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Cleaning House: Secrets of a Truly Deep Clean
Deep clean your house and you’ll brighten rooms and help maintain your home’s value. Read
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Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®
6 Tips for Buying a Home in a Short Sale
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6 Tips for Buying a Home in a Short Sale
By preparing for a real estate short sale, you can emerge with a great home at a favorable price. Read
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Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®
Home prices in 20 cities rise the most since February 2006
The home prices in the twenty cities of the S&P Case/Schiller index climbed 13.7% from November 2012. This gain was the biggest 12 month gain since 2006 in this property price index. The Twin Cities area saw gain of 10.5% from the previous year, even after home prices experienced some flattening in October to November. A relatively limited supply of homes for sale has allowed home prices to continue to appreciate even as higher mortgage interest rates reduce the home buyer pool.
It is hard to say what will happen with mortgage interest rates, but if you can afford to buy there are definitely still opportunities in this market. I think it would be a good plan to be prepared to be aggressive in this market. I have feeling that given our harsh winter this year we may even step back into a high growth period as we move toward spring.
Full Article- Smialek, J. (2014, January 29). Home prices in 20 cities rise the most since February 2006. Bloomberg News.
Retrieved from www.startribune.com
Evaluate Your House for Basement Finishing
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Evaluate Your House for Basement Finishing
Some unfinished basements are better basement finishing candidates than others. Here’s how to evaluate your space for a basement finishing. Read
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Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®
7 Tips for Improving Your Credit
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7 Tips for Improving Your Credit
Here’s how to clean up your credit so you get the least-expensive home loan possible. Read
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Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®
New year brings mortgage rules
As of January 10th, lenders will now have to consider the “ability to repay” and observe stricter lending guidelines. Lenders now will have to make “a reasonable, good faith determination” that a borrower will be able to repay the loan. These requirements stem from the Dodd-Frank Act of 2010 in an effort to prevent the risky loans that contributed to the financial crisis. These new requirements could affect first time home buyer and lower income buyers. Even with these new requirements coming into effect many borrowers will not be all that different as most lenders have already changed their practices since the financial crisis.
If you are interested in starting the home buying process and obtaining home financing, just be prepared to provide documentation. The days of providing little or no financial information to obtain a home loan are gone. The basic factors that lenders consider when making a home loan are still basically the same. If it is your first time buying a home or you have not bought in a while plan on some extra time with your loan officer and plan your financing ahead of your home search.
Full Article- Author unknown (2014, January 21). New year brings mortgage rules. Charlotte Observer.
Retrieved from www.twincities.com
