Thursday, September 22, 2011

Rates are unbelievable - High 3's!!

It can be a really tough decision when contemplating whether or not to lock in to a rate when obtaining a mortgage. Generally, when rates are as low as they've been, the conventional wisdom would say to lock - why risk it when the pressure is for rates to go up, at least theoretically.

Well, they keep going down. Fortunately, for those clients who were locked in the last 30-45 days, we've been able to negotiate with the investors to get their rates down. A really great option that we, as brokers, are able to offer.

Now to the good stuff - currently, rates are ridiculously low:
- 30 year fixed conventional rates as low as 3.75%
- 30 year fixed FHA and VA rates as low as 3.75%

And of course rates are even lower for shorter terms, such as 15 years.

One may ask a next logical question like: should I lock if the trend is for rates to keep going down? Well, we'd say the conventional wisdom still suggests that if you're in the market for a mortgage, either to refinance your existing mortgage or to buy a new house, it would be a bit risky to pass on these rates for the hope of them going even lower. Especially when there is the option of renegotiating the rate if it decreases enough from where you happen to be locked.

As always, feel free to contact us if you'd like to discuss your mortgage needs. (505) 830-9685.

Tuesday, September 6, 2011

Faced with the Decision to Rent or Buy

Since the inception of the a housing market in which one can buy the home they live in, or rent from someone else, people have been wrestling with whether renting or buying is right for them.

While we don't plan on diving in to the question in this post (there are so many variables), we did want to provide you with a nifty interactive map obtained from Trulia.com. This map will at least get you started in your decision making process as it indicates statistically for many of the larger U.S. cities whether renting or buying makes the most sense.

Hope it's helpful!

Wednesday, March 9, 2011

Time Can Cost You

Click on the title to link. This is an interesting article about the potential money lost if you wait for the market to "bottom" before buying. The money lost here would be in the form of a higher down payment because of an increased home price. The bottom line (no pun intended) is don't get greedy. The market is so down that now is the time to buy a house. And with rates as low as they are, it is the perfect storm (as we have said before).

If you need a Realtor then you need to call us first. Do not use somebody unless they are referred by someone you trust.

Tuesday, March 8, 2011

How Realtors Sell Their Own Homes

Click on the title to link. This is an interesting article about whether Realtors sell their own homes for more than their clients, and, if so, what they do to do so.

The article says:
Most people have heard of the well-publicized statistical evidence that that when real estate agents sell their own homes, they tend to keep them on the market longer (by about 10 days) and get a higher sale price (by about 3%) than when they sell homes for their clients.


The article does point out the fact that the folks who wrote a book about this conclude that it must be greed on the Realtors part (in essence) because the additional commission is so little that they figure why bother getting a little higher price for a client. That's quite the leap, don't you think? That reminds me of this time I saw an elephant at the zoo, and, of all things, a pink crayon on the ground by their cage. I naturally concluded that there must be pink elephants then. Oh, wait...

That's the same stupid logic that the author of the book has taken. Let's take the facts instead of jumping to ridiculous conclusions.

1. Whose the seller the Realtor is dealing with when they sell their own house? That's right, themselves. I think they now best their own tolerance for risk, and what they will or will not take. When dealing with clients, all you can do is present the facts and let the sellers make an educated decision. One of those facts will be that they could turn down offer X in the hopes for another 3% (let's just use the same percentage the book says Realtors make more of when selling their home). I don't know many people who would jump at that offer unless they were hell bent on a certain price.

2. With knowledge comes power (or so they say). The job our any Realtor (or lender, for that matter) is to educate people so they can make the best possible decision for them. However, that is not always easy. People hear what they want to hear. So I could tell you that you should probably reject this offer and wait for a better one. But that does not mean you are going to listen to me.

Anyways, there are more that we could go on with. The bottom line is this...I have no doubt that Realtors make more on their homes than their clients when they sell. But that because they know the seller better than anybody else (themselves), and they know exactly what to do because they do it for a living (hence the fact that their homes are also on the market 10 days longer; they trust what they know). I'm not saying you need a Realtor to sell your home. But if you use one, then make sure you work with one you trust 100%. Get referrals, do not work with those you run into at an open house.

We work with phenomenal Realtors. If you need their services than the place to start is here with us so we can get you with one that we know will treat you like you should be treated. So give us a call.

Thursday, March 3, 2011

Received A Great Letter Today...

...From SunTrust Mortgage. They are one of our lenders. We have worked with them since we started the business almost 10 years ago. They are the 15 largest bank holding company in the country.

Anyways, we received a letter from their President & CEO today thanking us for our loyalty and business. He says, "Our mutual success depends on quality Brokers like you." What's so cool about this is we learned that we are one of only 5 Brokers in the entire country to have received this personalized letter.

It's nice to be acknowledged for something we work so hard at (serving our clients like nobody else). We are here for you!

Wednesday, March 2, 2011

10 Ways to Boost Your Homes Sales Price by Spring

Click on the title to link. For any of you thinking about selling this spring, this has some great ideas to help you boost the sales price of your home. We are always here to answer any questions for you regarding the process. If you need a referral to a good Realtor then we have those also.

Wednesday, February 16, 2011

Foreclosure Trustees

Click on the title to link. A foreclosure trustee is basically somebody or a company who is in "charge" of the foreclosure. The faster they do it the better because then they get more "business". As a result, it can be cut throat.

Tuesday, February 15, 2011

Refinancing Nightmares

Click on the title to link. This article talks about three refinancing nightmares for people. The thing is that two of the three are typically predictable from the very beginning. They should not turn into nightmares because you should be working with people and can look at them and know if it is an issue. The only thing in here that is truly a crap-shoot is the appraisal. They, indeed, can be nightmares right now.

Tuesday, February 8, 2011

Foreclosures At Rock Bottom Prices

Click on the title to link. This is another article on purchasing foreclosures. If you are in the market to buy a house then you will be hard pressed to not at least look at some foreclosures (or short sales). Be educated and read this article.