Your Mortgage Planner 2.0 Blog» Investors

So You want To Be A Real Estate Investor? (Video)

yourmortgageplanner — Mon, 15 Mar 2010 19:52:53 +0000

So you want to be a Real Estate Investor? Do you have what it takes or the first clue, take a min to review and learn.

Rebuilding The Real Estate Market (VIdeo) ...
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The Today Show Real Estate Home for Small People SNAFU (Video) Around minute marker 3:50 the home for sell also has...

Quick Tips On How To $ave Money In March (Video)

yourmortgageplanner — Wed, 10 Mar 2010 07:35:28 +0000

Three Quick Tips from Kiplinger.com on how to save $$$$ in March!!

1031 Like-Kind Exchanges – Real Estate Tax Tips 1031 Like-Kind Exchanges. Time Limit on Like-Kind – Treatment is...
30 YR Mortgage Rate Chart March 2009 30 YR Mortgage Rate Chart March 2009...
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Rebuilding The Real Estate Market (VIdeo)

admin — Mon, 24 Aug 2009 16:46:09 +0000

So You want To Be A Real Estate Investor? (Video) So You want To Be A Real Estate Investor? (Video)...
The Today Show Real Estate Home for Small People SNAFU (Video) Around minute marker 3:50 the home for sell also has...
1031 Like-Kind Exchanges – Real Estate Tax Tips 1031 Like-Kind Exchanges. Time Limit on Like-Kind – Treatment is...

Home Value Decline Bottoming Out (video)

yourmortgageplanner — Wed, 12 Aug 2009 02:14:32 +0000

Zillow reports the decline in home values have started to bottom out.

Goin’ broke (just slower than before): Zillow.com, the real estate news and… (sf.curbed.com)
US house prices fall 12pc in the second quarter (telegraph.co.uk)
Sites that get your home ready to sell (news.cnet.com)

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Is It Time For An ARM?

yourmortgageplanner — Thu, 06 Aug 2009 19:30:12 +0000

At least one thing is back to normal in the mortgage markets — it’s no longer cheaper to go with a fixed rate mortgage than an ARM.

As reported by Freddie Mac, a conforming 5-year ARM is priced a half-percent lower than a comparable 30-year fixed.

Earlier this year, the pricing was reversed.

It’s uncommon for fixed rate mortgages to be cheaper than comparable ARMs because, with fixed rate mortgages, lenders commit to a particular interest rate over long period of time. There is a lot of risk that comes with doing that.

By contrast, an adjustable rate mortgage is designed so that after a certain number of years, the mortgage rate changes to reflect the current market conditions.

In theory, ARMs are less risky for lenders than are fixed rate mortgages and, therefore, we would expect them to have lower mortgage rates. That wasn’t the case for the 6 months ending in early-May, however. When fixed rate mortgages were scraping the 4.500 percent marker in January, 5-year ARMs weren’t struggling to stay sub-5.

The same goes for late-April’s mortgage rate dip.

Historically, there’s been a trade-off between ARMs and fixed rate mortgages.

ARMs give lower mortgage rates with less predictability
FRMs give higher mortgage rates with more predictability

Earlier this year, market conditions rendered fixed rate loans the best of both worlds — lower rates and predictability. Today, we’re back to “normal”.

No matter how long you plan to live in your home, talk to your loan officer about your adjustable rate options, if only to know your options. Given today’s interest rate disparity and how it can affect your monthly mortgage obligation, you may find the unpredictable nature of an ARM to be acceptable risk.

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How To Purchase A Home As A Co Borrower

admin — Sat, 09 May 2009 06:20:07 +0000

Both mortgage guidelines and the economy have tightened since 2006, bringing more attention to “joint homeowners” — non-spousal partners that buy and share a home as roommates.

The practice is not new, but, anecdotally, co-purchasing is becoming more common.

In the video above — filmed two years ago but still on-target today – real estate expert Barbara Corcoran provides good advice for co-purchasing partners. Like any business relationship, it’s important to plan ahead.

Hire an attorney to draft contracts and agreements
Have a plan for when one or both parties wants to move or sell
Consider life insurance policies on each other

The over-riding theme for co-purchasing arrangements is to be prepared. Done right, however, they can create two proud homeowners where there would have otherwise been none.

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#HVCC CALL TO ACTION #HVCC CALL TO ACTION...

How To Buy A Second Home – Bank Owned REO

admin — Tue, 31 Mar 2009 15:59:36 +0000

With Mortgage Rates at historic lows and a Plethora of REO and Bank Owned homes, now there is no better time to buy a Second Home!

