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Delaware Mortgage Rates – Wednesday July 7, 2010

John Thomas July 7, 2010 Tags: ,

I have issued an alert to lock your Delaware Mortgage Interest Rate before rates move higher. The stock market has rallied causing money to move out of the Bond Market causing Mortgage Lenders to reprice their rates for the worse. This is the second day the stock market has continued to rally. Rates have been at all-time lows so really have nowhere to go but up.

So if you are planning on refinancing your Delaware Mortgage Loan, now is the time. Call me to lock in a rate ASAP on your Delaware FHA Loan Refinance, your Delaware VA Loan Refinance, or even on a Delaware Conventional Loan Refinance. Keep Reading...

Delaware Bans Cell Phone While Driving 01/02/2011

John Thomas July 7, 2010 Tags: ,

The State of Delaware has passed a bill that will make it illegal to talk on your cell phone in your car unless you are using a hands-free device. When Gov. Jack Markell signed the bill, it made Delaware the eighth state to ban hand-held mobile devices.

The ban goes into effect on January 2, 2011. The bill exempts police, firefighters and emergency personnel. The violation is $50 fine and another $50 rise on each subsequent offense but cannot exceed $200. The good news is there are no points for these violations and they are not put onto your driving record. Keep Reading...

Delaware First Time Home Buyer Tips – Protect Your Personal Data

John Thomas July 7, 2010 Tags:

Delaware First Time Home Buyer Tips – Protect Your Personal Data

Did you know that the major credit bureaus sell your personal information? It’s true! Known as “trigger leads”, the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.

For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional. Keep Reading...

Delaware First Time Home Buyer Tips – Credit Tips

John Thomas July 7, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Credit Tips That Will Score Lower Interest Rates

A good credit score translates into lower interest rates for home-shopping borrowers. In a mortgage lender’s eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their loans.

If this is you, don’t panic. There are a number of things you can do to adjust your credit score to receive a favorable review from the underwriter. Here are a few suggestions: Keep Reading...

MacGray Matter – Financial News Update – July 5, 2010

John Thomas July 5, 2010 Tags: ,
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MacGray Matter – July 5, 2010

UNEMPLOYMENT NUMBERS ADD TO A NEGATIVE WEEK:  On Friday, the Department of Labor reported that non-farm payrolls dropped by 125,000 jobs due largely to the Census Bureau laying off 225,000 temporary workers.

Private sector job growth was positive by 83,000 jobs, but that was less than “expected” and not near enough to make up for the loss of government jobs. Manufacturing jobs fell by 8,000 after a three-month positive streak. I continue to find this particular graph found on calculatedrisk.com (and used with permission) to be a key one to follow:
Keep Reading...

Delaware First Time Home Buyer Tips – Moving Checklist

John Thomas July 4, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Getting Ready to Move – Here is the checklist

4 WEEKS PRIOR TO MOVE:

__ Set up a “move” file or folder

__ Set up a “move” calendar.

__ Have a garage sale.

__ Collect financial, tax and employment documentation needed for your loan.

__ Donate un-needed furniture to charity.

__ Contact insurance company to transfer policies (life, auto, homeowners).

__ Contact doctors, dentists for copies of medical records.

__ Contact schools for copies of student records. Keep Reading...

Delaware First Time Home Buyer Tips – Negotiating Price

John Thomas July 3, 2010 Tags:

Delaware First Time Home Buyer Tips – The Art of Home Purchase Negotiation

There is much give and take involved in negotiating a property purchase. That’s why it’s important to have a checklist of what you want to get out of the deal as a buyer. Bear in mind, the home must be appraised and the lender will be looking at the fair market value on a given property. Since property values fluctuate, your Real Estate Agent should do a comparative market analysis so you are aware of what the trends are for the area in which you are shopping. This will give you an idea as to whether the seller’s asking price is realistic. You will also want to know how long the property has been on the market, and if any price reductions have occurred during that time. Keep Reading...

Delaware First Time Home Buyer Tips – Home Appraisal

John Thomas July 2, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Understanding the Home Appraisal Process

Consumers are often baffled by the home appraisal process. They may feel their home is worth a certain amount of money, and therefore, the appraised value doesn’t make sense to them. It is important to know that appraisal guidelines are dictated by the lenders. In many states, the lenders must disclose the purpose of the appraisal, as each situation carries its own set of rules.

In essence, lender guidelines force appraisers to put a fair market value on a home based upon comparable sales in the area where the home is located, as the home must be bracketed according to size and value. For example, there is no set amount associated with a great view, pool, spa, bathroom upgrades, etc. If a homeowner installs a custom pool that cost them $30,000, and the local marketplace supports the value of a pool at $15,000, that item will be bracketed as [$15,000] on the appraisal. Keep Reading...