Fri, 28 November 2014
In this episode I will go over in detail what is on the Good Faith Estimate and what to look for on the Good Faith Estimate.
MORTGAGE RATE AND The GOOD FAITH ESTIMATE
The GFE Header Box
Important Dates Box
Summary Of Your Loan Box
Escrow Account Information
Summary Of Your Settlement Charges
WHAT'S ON PAGE 2 OF THE GOOD FAITH ESTIMATE?
Your Adjusted Origination Charges
Your Charge For All Other Settlement Services
Charges Which Cannot Change At Settlement
Charges Which Can Increase Up To 10% At Settlement
Charges Which Can Change At Settlement
Using The Trade-Off Table
Using The Shopping Chart
If Your Loan Is Sold In The Future
GET A FREE GOOD FAITH ESTIMATE
Tue, 18 November 2014
In this episode I will be going go over why you should consider refinancing from a FHA loan into a conventional loan. There are benefits to refinancing and there are some smoke and mirrors. I will be going over some of those so that YOU can have a better understanding of whether refinancing is right for you.
Some of the Reasons you should consider
1) Take advantage of the interest rates now
2) Cheaper MI or possibly no MI
3) You do not need 20% equity to refi
For more information on the HUD release you can visit http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf
To Check Out the MI rates for a Conventional loan you can visit http://www.radian.biz/page?name=MIRateFinder#rateCalcResults
Direct download: Final_for_Why_I_should_consider_refinaning_out_of_my_FHA_loan_NOW.mp3
Category:Busines -- posted at: 11:03am PDT
Mon, 17 November 2014
In this episode I will be joined by Kalencia Sanders of Orange Sky Realty and we will be going over the factors in purchasing a new home vs an existing home.
Kalencia has served the East Valley’s real estate needs for over 12 years. Selling over 800+ homes, she has watched Phoenix blossom into the most highly sought after city to live in…building lifelong relationships along the way. Her motto is “If you can dream it…we CAN achieve it”, always willing to go the extra mile to meet her client’s needs.
Throughout Kalencia’s career she has received extensive training in new home construction, community planning, marketing, staging, and most recently certified as a Green Property Expert. Focusing on sustainability and energy efficiency, allows Kalencia to assist both buyers and sellers in adding an additional layer of increasing their financial investment, and reducing their energy consumption.
Unless you have unlimited funds, buying a house always involves compromise. Maybe you trade a longer commute for more space, or accept outdated décor to live in a more established neighborhood with better schools. One major choice that homebuyers often have to consider is whether to buy a brand-new home (or build one) or move into a previously owned house.
Sun, 16 November 2014
In this episode of Valley of the Sun Real Estate Show I will be joined by local Phoenix Realtor Javier Espinoza with Remax New Heights Realty and we will be going over the Top 6 factors you need to Consider when purchasing a home in Phoenix Arizona.
As a first-time buyer, there is much to consider. Here we have a look at some of the factors that may influence your decision, including: good school systems, tax breaks, reasonable housing, reasonable living costs and low crime rates.
Good Schools #6 of the Top 6 factors to Consider for Homebuyers in Phoenix
Buying a house in an area that has good schooling should be a consideration even if you don't have children of your own. Why? Well, when the time comes to sell, you'll learn that strong school districts are a top priority for many home buyers; thus helping to boost property values and helping you to sell your home.
Where in Phoenix will your dollar go the furthest? This can be one of the most important factors in the house hunt. "U.S. News" analyzed data from the National Association of Realtors and the U.S. Census Bureau, and compared median property prices with median household incomes. The places that were deemed the most 'affordable' were those where buyers might pay a very small fraction of their annual incomes in mortgage repayments to buy mid-market homes.
Wed, 12 November 2014
In this episode of Valley of the Sun Real Estate Show I will be joined by local Phoenix Realtor Javier Espinoza with Remax New Heights Realty and we will be going over the decision making process for renting and for purchasing a home. If you are undecided on what you should do then this will hopefully help you with your decision.
Extremely low mortgage rates and rising rents in Phoenix have led some people to dive into homeownership more quickly than they’d originally planned. However, others are choosing to wait. The truth is, there’s no one right answer when it comes to determining whether to rent or purchase a home.
There are a number of considerations you must make when making this decision. Renting and buying both present a number of pros and cons, and your own financial situation may be the biggest factor of all.
Pros & Cons of Renting
Despite the fact that you can’t build equity, renting offers you the most freedom and flexibility, especially if you are on a month-to-month lease.
Pros & Cons of Buying a Home
Homeownership is not for everyone, but there are some financial and emotional advantages that can be enticing.
Important Questions to Consider
1. How Long Do You Expect to Live There?
2. What Are the Costs of Buying?
How to Calculate Your Costs
To start, you need cash for an earnest money deposit when you make an offer on a home, usually anywhere from $500 to $1,000, or as much as 5% of the sales price. You also need to make a down payment of at least 3.5% of the home price with an FHA loan, or 5% to 20% with a conventional loan. On a $100,000 home, this will be at least $3,500.
In addition to your down payment, you have to pay closing costs – usually 2% to 5% of the home price depending on your local real estate market. Other costs of homeownership include moving costs, paying for inspections (such as a home inspection and a termite inspection), repairing or replacing appliances if necessary. It’s essential that you consider all these costs within the context of the cash you have available to you. The last thing you want, for example, is to live in an unfurnished home or one in need of repair, because you spent everything you had funding the home purchase.
3. What Are Your Future Plans?
4. Do You Have the Ability to Finance a Home Purchase?
If you’re considering buying a home, your first step should be to meet with a lender to determine whether you qualify and, if so, how much you can borrow. Your ability to qualify depends on several major factors:
If you fall short on any of the above criteria, you may be better off renting until you can improve your credit score and save more money.
Buying a home is a major decision that shouldn’t be taken lightly, but when faced with rising rent and low mortgage interest rates that make purchasing more affordable, you should take the time to consider the pros and cons of both renting and buying. Long-term homeowners, even those whose homes lost value during the recession, can build wealth that can be used to fund their retirement or pay for college. As long as you can comfortably afford your housing payments and are emotionally prepared to commit to homeownership, buying a home can be a smart financial move.
Sat, 8 November 2014
Direct download: episode_5_Reasons_you_shouldnt_for_sale_by_owner_final_cut.mp3
Category:Busines -- posted at: 8:33am PDT
Mon, 3 November 2014
In this episode I will review what Mike Orr, director of the center for Real Estate Theroy and Practice at the W.P. carey School of Business, has recently said about the Phoenix housing market and give my opinon from a lenders perspective on the state of Lending. If you are thinking of purchasing or selling your home in the next year this is and episode that you will want to hear.
Direct download: State_of_the_Phoenix_housing_Market_Fall_2014.mp3
Category:Busines -- posted at: 5:06pm PDT