Chandler Area Home $925,000 6/15 5:51P Address: 2893 E Scorpio PL, Chandler, AZ 85249, MLS: 2786947 , Bedrooms: 4, Bathrooms: 5.00 , Building Size: 0 sqft, Year Built: 1997
Mesa Area Home $1,250,000 2/22 8:17A Address: 8129 E VALLEY VISTA ST, Mesa, AZ 85207, MLS: 2709566 , Bedrooms: 5, Bathrooms: 5.50 , Building Size: 0 sqft, Year Built: 2004
Not all real estate agents provide free professional home inspections, but you can find those who do.
Chandler Area Home $1,250,000 5/3 1:23P Address: 15 S Stellar PKWY, Chandler, AZ 85226, MLS: 2757995 , Bedrooms: 4, Bathrooms: 5.50 , Building Size: 0 sqft, Year Built: 1988
Though there are various mortgage plans, there are just 2 types of mortgage rates, fixed mortgage rate and adjustable rate.
Anytime you buy a house, you should always plan ahead, get yourself a real estate agent, and then pursue your dream home.
You need to choose a loan plan that’s best for you by going can go through bank, through a lender, or a service online.
The open end home equity loan is considered by people who desire flexibility in paying back the lender; in this type of home equity loan, the borrower gets a line of credit instead of the entire amount.
A bridging loan poses a sizeable risk to the loan lender because the old home may not sell for some time.
New Home Sales Bounce Back in July The pace at which newly constructed homes are selling increased in July, beating forecasts by rising 2.8 percent over June’s rate.
A thorough analysis takes into account not only your income, but also any other debt loads you currently carry.
Bush offered America some presidential this morning to let us know he’s on top of this whole subprime meltdown, credit crunch, liquidity crisis. On his agenda: An FHA bailout in the form of a new feel good loan program: . Let’s pause for a moment and reflect back on how well HUD is currently doing. First of all, in order to originate an FHA loan, the stack of paperwork, hoops to jump through, policies and procedures, exceptions to the policies and procedures, and updates to the policies and procedures, are, shall we say, astronomical, and I’m just talking about qualifying the applicant, let alone underwriting and the appraisal process.
One reason (of many) why brokers pushed subprime loans was because the borrower who qualified for an FHA loan couldn’t get that loan with a broker. Why? Because it also takes an enormous amount of effort for a mortgage broker to become an FHA-approved lender. It’s the that really count to HUD, such as annual HUD audits, net worth requirements, submitting audited financial statements, presenting a quality control and compliance plan, and paying your loan originators as W-2 employees. Many brokers pay LOs as 1099 workers. For some small to medium sized broker firms, it was a business decision: make more money selling subprime and leave the hassle of originating FHA loans to the banks. “See ya, wouldn’t want to be ya” was the motto when bank LOs left to work for a brokerage firm where all the women and men were hotties, yield spread rapes were encouraged and celebrated and the underwriters gave unconditional loan approvals because the underwriters reported to the sales manager or were threatened with . Check out from 2005.
Let’s get real: Banks, brokers, and thousands of loan originators have made trillions of dollars in profits over the last 10 years soliciting subprime and Alt-A loans to people who
1) qualify for an FHA or VA loan;
2) qualify for a 30 year fixed, prime conventional loan;
3) fell for promising lower payments;
4) should never have become homeowners in the first place. The loans were bad before the ink was dry.
When I pay my federal income tax next spring, perhaps there will be a box I can check to elect whether or not I’d like to give my taxes over to the plan cleverly disguised as more FHA loan programs and subsidizing pre-foreclosure loan modifications. Government was never intended to bail out corporations. Let the of the free market take its toll. Let go down, let those employees re-enter the workforce elsewhere, let the homebuyers who fell for pay option, interest only, negative am ARMs re-enter the home market as renters. The housing and mortgage market will be far better off for it. Unless someone is whispering things into Bush’s ear that we’re not privy to. Let’s face it, Bush is not smart enough to come up with any of these ideas on his own. Perhaps we’re in for a real economic depression, which is what the have been steadfast in saying now for quite a long time. Reality: The only logical reason why Bush would interfere with the market is for political reasons.
