From Steep Premium to Discount In the wake of the 2008 Financial Crash, rates on jumbo mortgages (over $417k in most parts of the country) skyrocketed to 7% or even higher. Assuming you could find one. Fast forward to Fall 2015, when jumbo’s can now be had for as little as 3.75% — a slight discount to...Read More
Seller Goal: Fast But Not TOO Fast After years of seeing lengthening timetables for the Buyer’s Inspection and Underwriting approval, the pendulum is now swinging the other way — at least on some deals this Spring. Which ones? Homes in multiple offers. Unrealistic Deadline(s)? That’s the word from Edina Mortgage’s Steve Mohabir, who’s noted the...Read More
The Too-Good-to-Be-True Home Equity Loan When is a home equity line of credit (“HELOC”) — offered at a 2.99%, six month teaser rate — too good to be true? When, four months after the would-be Borrower first applied for the loan, the very big (and very overwhelmed) national lender still hasn’t approved it. Ticking Clock Usually,...Read More
Muted Effect (So Far) If the U.S. government defaults in 10 days and interest rates suddenly go kablooey(!) . . . all bets are off. But in the meantime, the effect of the federal government shut-down on the housing market appears to be muted. According to the lenders I work with most often, the main...Read More
Exhibit A: Reaching the Lender in the Middle of Multiple Offers Prospective mortgage borrowers correctly pick lenders based on their interest rates and fees (it’s the combination of both that matters). But, good client service can matter just as much — or more. Exhibit A: my Buyer was involved in multiple offers last week, and raised...Read More
“Consider it . . . Sold!” A good marketing campaign strikes a chord in its intended audience. In a still-tentative housing market characterized by what might best be called “fragile optimism,” what better note to strike than . . . confidence and expertise? Cue Edina Realty’s 2012 marketing campaign. Paired with each of its four business segments is a variant of the tag...Read More
