased nearly 10% for the week ending Sept 3rd, which is the highest increase since early April. When the real estate market rebounds, the rest of the economy will follow.
As I keep saying, now is the time to buy a new home. Prices will start climbing back to what would be a normal rate of appreciation. The best deals are out there now and you have to shop smart and get the right person to help you.
Raymond
Saturday, September 5, 2009
Homes are Selling!!
August was a very busy month with 5 new listings, of which I received multiple offers on two within the first couple of days. Multiple showings on the two I just listed at the end of the month with offers expected over the Labor Day weekend.
All this activity illustrates that there are in fact buyers out there. Many are investors looking for an exceptional deal but mixed in with them are buyers looking for their own home. Some are first time buyers but many are looking to move up to a newer home. Prices are better than they have been in a long time.
If your credit is good and you are ready the opportunities exist. Homes in short sales are receiving multiple offers so you have to be prepared to pay your own costs, be pre-approved by your lender and willing to wait for the Seller's lender to approve the deal. The payoff is worth it.
All this activity illustrates that there are in fact buyers out there. Many are investors looking for an exceptional deal but mixed in with them are buyers looking for their own home. Some are first time buyers but many are looking to move up to a newer home. Prices are better than they have been in a long time.
If your credit is good and you are ready the opportunities exist. Homes in short sales are receiving multiple offers so you have to be prepared to pay your own costs, be pre-approved by your lender and willing to wait for the Seller's lender to approve the deal. The payoff is worth it.
Sunday, August 16, 2009
Homes Are Selling - Short Sales
This past week has been a busy one. I listed a home for Short Sale and received an offer on it in less than 7 days. Have another house I'll be listing this week in an Adult Community with all the amenities. In between doing BPO's for bank - which in layman's terms is basically a very basic market analysis of a property headed to foreclosure. This process helps the bank determine what price to list the home for that will insure a timely sale.
With all my activity over this past week and the weeks leading up to it, I can tell you that there are homes out there which are selling. The key in this market is to accept that the prices must be adjusted to today's market and economy. It's sad but true that homes just aren't selling for the prices they did in 2003-2006. In some areas homes are selling in less than 30 days. Perfect example of this is the one I just listed and had 4 viewings in the first few days. There are investors with funds ready to purchase. They are looking for the very best deals of course!
What's the best route for you to take? If you are looking at possible foreclosure you are much better off listing your home as a Short Sale. Make sure you use someone who is a Certified Short Sale Negotiator. Short Sales are different that a conventional sale. Not only do you have to make sure it's priced right, it has to sell before possible foreclosure or auction and even after you receive an offer that offer must be approved by the Lender.
What's in it for you? You may wind up with a better credit rating than if you simply allow the property to go to foreclosure. If the lender accepts the offer on the property and you only have a primary mortgage, you will be able to walk away and owe nothing. If you have a second mortgage it's even more important to use someone who knows how to handle Short Sales.
Visit my website or call me for help.
Raymond
www.RealEstateAz4U.com
480-588-6742
With all my activity over this past week and the weeks leading up to it, I can tell you that there are homes out there which are selling. The key in this market is to accept that the prices must be adjusted to today's market and economy. It's sad but true that homes just aren't selling for the prices they did in 2003-2006. In some areas homes are selling in less than 30 days. Perfect example of this is the one I just listed and had 4 viewings in the first few days. There are investors with funds ready to purchase. They are looking for the very best deals of course!
What's the best route for you to take? If you are looking at possible foreclosure you are much better off listing your home as a Short Sale. Make sure you use someone who is a Certified Short Sale Negotiator. Short Sales are different that a conventional sale. Not only do you have to make sure it's priced right, it has to sell before possible foreclosure or auction and even after you receive an offer that offer must be approved by the Lender.
What's in it for you? You may wind up with a better credit rating than if you simply allow the property to go to foreclosure. If the lender accepts the offer on the property and you only have a primary mortgage, you will be able to walk away and owe nothing. If you have a second mortgage it's even more important to use someone who knows how to handle Short Sales.
Visit my website or call me for help.
Raymond
www.RealEstateAz4U.com
480-588-6742
Sunday, August 2, 2009
Cover Your Assets
Cover Your Assets
A Short Sale may or may not be your best option. Despite what you may have been told a short Sale will affect your credit. You can talk to your lender about reporting the default in a most favorable way.
It is better to sell your home by Short Sale using a Certified Short Sale Negotiator, then lose it in foreclosure in most instances. It is important that you understand what type or types of liens you have on your home. If you have a subordinate loan (2nd ) on your home, the second position lender can deny a short sale.
