Thinking of Selling Your Home?

 

 

If you are thinking about selling your home, it is wise to consider using a qualified real estate professional to assist you. The first reaction may be to call the Realtor who sold you the home to begin with, but this is not necessarily the best plan of action. Some real estate agents specialize in placing buyers, and some have more expertise in listing and selling property. Very few real estate agents are actually good at both.

Choosing the right agent to represent you in the sale of your home minimizes a variety of stress factors. Your agent should be well-versed in advertising, marketing, current fair market values, have the ability to put your home in the Multiple Listing Service (MLS) roster of homes that are on the market, and be prepared to screen prospects so that you are only dealing with qualified buyers.

My team and I work with a select group of real estate professionals that provide stellar service to their clients. In addition, we have the ability to assist in screening prospects by providing pre-qualification and pre-approval, and we can also assist you with financing options for your next home. Consider my office the hub of your next real estate transaction.

REALTOR -- A Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which a REALTOR holds membership.

Mortgage Interest Rates*

Rates as of Friday, 6th February, 2009:

 

Conforming

APR

Payment per


$1,000

Jumbo

APR

Payment per


$1,000

30-Yr. fixed

5.500%

5.635%

$5.68

5.875%

5.967%

$5.92

15-Yr. fixed

5.250%

5.478%

$8.04

5.250%

5.402%

$8.04

7-Yr. fixed ARM

4.750%

4.879%

$5.22

5.500%

5.590%

$5.68

5-Yr. fixed ARM

5.000%

5.131%

$5.37

5.250%

5.339%

$5.52

3-Yr. fixed ARM

5.375%

5.509%

$5.60

5.250%

5.339%

$5.52

5-Yr. Interest Only

5.250%

5.383%

$4.38

5.500%

5.590%

$4.58

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Superior Home Mortgage Corp. licensed in DE, FL, GA: Georgia Residential Mortgage Licensee #14511, MD, MI, NY: Licensed Mortgage Banker - NY State Banking Department, NC, PA, SC, VA: Virginia State Corporation Commission License # MLB-566, & DC. Superior Mortgage Corp. licensed in CT, MA: Mortgage Lender License # MC3208, NJ: Licensed Mortgage Banker - NJ Department of Banking, RI: Rhode Island Licensed Lender & Broker, & TN. SHM Mortgage Licensed by the New Hampshire Banking Department

6 comments • Karl Peidl - Accredited Loan Consultant • February 06 2009 01:40PM

Straight Scoop on Pricing Adjustments and Paying Points

In response to the higher mortgage default rates being experienced by Fannie Mae and Freddie Mac (the largest buyers of 30-year fixed, conforming mortgages), the formal announcement of "Risk Based Pricing" was established during 2008.

Before this was announced, a 30-year fixed loan was basically the same price for any borrower with a credit score of 660 or higher and a loan amount up to 95% of the home value. But now, Fannie and Freddie require pricing "add-ons" using a matrix of credit score and loan-to-value percentages. This risk based pricing is MANDATED by Fannie and Freddie, and is required of ALL lenders originating conforming 30-year fixed loans.

 

Sometimes the interest rate can be increased to cover these add-ons without having to pay them out of pocket, but that is becoming increasingly difficult in today's market. Investors have changed the way they create rate sheet options, and they offer very little in the way of what is called "premium pricing", which used to allow options for closing costs or points to be covered in return for a higher interest rate. But in today's environment, sometimes the add-ons must be paid in the form of points - to either keep the rate and corresponding payments as low as possible, or sometimes because there simply is no other way they can be covered.

 

The bottom line is - smart consumers can't just call a lender and say "what's your rate and closing costs?" There are simply so many unknowns with the combination of credit score, loan-to-value percentages, property type, etc... that any reputable lender should be upfront, and be clear that any quote given is based on an assumption of certain parameters.

We are here to provide honest, straightforward advice. If we can be of any assistance to you, your friends or your family feel free to contact us. We will take care of you and your referrals in the same upfront fashion as we always have.

0 comments • Karl Peidl - Accredited Loan Consultant • January 28 2009 06:53AM

Mortgage Rate Update

Choosing a Fixed Rate Loan

 

Fixed rate loans generally come with one of two options; the 30-Year Fixed and the 15-Year Fixed. If a borrower is planning on being in the same home for a long period of time, a 30-Year Fixed may be more attractive because it offers stability. The monthly payment will remain consistent over the life of the loan. If interest rates are at historic lows at the time the borrower is seeking to obtain financing, this is a good program to consider.

