Gay Real Estate News

Real Estate Experts Nationwide Urge to Buy Now Before the Spring Rush

By Jeff Adolph

Residential Home Buying 

Broderick Perkins, a real estate examiner for examiner.com and deadlinenews.com founder, a news service that focuses on real estate, suggests that now is the time to consider buying rather than waiting for that seasonal thaw.

As Perkins stated in a recent article, "If you wait for the seasonal thaw you'll join what could be a throng of market savvy buyers who have already scanned the lay of the land and are elbowing for position."

Why the rush?

Well even though the housing market is in what many refer to as a slump and home equity is not as strong as it once was, interest rates are the lowest they have ever been and there are some fantastic bargains to be had if you know what you are looking for. This means that the discerning buyer should be comparing home prices and value, researching the neighborhood that they are interested in, and going to open home inspections regularly, even if it is cold out.

Knowing exactly what you are buying as well as considering the potential a house has to be home often gives a home buyer an edge in the market place. Being 'market savvy' simply means being aware and understanding the difference between a bargain and a poor investment when it comes to home buying. 

Sources:  Perkins, Broderick (2008) Buy Now! Beat the Spring Rush; available online at http://www.deadlinenewsroom.blogspot.com

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By Jeff Adolph

Residential Home Buying 

Broderick Perkins, a real estate examiner for examiner.com and deadlinenews.com founder, a news service that focuses on real estate, suggests that now is the time to consider buying rather than waiting for that seasonal thaw.

As Perkins stated in a recent article, "If you wait for the seasonal thaw you'll join what could be a throng of market savvy buyers who have already scanned the lay of the land and are elbowing for position."

Why the rush?

Well even though the housing market is in what many refer to as a slump and home equity is not as strong as it once was, interest rates are the lowest they have ever been and there are some fantastic bargains to be had if you know what you are looking for. This means that the discerning buyer should be comparing home prices and value, researching the neighborhood that they are interested in, and going to open home inspections regularly, even if it is cold out.

Knowing exactly what you are buying as well as considering the potential a house has to be home often gives a home buyer an edge in the market place. Being 'market savvy' simply means being aware and understanding the difference between a bargain and a poor investment when it comes to home buying. 

Sources:  Perkins, Broderick (2008) Buy Now! Beat the Spring Rush; available online at http://www.deadlinenewsroom.blogspot.com

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By Jeff Adolph

Residential Home Buying 

Sources:  Perkins, Broderick (2008) Buy Now! Beat the Spring Rush; available online at http://www.deadlinenewsroom.blogspot.com

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Are You Thinking About Buying Your First Home?

By Jeff Adolph

First-Home Buying Tips

First home buying can be an exhilarating experience, however it can also be a little daunting, especially if you are unfamiliar with contracts, real estate terminology and the negotiation process, or how to go about finding yourself a great Realtor.

Therefore if you are unsure of where to start, sit down with family and friends and talk about their home buying and selling experiences so that you have a better understanding of how the process may unfold. Listen to both the positive and negative sides of every story, as this will then give you valuable insight into what can possibly go wrong and how you can look to avoid a similar situation yourself.

If you are still then unsure of buying your first home, visit your local library or book store, and purchasing any one of a number of first home buying books. These titles give you unbiased information and a plethora of tips and advice, much of which can save you thousands when buying your first home.

Some excellent titles to read -- as voted by Amazon customers -- are as follows:

1) Home Buying for Dummies -- 3rd Edition -- by Eric Tyson

2) 100 Questions Every First-Time Home Buyer Should Ask: With Answers from Top Brokers Around the Country -- by Ilyce R. Glink

3) The First-Time Homeowner's Handbook: A Complete Guide and Workbook for the First-Time Home Buyer -- by Atlantic Publishing Company

4) 10 Steps to Home Ownership: A Workbook for First-time Buyers  -- By Ilyce R. Glink

Source: Amazon (2009) available at www.amazon.com

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By Jeff Adolph

First-Home Buying Tips

First home buying can be an exhilarating experience, however it can also be a little daunting, especially if you are unfamiliar with contracts, real estate terminology and the negotiation process, or how to go about finding yourself a great Realtor.