Who wins? The banks who probably just dumped several mil into the Republican election funds, and who are already approved to originate FHA loans and probably came up with this idea, along with some of the larger, more well-run mortgage broker firms that already have FHA approval. But let’s not just pin this on the Republican party. Hilary and Co. are also proposing a Any proposed government handout is a political power move.
To those mortgage brokers out there whose firms are already FHA approved and never have tolerated predatory lending practices, you’re not seeing yourself in the picture I’m painting of brokers. But let’s face it: the subprime meltdown has taken the reputation of any broker down into the gutter. You will be left standing when this is all over. I wonder how many of you will rise up and support this federal bailout because it will mean more business to your firm.
Bush supports rigorous enforcement of predatory lending laws Bush, has anyone told you that there is no federal predatory lending law? All consumers have right now is a patchwork of state p-lending laws. Sounds like Bush is all but ready to sign whatever comes up with.
Bush is advocating stronger, more transparent lending practices
Are you trying to tell us that we can expect more federal laws governing mortgage lending, or that if only the laws in existence were actually practiced, the consumer would have been able to “see through” the fine print to the transparent reality of that ARM? Maybe we can expect an updated CHARM booklet (Consumer Handbook on Adjustable Rate Mortgages) which, many loan originators have never even heard of, let alone gave to the consumer.
Bush is expected to support for homeowners whose outstanding loan balances were forgiven. Now I’m concerned for the mental health of our president who is starting to sound like a bleeding heart, liberal, enabler.
Bush says if you’ve been bad, he’s going to find you. I have news for you, Mr. President. There is not now nor will there ever be enough government resources to locate, prosecute, fine or incarcerate all the cheaters out there. Do you have a plan for how you’re going to pay for all this? I wonder if you’ll be raising my taxes because I can’t imagine that you’d actually tax the corporations that not only allowed all the cheating but trained them how to do it, rewarded the behavior, and promoted the managers.
More federal laws are useless unless enforced. I’ve been in this business for 25 years and have only met one HUD auditor. When was the last time you saw a federal government regulator in your office? At last check, HUD was STILL WORKING on , something the industry has been waiting on for over four years. If HUD would have been working on regulating RESPA instead of reforming it for the last four years, I wonder how many cheaters they would have found?
Laid off mortgage workers: get your resume and application in over at the regional HUD offices. Sounds like you’ll be employed with full benefits for life, without having to be held accountable to the taxpayers for any results, although I’m quite certain that there are no jobs that will let you “make six figures your first year with no experience.”
Headlines come and go…life goes on in our Seattle Neighborhoods….
A refreshing twist on an old time summer favorite. On some resident wildlife captured in aerialist feats of fishing. Discovered at rare sightings of pink birds are anticipated to be seen in West Seattle yards soon.
Happy 500th blog! tips us on the BBQ at the BCC.
Up on Capitol Hill at the moon shone a little less brightly last Tuesday and has photos to prove it.
spots a horse of a different color and composition…scrap iron. reports on some stormwater solutions happening in Redmond.
Over at a dancing hot dog delights drivers…and captures children’s’ attention at the corner of 124th and 116th. Week 35 at drops the hint of fall.