A 15-Year Fixed loan program offers the same stability, but the accelerated amortization schedule makes the monthly payment substantially higher. While the interest rate may be lower on this type of loan, the borrower must be willing to commit to a higher monthly payment. If the borrower wishes to retire in 15 years and be debt-free at that time, this loan program may be more suitable to the borrower's long-term needs.

It is also possible to make pre-payments on a 30-Year loan and reduce the life of the loan, as well as the overall interest payment, without committing to the higher monthly payment of a 15-Year program. As long as there is no pre-payment penalty associated with the 30-Year mortgage, pre-payment offers the borrower the latitude to make additional payments when it is affordable. If cash flow becomes difficult, this arrangement will not put the borrower in a compromising position.

 

 

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

30-Yr. fixed

5.000%

5.131%

$5.37

5.375%

5.465%

$5.60

15-Yr. fixed

5.000%

5.227%

$7.91

5.000%

5.151%

$7.91

7-Yr. fixed ARM

5.375%

5.509%

$5.60

5.500%

5.590%

$5.68

5-Yr. fixed ARM

5.000%

5.131%

$5.37

5.250%

5.339%

$5.52

3-Yr. fixed ARM

4.750%

4.879%

$5.22

5.125%

5.213%

$5.44

5-Yr. Interest Only

5.250%

5.383%

$4.38

5.500%

5.590%

$4.58

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Superior Home Mortgage Corp. licensed in DE, FL, GA: Georgia Residential Mortgage Licensee #14511, MD, MI, NY: Licensed Mortgage Banker - NY State Banking Department, NC, PA, SC, VA: Virginia State Corporation Commission License # MLB-566, & DC. Superior Mortgage Corp. licensed in CT, MA: Mortgage Lender License # MC3208, NJ: Licensed Mortgage Banker - NJ Department of Banking, RI: Rhode Island Licensed Lender & Broker, & TN. SHM Mortgage Licensed by the New Hampshire Banking Department

Mortgage Interest Rates*

Rates as of Friday, 19th December, 2008:

 

0 comments • Karl Peidl - Accredited Loan Consultant • December 19 2008 12:29PM

Various Ways to Hold Title to Real Property

Various Ways to Hold Title to Real Property

Title is the legal documentation that bestows ownership of real property. This is to be indicated in Part II of the 1003 Uniform Residential Loan Application as "manner in which title will be held."

The decision of how the title will be held should not be put off until the last minute since it has a great impact on future tax planning, the financial future of the borrower(s) and their respective heirs, and the choice of the lender.

It is most important for the mortgage consultant to work hand-in-hand with the borrower's financial planner or tax consultant to assist their mutual client in order to make decisions that work best for their particular scenario.

For example, most married couples would consider holding title with Joint Tenancy. But if one spouse has a good credit history while the other has damaged credit that may prevent funding of the loan, it would be advantageous to place title in the name of the spouse with the good credit rating.

Common ways to hold title are broken down into options that fall under the categories of sole ownership or co-ownership. Many states permit the holding of title in a living trust, but some lenders do not accept those terms. There are ways around this, but this is where the financial planner and the mortgage planner can make a tremendous difference by working together.

Mortgage Interest Rates*

Rates as of Friday, 12th December, 2008:

 

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

30-Yr. fixed

5.125%

5.257%

$5.44

6.000%

6.093%

$6.00

15-Yr. fixed

5.000%

5.227%

$7.91

5.625%

5.779%

$8.24

7-Yr. fixed ARM

5.375%

5.509%

$5.60

5.625%

5.716%

$5.76

5-Yr. fixed ARM

5.125%

5.257%

$5.44

5.250%

5.339%

$5.52

3-Yr. fixed ARM

4.875%

5.005%

$5.29

5.250%

5.339%

$5.52

5-Yr. Interest Only

5.250%

5.383%

$4.38

5.500%

5.590%

$4.58

 

 

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Licensed Mortgage Banker, NJ Department of Banking and Insurance. Corporation also services CO, CT, DE, FL, GA, IN, MA, MD, MN, MI, NC, NH, NY, PA, SC, TN, VA, & RI.

 
0 comments • Karl Peidl - Accredited Loan Consultant • December 12 2008 12:52PM