Therefore if you are unsure of where to start, sit down with family and friends and talk about their home buying and selling experiences so that you have a better understanding of how the process may unfold. Listen to both the positive and negative sides of every story, as this will then give you valuable insight into what can possibly go wrong and how you can look to avoid a similar situation yourself.

If you are still then unsure of buying your first home, visit your local library or book store, and purchasing any one of a number of first home buying books. These titles give you unbiased information and a plethora of tips and advice, much of which can save you thousands when buying your first home.

Some excellent titles to read -- as voted by Amazon customers -- are as follows:

3) The First-Time Homeowner's Handbook: A Complete Guide and Workbook for the First-Time Home Buyer -- by Atlantic Publishing Company

4) 10 Steps to Home Ownership: A Workbook for First-time Buyers  -- By Ilyce R. Glink

Source: Amazon (2009) available at www.amazon.com

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In Search of Greener Home Equity Pastures?

By Jeff Adolph

Residential Real Estate

Home equity growth according to many real estate experts is the driving force behind many Americans moving to areas that are exhibiting greater real estate stability.

These trends in moving are seeing regions that experienced significant home price rises in the past, which have now declined sharply, be left for more favorable alternatives that are holing and gaining in value. This then means that these less favorable regions are left with cheaper more affordable housing, which will eventually recoup its value in the future.

So just where are these stronger housing markets located to, I hear you ask?

According to the Home Price Index 2008 last quarter report, the strongest states for housing stability are:

* Alabama;

* Arkansas;

* Iowa;

* Louisiana;

* Mississippi;

* Maine;

* Montana;

* North and South Carolina;

* North and South Dakota;

* Oklahoma;

* Texas;

* Tennessee;

* West Virginia; and

* Wyoming

Sources:  Perkins, Broderick (2008) Where to Find Home Equity?; available online at http://www.deadlinenewsroom.com

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By Jeff Adolph

Residential Real Estate

Home equity growth according to many real estate experts is the driving force behind many Americans moving to areas that are exhibiting greater real estate stability.

These trends in moving are seeing regions that experienced significant home price rises in the past, which have now declined sharply, be left for more favorable alternatives that are holing and gaining in value. This then means that these less favorable regions are left with cheaper more affordable housing, which will eventually recoup its value in the future.

So just where are these stronger housing markets located to, I hear you ask?

* Iowa;

Sources:  Perkins, Broderick (2008) Where to Find Home Equity?; available online at http://www.deadlinenewsroom.com

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What Does House Price-to-Income Ratio Mean?

By Jeff Adolph

Residential Real Estate

Many lenders are asked what a house price-to-income ratio is, and on many occasions borrowers find the explanation a little confusing.

So, in order to alleviate any frustration I shall define what a house price-to-income ratio is, and how this applies to a home buyer.

Simply put, a house price-to-income ratio is what a lender uses to assess whether, or not, a home is affordable for a borrower. Therefore if you do not earn enough money to cover your cost of living, plus the mortgage that you are interested in securing, then a lender may turn you down for a loan. This is why it is always advisable to visit a lender prior to looking for a home, so that you know exactly 'how much' you can borrow and then go in search of homes that fit within your budget, and not vice versa.

The house price-to-income ratio is calculated by using 3 figures, these being:

1) The average annual income of the borrower or borrowers;

2) The lender's maximum lending percentage of a borrower's income; and

3) The current interest rate, or the interest rate of the mortgage that a borrower is looking to secure.

Lending criteria today states that an affordable rate for a borrower to repay on a mortgage is 28% of their income, therefore lenders must adhere to this standard.

Typically, the home price-to-income ratio differs in relation to different interest rates and whether or not the borrower has a down payment, as the amount they then have to borrow is reduced. For example - an interest rate of 5% will incur a maximum borrowing ratio of 4.35% of a borrower's income if they put 0% down, whereas if the same borrower has a 20% down payment their ratio will increase to 5.22% of their annual income.