Homeowners who wish to select Short Sale for their home must be aware of all potential ramifications that may take place and weigh the pros and cons between foreclosure and short sale. Remember: Lenders may not forgive the entire debt.
As a Certified Short Sale Negotiator, I will share all potential hazards with you in detail, at no cost. Listing your home for a short sale is an important step but generally preferred over letting your home go at a foreclosure sale. Please take the time to review all your options. I offer the services to assist you in finding the correct option.
I am not an Attorney or CPA and I strongly urge every homeowner to seek legal counsel.
Please call 602-749-6040 find out about all your options at no cost and make an intelligent decision. I am here to help.
A Short Sale may or may not be your best option. Despite what you may have been told a short Sale will affect your credit. You can talk to your lender about reporting the default in a most favorable way.
It is better to sell your home by Short Sale using a Certified Short Sale Negotiator, then lose it in foreclosure in most instances. It is important that you understand what type or types of liens you have on your home. If you have a subordinate loan (2nd ) on your home, the second position lender can deny a short sale.
Homeowners who wish to select Short Sale for their home must be aware of all potential ramifications that may take place and weigh the pros and cons between foreclosure and short sale. Remember: Lenders may not forgive the entire debt.
As a Certified Short Sale Negotiator, I will share all potential hazards with you in detail, at no cost. Listing your home for a short sale is an important step but generally preferred over letting your home go at a foreclosure sale. Please take the time to review all your options. I offer the services to assist you in finding the correct option.
I am not an Attorney or CPA and I strongly urge every homeowner to seek legal counsel.
Please call 602-749-6040 find out about all your options at no cost and make an intelligent decision. I am here to help.
Monday, July 27, 2009
Mortgage & Real Estate Updates
New home construction was up 11% for last month! That's is great news for home buyers and sellers. Interest rates are holding firm at below 6% and we're finally starting to get a response from the banks on the loan modifications. If you are considering buying a new home now is a great time to take action. I can get you pre-qualified using the many tools available through the Mortgage Store USA and find the perfect home for you at the best price through our affiliation with HomeSmart. Check out my websites for more detailed information and search tools.
www.wiseloanmod.com
www.RealEstateAZ4U.com
Remember I can give you the full service, one stop shopping you need in these busy times.
Raymond
www.wiseloanmod.com
www.RealEstateAZ4U.com
Remember I can give you the full service, one stop shopping you need in these busy times.
Raymond
Saturday, July 18, 2009
Changes in the Real Estate Market
Interest rates are holding steady but you can still find deals. Housing costs have come down somewhat more and there are many short sales to choose from. If you want help finding the right home for you I can show you the best matches for your home needs.
We have joined forces with Home Smart and soon we'll have a new website up and running.. This site will provide you the answers to you questions about short sales, foreclosures, what's available on the market right now.
As a Certified Short Sale Specialist, I know what it takes to get the job done and my years in the real estate and mortgage industries helps me help you! One of the most important pieces as that you are proactive. Don't wait until the moving truck is showing up at your door. If you are having financial problems now, call me and we'll work through your options. Be it a loan modification, refinance, short sales or outright sale. We cover all aspects of the home sale from start to finish.
www.wiseloanmod.com 480-588-6742 888-670-3775
We have joined forces with Home Smart and soon we'll have a new website up and running.. This site will provide you the answers to you questions about short sales, foreclosures, what's available on the market right now.
As a Certified Short Sale Specialist, I know what it takes to get the job done and my years in the real estate and mortgage industries helps me help you! One of the most important pieces as that you are proactive. Don't wait until the moving truck is showing up at your door. If you are having financial problems now, call me and we'll work through your options. Be it a loan modification, refinance, short sales or outright sale. We cover all aspects of the home sale from start to finish.
www.wiseloanmod.com 480-588-6742 888-670-3775
Tuesday, June 30, 2009
Mortgage Interest Rates
There seems to be much activity in the mortgage interest rates these days. Lots of promises of the lowest rates in history. If you are considering refiancing your current home mortgage or getting a new home mortgage it's important to deal with a mortgage broker known for integrity.
As a working man myself, I understand that today's dollars are hard to come by. Everyone is working extra hard to make ends meet. No one wants to be taken for a ride by dishonest claims or misleading statements. That's why I make sure that I back up everything. I don't make statements just to get you in the door and then give you excuses. I'll tell you the truth right up front. If I can help you I will. If I can't I'll tell you that too.
