New Lender Refrain: “These Rates Won’t WILL Last!” or, Three Buyer Worries With home prices now rebounding in many markets nationally, prospective Buyers these days usually have two main worries: 1) that prices will rise (further), making a purchase unaffordable — or at least more expensive; and 2) that interest rates will rise . ....Read More
Refinancing Into a 2.75% Fixed Rate, 15-Year Mortgage Ok, so it’s not a Porsche or a 2 week Hawaiian vacation, but you could do worse than scoring a 15 year mortgage at 2.75% today. What that says about you: –You own a home; –You actually have equity in your home — and therefore can borrow against...Read More
The Limits of Statisticsin Valuing HomesIt’s only Wednesday, and I’ve already fielded three calls this week from appraisers wanting “scoop” on recent, closed sales that I’ve handled. A year-end pick-up in deals? Well, that, too. However, in each case the appraiser was working on a refinancing application. To approve the new loan, the lender needed...Read More
The Factor in Selling a Home Today If you have a choice between price and terms . . pick terms. –famous real estate line Once upon a time, when mortgage rates were in the stratosphere, “terms” — specifically, financing terms, if the Seller was providing it — were everything in real estate deals. Fast forward...Read More
Lack of Buyer Urgency I was taking advantage of a welcome — and too brief — lull in my schedule the other day to cull the accumulated detritus on my desk (and on my office floor, and chairs, and . . .), and saw the following postcard: ‘Hurry! These Rates Won’t Last!” The date? October,...Read More
Low Rates . . If You Qualify Last year, I heard that question from would-be Buyers maybe 3 times. This year, I’ve logged that question three times . . . just this week! And that, with mortgage rates plumbing all-time lows: just above 4.5% to those with impeccable credit. Which, of course, is the catch....Read More