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Cuba Used To Have Mansions – 2009 Chicago Tea Party

yourmortgageplanner — Sat, 21 Feb 2009 03:52:52 +0000

In Mesa, Arizona, Wednesday, the President presented the Homeowner Affordability and Stability plan, a multi-pronged effort to support the housing market.

The story made the front page of nearly every newspaper in the country.

The president’s plan is worrisome:

Incent mortgage servicers to work with at-risk homeowners before delinquency starts
Let homeowners with good credit but little equity refinance to today’s low rates
Fund Fannie Mae and Freddie Mac to support mortgage markets

It’s a broad plan with many angles. Although the White House shapes and influences housing policy, Congress, Loan Servicers, and the Federal Agencies must still implement and execute it. Until that implementation occurs, these reforms exist only on paper.

It’s a key aspect of the speech that’s not getting coverage.

One thing we learned during the stimulus package debate was that just because the President wants something to happen doesn’t mean that it will. There are always details to be worked out and that’s one reason why the Homeowner Affordability and Stability Plan couldn’t go into effect immediately. There are still loose ends to tie and details to define.

According to its website, the White House lists March 4, 2009 as the plan’s effective date. Until March 4, therefore, nothing in Wednesday’s speech is guaranteed, and lets HOPE it stays that way.

As stated Thursday, I am stading with Rick Santelli!

Join the Rick Santelli Revolution

The White House Obviously has taken note; when you have Robert (No Nothing About the Free Market) Gibbs attempting to call out Rick, and just looking and sounding frustrated by the TRUTH!

Rick take the White House up on that cup of Coffee!

Image courtesy CNBC

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Fannie Mae Rolls-Back Investor 4 Property Limit

yourmortgageplanner — Thu, 12 Feb 2009 15:38:11 +0000

Fannie Mae rolled-back one of its least popular mortgage guidelines updates of the last 12 months.

Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The restriction reversal does come with new minimum requirements, however.

Homeowners buying a 5th, 6th, 7th, 8th, 9th or 10th home must meet the following standards, as set forth by Fannie Mae:

1. 720 credit score
2. 25% downpayment for a 1-unit (30% for a 2-4 unit)
3. No mortgage delinquencies in the last 12 months
4. 6 months of reserves for each investment property

In other words, Fannie Mae is re-opening the lending spigot for real estate investors with good credit, a sizeable downpayment and ample reserves.

According to Fannie Mae, the change rationale is that experienced investors can “play a key role in the housing recovery”. Until now, foreclosure auctions have gone at less than full speed because investors unable to pay cash have been halted by the existing 4-property Fannie Mae limit.

Going forward, expect a more expedient foreclosure liquidation nationwide which should, in turn, provide further support for the housing market.

And lastly, not to be forgotten, homeowners with more than 4 properties can finally participate in the ongoing conforming mortgage Refi Boom. Until now, they’ve been stymied by the 4-property restriction, too.

#HVCC CALL TO ACTION #HVCC CALL TO ACTION...

8 Things You Should Know About Buying Foreclosure Homes

yourmortgageplanner — Tue, 27 Jan 2009 05:05:36 +0000

: Image by respres via Flickr

If you are planning on buying an foreclosure home it is imperative that you work with an Realtor that is well versed with foreclosure transactions. Each bank has their own set of guidelines and many to not acknowledge the Arizona Real Estate Purchase Contract so the more experienced your Realtor is with the various banks (and their addendums) the better it is for you.

*If you allow Aunt Sally who happens to have an active and rarely used real estate license represent you in your foreclosure transaction –please advise you do so at your own risk. Caveat emptor

That said, below are 8 items of interest that are standard for all Arizona foreclosure transactions, similar for other states…

List prices are negotiable but the banks will NOT entertain ‘low-ball’ offers
You will not receive Seller Property Disclosure Statements aka SPDS
You will not receive a 5 year claim history aka CLUE Report
You will not receive any warranties on the property
The bank will pay for your owners title policy if you use their preferred title/escrow company
There will be a per diem charged in most cases if you do not close escrow on time
You will have the opportunity for a full 7-10 day inspection period at which time you can cancel if you uncover things about the property you do not like
A typical Arizona foreclosure transaction currently lasts 45 days or less (unless it is a cash offer)

For more information on the process of buying Arizona foreclosures homes contact Sarah Reiter with RE/MAX

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