Archive for May, 2014

Our goal is to give you enough knowledge to feel confident, which will lead to more home sales -By Randy Cullen

May 30th, 2014
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I’ve had a number of very odd requests for mortgage products this week. They have ranged from purchasing a trailer for $15,000 to building a new home out of shipping containers. Now, if someone is looking to purchase a home that is mobile or build a home with products that used to be mobile, I must tell them we don’t have a product or program to fit their needs. I also had a request to finance a remodeling project on a home the borrower did not even own – you just can’t make this stuff up!

Real estate and finance are joined at the hip. When you get off-the-wall requests, those of us that have been around for some time can field the questions. Those who are not so seasoned may need a few pointers. We all like to deal with residential real estate that is permanently affixed to a foundation and suitable for year round occupancy. It should also conform to the local area. Shipping containers may work well for cargo, and I have seen interesting ways they have been used in construction, but they are not commonly used in residential real estate.

We use mortgage products that can be delivered to agencies such as Fannie Mae, Freddie Mac, or Ginnie Mae. http://www.investopedia.com/articles/07/fannie-freddie.asp http://www.ginniemae.gov/pages/default.aspx. We underwrite to these agency standards, and the properties we provide mortgage products for conform to these guidelines and are common for their specific area of the country. Below you will find information on products we use to help consumers purchase residential real estate. Read the rest of this entry »

Construction Financing – As Simple As 1-2-3. –By Barb Crea

May 23rd, 2014
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Earlier this week, CNN Money posted an article about homeowners feeling stuck and afraid to put their home on the market fearing it will sell and they’ll have no place to go. http://money.cnn.com/2014/05/20/real_estate/home-sales-fear/. With inventories still on the low side, buyers are frustrated as they come up short against multiple offers on properties time after time. Some buyers are considering homes they might not otherwise consider because of the low inventories. Others are discouraged and deciding to just put off moving for another year or two, hoping the market won’t be so competitive then. Homeowners looking to move up or downsize are concerned about finding that perfect home.

Maybe the solution for your client is to build that perfect house in the style and price range that’s right for them. I’ve heard agents express concerns about suggesting new construction for many reasons. With further conversation, I sometimes find the agent just doesn’t feel confident with new construction and isn’t sure of how to go about it and WOW their client. No worries – home construction financing is readily available and as simple as 1-2-3 with a seasoned team of professionals like the Kate Wilson Team.

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Breaking News: Big Changes in Effect! -By Randy Cullen

May 16th, 2014
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Several news articles were published this week related to the Federal Housing Finance Agency and statements made by its Director, Mel Watt.  This agency, the FHFA headed by Mr. Watt, oversees the mortgage giants Fannie Mae and Freddie Mac.  In a recent Washington Post article on Tuesday, the chief regulator of Fannie Mae and Freddie Mac reversed course in his remarks and no longer plans to have the companies retreat from the housing market, asserting that the government-controlled mortgage giants must help keep home loans flowing to the public.  This is a change in direction from Mr. Watt’s predecessor, who called for the wind down of the companies as the government involvement subsided and the private market emerged.  Mr. Watt was quoted as saying, “I don’t think it’s FHFA’s role to contract the footprint of Fannie and Freddie.”  He went on to say, “Our role is to maintain an efficient credit market, and as private capital demonstrates that it will come into this market, it will be clear that Fannie and Freddie will step back.” Read the rest of this entry »

Imperfect action IS better than perfect inaction! -By Barb Crea

May 9th, 2014
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Every day I look forward to the Daily Start messages we receive from Sarah Middleton, SVP National Production, Fairway Independent Mortgage Corporation. This visual has stuck in my head ever since I received it last week. Being a victim of that paralyzing “perfection gene,” last evening I found myself studying the words and started to wonder who wrote these quotes, or did someone just make them up? Much to my surprise, I found they were quotes from three very distinguished, successful gentlemen. Further to my surprise, these men lived to be 92, 88 and 91 years old!

“Action is the foundational key to all success.” Pablo Picasso (1881-1973) – Spanish painter, sculptor, printmaker, ceramicist, stage designer, poet, and playwright.

“Imperfect action is better than perfect inaction.” Harry S. Truman (1884-1972) 33rd U.S. President – presided over the end of WWII and authorized the bombing of Japan.

“Success consists of going from failure to failure without loss of enthusiasm.” Sir Winston Leonard Spencer Churchill (1874-1965) Prime Minister, Journalist – rallied the British people during WWII and led his country from the brink of defeat to victory. Read the rest of this entry »

Just like the HGTV show Love It or List It! -By Randy Cullen

May 2nd, 2014
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Mother Nature must have a sense of humor when we consider May rolled in with cool temperatures, rain and snow flurries. I was so confident that the weather had turned the corner and spring was finally making a comeback. This winter that will not yield to warmer weather has left even the most optimistic of us scratching our heads.

One thing the weather has done-kept all of us indoors more than we would like. Not being outside working in the yard means more time inside looking around a space that may need a face lift. A fresh coat of paint and moving the furniture around can help the feel of the space but may not improve the functionality. It may be time to call in the professionals to update and modernize with a new kitchen, bathroom, or basement finish. I did some reading and found some interesting facts on remodeling projects for both the interior and exterior of the home:

Exterior projects can include necessary maintenance items but are also done to increase curb appeal. These include replacing the front entry door, replacing siding, updating a roof, new windows, replacing garage doors, or adding a deck. The study by Remodeling Magazine shows the recoup of costs for these investments to run from 69% to a high end of 78%. It all depends upon the project and the quality of product selected. Along with a fresh new look these updates should provide energy efficiencies.  Read the rest of this entry »