Aug
3
2010
August 2, 2010
The lending landscape has changed quite drastically over the past several years. Practices, approvals and standards that were once widely accepted have either vanished or transformed beyond the point of recognition. Many banks, which were once extremely careless with their loan underwriting techniques and approvals, have dug themselves into a significant hole that will take many years to climb out of. Promotions such as “100% Financing” and “No Doc Loans” were both major contributors to the financial crisis banks and consumers are facing today.Today, banks are making sure they don’t make the same mistakes again, so loan underwriting standards have become more stringent than ever before.According to a recent Federal Reserve survey, it was found that about 75% of the banks surveyed indicated they had tightened their lending standards for prime, subprime and commercial mortgages. That was up from about 60% in the previous survey. With this sharp increase in lending standards, borrowers are being turned down for real estate loans at an alarming rate.
via Top Seven Reasons Banks are Denying Home Loan Requests | RISMedia.
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no comments | tags: Federal Reserve System, Finance, Financial crisis, Financial Services, Loan, Mortgage, Real estate, Real estate economics, Subprime lending | posted in Financial Advice, Helpful Tips, Stuff for Buyers, Stuff for Everyone!, The "Market"
Aug
3
2010
August 2, 2010
The economy is stabilizing and home prices are holding. It’s not just as good a time as ever to buy a house—it’s one of the best times ever.
- Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering housing market gains traction.
- Houses are in move-in condition. Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back, kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.
- Terrific houses are coming on the market. Foreclosures are finally starting to clear the system—and this is just the opportunity that owners of many desirable properties have been waiting for.
- Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market. This ensures that today’s deals will make it over the finish line.
- Plenty of programs. Homes are more affordable than they have been for years, but communities have stuck by “workforce housing” programs that encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.
via 5 Smart Reasons to Buy a Home Now | RISMedia.
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no comments | tags: buyer, economy, Fannie Mae, home investment, incentive, Loan, Market, Mortgage, mortgage rates, Real estate, Real estate economics, real estate market, U.S. Housing Market | posted in Financial Advice, Helpful Tips, Stuff for Buyers, The "Market"
May
20
2010
The HouseLogic Story
What is HouseLogic.com?
HouseLogic is a free source of information and tools—from the NATIONAL ASSOCIATION OF REALTORS®—that can help you make smart and timely decisions about your home.
What can HouseLogic do for me?
With content covering home improvement, maintenance, taxes, finance, insurance, and even ways you can get involved in and enrich your community, HouseLogic can help you increase and protect the value of your home by helping you make confident decisions.
Why did NAR create HouseLogic?
NAR has been a champion of homeownership rights and opportunities for more than a century. Helping consumers become more informed, responsible homeowners is important to the stability and value of the housing market – and your overall enjoyment of your home.
From time to time, NAR may ask you to partner on issues or legislation that may impact you as a homeowner. It’s up to you whether to participate in these causes.
via The HouseLogic Story | HouseLogic.
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no comments | tags: Home improvement, Lawrence Yun, NATIONAL ASSOCIATION OF REALTORS, Real estate, Real estate economics, Website | posted in Home Improvement, NAR, Realtor®, Stuff for Everyone!, Website