It continues to be very interesting preparing Friday Rate Quotes. Programs and products availability continue to change due to either lenders suspending certain products or pricing them out of the market. In addition, some lenders who brokers have had relationships with are playing “dirty” (for example, trying to stall loans so they expire instead of funding or purchasing them) leaving many loan orignators and mortgage brokers hanging in suspense. I do hope that fellow mortgage brokers and correspondent lenders are taking names and will
For all you Loan Originators who have been “pursuing wrong doing and fraud”, today President Bush warned “if you’ve been cheatin’ somebody, we’re gonna find you.” Yee Haw! I truly hope so and I hope he’s including consumers who have knowingly committed lender fraud.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). Conforming rate quote below based on owner occupied, “full doc” with of 680 with an 80% loan to value or lower and a loan amount of $400,000. Rates quoted are priced and there are no on any of the rates quoted below.
Currently conforming ARMs are not offering a significant improvement to rate over fixed rate products (ARMS are still available, they are priced close to fixed rates). Therefore, ARM rates are not reflected on this post.
30 Year Fixed: 6.125% (APR 6.281%). Payment per $1000 = $6.08.
: 6.500% (APR 6.653%). Payment per $1000 = $5.42.
40 Year Fixed: 6.500% (APR 6.646%). Payment per $1000 = $5.85.
: 6.500% (APR 7.119%) Payment per $1000 = $6.32 (not including MI).
JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $417,001-$650,000 (20% down). 10/1 Jumbo ARMs are offering the same rate as shorter term ARMs.
30 Year Fixed: 7.250% (APR 7.402%). Payment per $1000 = $6.82.
30 Year Fixed with interest only payments: 7.375% (APR 7.528%). Payment per $1000 = $6.15.
10/1 ARM: 6.750% (APR 6.906%). Payment per $1000 = $6.48.
10/1 ARM with 10 Year Interest Only: 6.750% (APR 6.906%). Payment per $1000 = $5.63.
This is just a small sample available of rates and products. Rates are as of 9:00 a.m. and may change at any time. Available programs may change at anytime as well. This is not a guarantee nor is it a commitment of interest rate. For your personal rate quote or for loan amounts over $650,000, .
Today's Friday fantasy takes us to New Zealand and the Whangaparaoa Peninsula. This area has become a resort location for those looking for a getaway from Auckland. Gulf Harbor is a a marine village with waterside apartments and a busy marina. Today's home at Astrolabe Place is set on nearly a half an acre. The four-bedroom home has an open floorplan with large windows to showcase views to the marina. There is a two-way fireplace between the formal living room and more informal family space. A gourmet kitchen includes stainless steel appliances, a built in deep fryer and a granite island. The home has large decks, some covered with glass shelters. This gorgeous home goes
Brandt Andersen, the handsome young owner of the Utah Flash basketball team is not short on money or daring. City officials in the town of Lehi, Utah (30 miles away from Salt Lake City) have approved the plans for . a home for the team and much, much more. The complex is designed by starchitect Frank Gehry and sprawls over 85 acres that include an amphitheater, hotel, shopping center, restaurants and residences. The 450-foot-high hotel will be the tallest building in Utah. Groundbreaking is sets for 2008 and the arena is scheduled to be ready for the Utah Flash's 2009-10 season.
The junk mail makers must be working feverishly on new angles to trick consumers. This piece we received yesterday really makes me pi$$ed!!! It claims to be from the “Loan Audit Department” and appears a very official letter with warnings of potential fines and a big red “FINAL NOTICE”. This one looks pretty darn real.
Once you open it, you can see it’s the classic piece of $%# (mail) that some mortgage loan company that has to resort to trickery to lure a client into working with them. It’s offering a 5 year fixed rate at 2.35%. The very fine print at the bottom states an APR of 7.12% and claims that “deferred interest may apply”. Ya think?
I’m probably most angry because of the timing and this seems so predatory.
Today one of my past clients called me. She happened to receive this too and others like it. Her comment to me was concerning, she said something along the lines of:
“I keep getting mail from your company soliciting me to refinance”.
Whoa…hold your horses. First of all, I don’t send out solicitations to refinance. I know she’s confusing the mortgage junk mail as something that my company would send out. How many other consumers get confused by these types of mailings?
