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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:
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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...

Delaware First Time Home Buyer Tips – Avoid Changes

John Thomas July 1, 2010 Tags:

Delaware First Time Home Buyer Tips  Avoid Changes to Your Financial Profile During the Loan Process

Once your loan package has been sent to the lender, there are a number of things you should avoid doing that will change your financial picture. Remember, the lender is looking for stability and consistency. If you want the best Delaware mortgage interest rate, keep that in mind. Here are a few things to consider:

The lender is looking to see what the source is of your of down payment.

Your Certified Mortgage Planner will most likely ask you to provide proof of your liquid assets. This includes bank statements for checking and savings accounts, verification of investments, and any other liquid assets. Some of the things they ask for may seem trivial, but keep in mind, if you are planning a move to a new home, it’s important to have all documentation readily available. If the lender asks for canceled checks or deposit receipts to meet certain conditions, you want to be able to find these things quickly to avoid delaying the closing of your loan. Make sure your paper trail is easy to document, and don’t move money from one account to another. Keep Reading...

Congress Passes Home Buyer Tax Credit Extension till September 30, 2010

John Thomas July 1, 2010 Tags: ,

Tax credit processing extension till September 30, 2010

The Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30th. There will also be no gap between June 30th and the date the President signs the bill into law. The extension only applies to transactions in which the purchase contract was signed by April 30th. Please note this bill is pending the President’s signature.

Congress has been trying to pass the extension for the last month, but it was done as an amendment to a much larger bill for job benefits with a big price tag. Only when it was separated from this larger jobs bill did deficit-wary lawmakers sign off on it. The extension will lower the deficit by $9 million over a decade since it is offset by certain other provisions.
An estimated 200,000 people have missed out on the tax credit because they wouldn’t have been able to close by the end of business Wednesday. Many are trying to take advantage of short sales, which are complicated deals to complete. Keep Reading...

Delaware First Time Home Buyer Tips – Choosing Real Estate Agent

John Thomas June 30, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Choosing The Right Real Estate Agent

Choosing the right person to represent you in negotiating your Delaware home purchase is a major decision. Whenever you see the designation of Delaware REALTOR® (with a registered trademark) you can rest assured that person is a member of the NATIONAL ASSOCIATION OF REALTORS® (NAR), and has a commitment to meeting the standards of the organization. My team and I at Primary Residential Mortgage, Inc. have a network of professionals that have done a great job for our clients in the past, and we can provide you with a referral to a qualified representative, and pre-approval to shop as a cash buyer. Keep Reading...

Delaware First Time Home Buyer Tips – Best time to lock interest rate

John Thomas June 27, 2010 Tags: , ,

Delaware First Time Hom Buyer Tips – Interest Rates

When is the best time to lock?

When it comes to mortgage loans and interest rates, it’s never a good idea to gamble. That’s why I typically advise my clients to lock in an interest rate at the earliest opportunity. This is just one step of the standardized system we have put in place to ensure the best possible loan experience for each borrower that we work with.

A mortgage loan cannot be closed without a locked-in rate, and there are three main elements to take into consideration: Keep Reading...