For the second straight week, mortgage rates were on the rise, but still remain overall low, reports Freddie Mac in its weekly mortgage market survey. While interest rates for the 30-year fixed-rate still stand below 5 percent, rates inched up slightly this week averaging 4.86 percent. Last week, rates averaged 4.81 percent. Last year at [...]
On-Line Interest Rates, Don’t Be Fooled Many consumers turn to sites that publish On-Line Interest Rates, Don’t be Fooled by their Tom Foolery and deceptive practices! Recently @ERate began following me on Twitter, they’re profile reads in part: “…Providing Twitter Rate Alerts as Mortgage Rates adjust and Relevant Mortgage News and other Financial News” I [...]
Beware of New Mortgage Scam Beware of the new mortgage scam I’ve heard about recently. It happened in Nevada, but could happen anywhere. I’m surprised I haven’t heard of this mortgage scam before, it’s pretty slick! The new mortgage scam plays off the sale of mortgage loans. Banks buy and sell residential mortgages all the [...]
Dear Ed, I’m considering refinancing into a 15-year fixed-rate loan. I currently have a 30-year loan that was refinanced in 2005 for $120,000 at a rate of 5.375 percent. I’ve been making additional principal payments every month and the current balance is $95,000. My lender said it will refinance my loan into a 15-year mortgage [...]
When people want to find out how much their mortgages cost, lenders often give them quotes that include both loan rates and points. What exactly is a point? A point is a fee equal to 1 percent of the loan amount. A 30-year, $150,000 mortgage might have a rate of 7 percent but come with [...]
On a purchase transaction, there is no financial advantage in closing on any day of the month, as compared to any other day. On a refinance, it is a good idea not to close on a Friday because it will increase the number of days in which you pay interest on both loans. And if [...]
Ask a roomful of homeowners what’s so great about owning versus renting, and you’ll hear them holler in unison: “the tax deductions!” And it’s true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns. That means that if you’re in a 28% tax bracket, Uncle Sam [...]
Tepid demand, tight credit and bargain hunters seeking distressed properties have pushed down home prices across the valley compared to January 2010, real estate analysts said. The valley’s median sale price fell 15.7 percent to $181,250 in January compared to the same month a year earlier, San Diego-based DataQuick Information Systems reported. Price declines in [...]
Home Prices are back down where they should be! It is possible to buy a home and pay roughly the same per month as you would for rent on a similar house taking in account the tax advantages of deductible mortgage interest.** I could not afford to buy a home in 2001 at $410,000. I [...]
Home re-sales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report. An “existing home” is a home that’s been previously occupied and is not considered new construction. The number of existing homes sold on a rolling 12-month basis is now at its highest point since May [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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