She then commented that one letter she received stated that her ARM was adjusting soon and she should refi now. She has a fixed period ARM at 4.75% with 2/2/6 caps. Her rate does not adjust until late 2010 and the highest it can adjust to at that time is 6.75%. She does not need to refinance at this time based on her current scenario and plans.
Don’t fall prey to these types of lenders. They must rely on business from people who don’t know them because they are probably not worthy of referrals or repeat business. If you’re considering a mortgage at all, please contact your Mortgage Professional directly.
With every property you must ask yourself, “What is the worst that can happen”; weigh the risks and the probability of the worst happening, and either plan an exit strategy for this possibility, or don’t move forward.
Know how much you’re going to make when you make your offer.
New New Homes Available In Glendale Arizona Foreclosures in Arizona Foreclosure in Bisbee, AZ 85603 property type: MOBILE HOME The price is $24900 This Home has: 0 Bedrooms and 0 Bathrooms
No, I’m not talking about a new abdominal workout but rather advocating that landlords be on top of things when choosing who to rent to. I bring up the topic to highlight that the majority of landlords don’t do this kind of research using instead a “gut check” to determine if someone is lease-worthy; they can end up hurting themselves or others if they aren’t doing the due diligence to know who they are renting to. It’s also on my mind as we had dinner last night with a client (a couple) who was regaling us with stories of him having to out upwards of 3 felons from a property over the past 2 years. Each of these tenants had been renting in the building prior to them buying it so they hadn’t had the opportunity to do a background check of their own and when you buy a property with outstanding leases you can’t require the tenants to undergo a background check - you just get what is handed to you.
In fact, Washington has just recently passed an offender re-entry housing law under HB 6157 that will impact landlord’s liability for renting property to past offenders.
Sections of this bill show the potential of liability being removed from the landlord BUT ONLY IF the landlord follows certain procedures. The full details are in the RHA newsletter publication dated in August 2007, Vol XXI, No. 8, Section A but I’ll paraphrase here by saying that basically you have to disclose to residents in your building that you have a policy of renting to offenders and that you must take steps to report or halt any criminal activity you have knowledge of on your property premises. You can contact Alice Bartley of RHA () to see if she has extra copies of this newsletter available.
One way you can opt out of some of this potential for liability is to have a “no felony” policy as part of your rental screening process. There are several ways that you can screen prospective tenants and one of them is to do a background check for criminal history. In the Puget Sound area you can sign up as a member of Rental Housing Association of Puget Sound () and get access to their tenant screening services which can include background as well as credit checks. You can also . Even if you don’t sign up for RHA, it’s worth your time and money to do some research, but I HIGHLY recommend people get involved in organizations like RHA because they keep you informed and they also lobby regularly on behalf of landlord rights.
In Wichita, KS you can go online to this website for the search they have available. (KASPER stands for Kansas Adult Supervised Population Electronic Repository.) Apparently it is the “friendly ghost” for landlords and perhaps anyone meeting and dating online. I found the boyfriend of one of my KS tenants on this website - she’s been letting him stay at my property (this started prior to my purchase of the building) but they are moving out as of the end of this month. Good. And Goodbye.
If you are a person looking to buy rental property I would recommend that you ask the seller if they have ALL the records for the tenant screening processes that they’ve used in the past to provide during your inspection process and not just the lease records. You will want to know if there are known felons living on the premises especially if you’ll be responsible for possible liabilities due to a tenant’s bad behavior and a new owner must meet the terms of a lease agreement if it is still in place when buying a property.
Another area where I wonder how it will play out over time is that in residential units (1-4 in WA) has a notice stating that sellers need not disclose if there are sex offenders living near their home. If the home is used as rental property, and a known sex offender is renting at the property, will the seller need to disclose it?
I found the boyfriend of one of my KS tenants on this website - she’s been letting him stay at my property (this started prior to my purchase of the building) but they are moving out as of the end of this month. Good. And Goodbye.