Chance Gates' Blog » Buying

30-Year Rates Drop to Near 5%

Chance Gates — Wed, 25 Feb 2009 17:58:02 +0000

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Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.

The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week’s 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.

Freddie Mac reported the following for other rates for the week:

15-year mortgage rates: averaged 4.68 percent, down from last week’s 4.81 percent. Last year at this time: 5.64 percent.
5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week’s 5.23 percent. Last year at this time: 5.37 percent
1-year ARMs: averaged 4.8 percent, down from last week’s 4.94 percent. Last year at this time: 4.98 percent

“Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation,” says Frank Nothaft, Freddie Mac’s chief economist.

Source: Freddie Mac(02/19/09)

As a Reno – Sparks real estate consultant I encourage any questions or comments on the Reno – Sparks real estate market or about any of the articles I post. You can email me at chance@ballard-company.com

4 Tips on Getting a Loan

Chance Gates — Fri, 30 Jan 2009 17:55:09 +0000

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These days one of the biggest impediments to closing a Reno/Sparks real estate sale can be the buyer’s ability to get a mortgage.

Here are some tips for anyone who hopes to land a loan:

Turn to the government. The biggest source of loans these days is the Federal Housing Administration (FHA) and the Veterans Administration (VA). These programs accept borrowers with lower credit scores and allow them to put down as little as 3.5 percent of the purchase price.

Document, document, document. Borrowers will need bank statements, brokerage statements, W-2 forms and tax returns.

Boost credit scores. Borrowers should avoid having more than one-third of their maximum borrowing capacity outstanding on one credit card. If necessary, rotate the debt among several cards.

Work your connections. Comparison shopping is easy online, but if your customer has an established relationship with a local bank, suggest they try that lender first.

Source: BusinessWeek.com, Christopher Palmeri (01/23/09)

Being a Reno/Sparks real estate consultant I always appreciate any question or comments on the Reno/Sparks real estate or any of the articles I post.

Send all questions to chance@ballard-company.com

What is a “streamline” mortgage? (zillow.com)

What People Do To Disqualify Their Loan Application After Being Pre-Approved.

Chance Gates — Mon, 19 Jan 2009 19:48:27 +0000

The first thing most people do to make them not qualify for a loan to buy Reno/Sparks real estate is add on additional credit such as:

1.) Buying a car

2.) Getting additional credit cards

3.) Co-signing for a family member

The second thing is to change jobs while in the loan process to buy Reno/Sparks real estate.

The third is missing payments or paying bills late while in the process of buying Reno/Sparks real estate.

Being a Reno/Sparks real estate consultant I always appreciate any question or comments on the Reno/Sparks real estate or any of the articles I post.

Send all questions to chance@ballard-company.com

Younger people have trouble getting credit (money.cnn.com)

Buying a Forclosure

Chance Gates — Fri, 16 Jan 2009 17:30:02 +0000

: Image by Getty Images via Daylife

This is about 1/3 of the Reno/Sparks real estate market. Unlike a short sale, when buying a foreclosure getting the offer accepted usually takes less than a week. Then the problems begin, one of the biggest is the title company. Depending on how over worked the staff is; these people work very hard, I had calls from them before 9:00 am and after 8:00pm. Another possible problem is the deed to the property has not been updated and needs to be (this happens only happens on a rare occasion). Very rarely will you close a foreclosure before the closing date. However, closing a foreclosure two to three weeks late happens regularly. While you can get a great deal on a foreclosure, be aware it might be a very frustrating process.

Being a Reno/Sparks real estate consultant I always appreciate any question or comments on the Reno/Sparks real estate or any of the articles I post.

Send all questions to chance@ballard-company.com

Housing: More Short Sales Coming? (seekingalpha.com)

Chance Gates' Blog » Buying

30-Year Rates Drop to Near 5%

4 Tips on Getting a Loan

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Buying a Forclosure

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