As a guy from the tough streets in New Jersey (hello Sopranos!) I value honesty and respect. I know that I can't get your respect without earning it and I won't keep you as a client if I'm not truthful. I can stand on my reputation and years in the business community. My past clients will tell you that I work hard to get you the very best rates and to make the process the easiest for you.
Raymond
visit me at www.WiseLoanMod.com where we help you with new homes, refinances and loan modifications.
As a working man myself, I understand that today's dollars are hard to come by. Everyone is working extra hard to make ends meet. No one wants to be taken for a ride by dishonest claims or misleading statements. That's why I make sure that I back up everything. I don't make statements just to get you in the door and then give you excuses. I'll tell you the truth right up front. If I can help you I will. If I can't I'll tell you that too.
As a guy from the tough streets in New Jersey (hello Sopranos!) I value honesty and respect. I know that I can't get your respect without earning it and I won't keep you as a client if I'm not truthful. I can stand on my reputation and years in the business community. My past clients will tell you that I work hard to get you the very best rates and to make the process the easiest for you.
Raymond
visit me at www.WiseLoanMod.com where we help you with new homes, refinances and loan modifications.
Saturday, June 13, 2009
What is a loan modification
Since Obama & Congress released the funds for mortgage rescue people are confused about what a loan modification actually is. How can it help you? What are the steps I need to take? Here are a few questions and answer from our website to get you started.
What is a Loan Modification?
It is a means in which to extend terms, waive penalties and/or waive present funds in the arrears. Lower payments, lower interest rate to as low as 3% and/or re-amortize your existing mortgage.
What is the best solution for you?
As we learn more of your situation we build a solution for you. We find the best solution for you - not the best solution for the lender. You are our client and not the lender. We put your interest before the lenders.
Allow us to get you back on the right trail which fits your current financial situation. Allow us to achieve a loan modification for you at a low cost for a solution with a money back guarantee.
As stated by the FDIC, the following excerpts will help understand the process:
Minimizes Losses on Distressed Mortgages
Once the borrower-specific modification is determined, the servicer must perform a valuation test between the cost of modification and the estimated cost of foreclosure to ensure modification results in a lower cost to the investor. By providing a transparent valuation comparing the cost of the modification and the estimated cost of foreclosure, the servicer fulfills the terms of most servicing.
Key objectives
� Keep borrowers in their homes when the borrower is willing and has the capacity to make an affordable mortgage payment.
� Provide borrowers with immediate payment relief and stable long term mortgage payments.� Modification must always result in a positive NPV outcome for the investor, i.e., the cost of the modification must be less than the estimated cost of foreclosure.
At Wise Loan Modifications, we do all the research for you. We keep abreast of current legislative changes and have the contacts to get the job done. You have the option to use us for the modification or one of the attorneys we affiliated with. We can also have a forensic audit done of your existing mortgage.
I'll be posting updates to this page with more information.
Raymond
www.wiseloanmod.com
What is a Loan Modification?
It is a means in which to extend terms, waive penalties and/or waive present funds in the arrears. Lower payments, lower interest rate to as low as 3% and/or re-amortize your existing mortgage.
What is the best solution for you?
As we learn more of your situation we build a solution for you. We find the best solution for you - not the best solution for the lender. You are our client and not the lender. We put your interest before the lenders.
Allow us to get you back on the right trail which fits your current financial situation. Allow us to achieve a loan modification for you at a low cost for a solution with a money back guarantee.
As stated by the FDIC, the following excerpts will help understand the process:
Minimizes Losses on Distressed Mortgages
Once the borrower-specific modification is determined, the servicer must perform a valuation test between the cost of modification and the estimated cost of foreclosure to ensure modification results in a lower cost to the investor. By providing a transparent valuation comparing the cost of the modification and the estimated cost of foreclosure, the servicer fulfills the terms of most servicing.
Key objectives
� Keep borrowers in their homes when the borrower is willing and has the capacity to make an affordable mortgage payment.
� Provide borrowers with immediate payment relief and stable long term mortgage payments.� Modification must always result in a positive NPV outcome for the investor, i.e., the cost of the modification must be less than the estimated cost of foreclosure.
At Wise Loan Modifications, we do all the research for you. We keep abreast of current legislative changes and have the contacts to get the job done. You have the option to use us for the modification or one of the attorneys we affiliated with. We can also have a forensic audit done of your existing mortgage.
I'll be posting updates to this page with more information.
Raymond
www.wiseloanmod.com
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