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
Contingent Offer Multiple Choice [Editor’s Note: Nothing in this post or on this blog should be construed as offering legal counsel. If you require legal advice, please consult an attorney.] Test your knowledge of the Summer, 2015 housing market and field this question: Contingent offers — when a Buyer buys contingent on being able to...Read More
From Premium to Discount on 30-Year Mortgages In the aftermath of the 2008 financial crash, funds for jumbo mortgages virtually dried up. At a time when rates on conventional, 30-year mortgages were fetching around 4.5%, jumbo rates were 6% or 6.5% — if you could find such products at all. Today, that premium and scarcity has been replaced by...Read More
CMA (“Comparative Market Analysis”) Math I just showed an Edina home to clients who expressed serious interest, and want to know when they can double back to see it again. Their inevitable next question for me: “what do you think it’s worth?” While every house is by definition unique, the key to estimating a home’s...Read More
An Umbrella for Any Legal Rain Clouds Ok, so as blog post headlines go, the above may not be so sexy (maybe if I added “Kardashian”?!?). But, it’s one of the last hurdles before closing confronting Buyers. The decision: whether to fork over $400 – $800 (or more) for a Homeowner’s title insurance policy, to supplement...Read More
Three Reasons Once upon a time — like in 2009, in the aftermath of The 2008 Crash — jumbo or “non-conforming” loans were significantly more expensive than conforming loans (under $417k in most parts of the country). When conforming loans were going for 5.5%, jumbo’s were fetching 6.25% or 6.5% — assuming you could find a...Read More