Ratios also differ depending on the area in which you reside, because the median home prices in some regions are higher or lower than in other regions.

Sources:  Engebreth Ben (2008) Housing Price-to-Income Ratio is a Way to Measure Maximum Local Affordability; available online at http://www.benengebreth.org

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By Jeff Adolph

Residential Real Estate

Many lenders are asked what a house price-to-income ratio is, and on many occasions borrowers find the explanation a little confusing.

So, in order to alleviate any frustration I shall define what a house price-to-income ratio is, and how this applies to a home buyer.

Simply put, a house price-to-income ratio is what a lender uses to assess whether, or not, a home is affordable for a borrower. Therefore if you do not earn enough money to cover your cost of living, plus the mortgage that you are interested in securing, then a lender may turn you down for a loan. This is why it is always advisable to visit a lender prior to looking for a home, so that you know exactly 'how much' you can borrow and then go in search of homes that fit within your budget, and not vice versa.

The house price-to-income ratio is calculated by using 3 figures, these being:

1) The average annual income of the borrower or borrowers;

2) The lender's maximum lending percentage of a borrower's income; and

3) The current interest rate, or the interest rate of the mortgage that a borrower is looking to secure.

Lending criteria today states that an affordable rate for a borrower to repay on a mortgage is 28% of their income, therefore lenders must adhere to this standard.

Typically, the home price-to-income ratio differs in relation to different interest rates and whether or not the borrower has a down payment, as the amount they then have to borrow is reduced. For example - an interest rate of 5% will incur a maximum borrowing ratio of 4.35% of a borrower's income if they put 0% down, whereas if the same borrower has a 20% down payment their ratio will increase to 5.22% of their annual income.

Ratios also differ depending on the area in which you reside, because the median home prices in some regions are higher or lower than in other regions.

Sources:  Engebreth Ben (2008) Housing Price-to-Income Ratio is a Way to Measure Maximum Local Affordability; available online at http://www.benengebreth.org

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By Jeff Adolph

Residential Real Estate

Sources:  Engebreth Ben (2008) Housing Price-to-Income Ratio is a Way to Measure Maximum Local Affordability; available online at http://www.benengebreth.org

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5 American Cities Listed as Global Real Estate Hotspots

By Jeff Adolph

Residential Real Estate 

Despite the United States hitting an economic brick-wall and real estate taking what many refer to as a battering, five American cities have been listed in Forbes Magazine as the 'World's Best Place to Buy Real Estate'.

Washington D.D, New York City, San Francisco, Los Angeles and Houston are all attracting foreign investment in commercial and residential real estate, and have been listed in the top 10 places to buy real estate globally.

Why? I hear you ask.

The Association of Foreign Investors in Real Estate believe that the government bailout in the United States has stimulated foreign investment, and that investors feel confident that President Obama will lead the American nation into a brighter, more economically viable future.

Sources:  NBC Washington (2008) District Tops Global Real Estate List; available online at http://www.upi.com

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By Jeff Adolph

Residential Real Estate 

Despite the United States hitting an economic brick-wall and real estate taking what many refer to as a battering, five American cities have been listed in Forbes Magazine as the 'World's Best Place to Buy Real Estate'.

Washington D.D, New York City, San Francisco, Los Angeles and Houston are all attracting foreign investment in commercial and residential real estate, and have been listed in the top 10 places to buy real estate globally.

Why? I hear you ask.

The Association of Foreign Investors in Real Estate believe that the government bailout in the United States has stimulated foreign investment, and that investors feel confident that President Obama will lead the American nation into a brighter, more economically viable future.

Sources:  NBC Washington (2008) District Tops Global Real Estate List; available online at http://www.upi.com

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By Jeff Adolph

Residential Real Estate 

Sources:  NBC Washington (2008) District Tops Global Real Estate List; available online at http://www.upi.com

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Should I Sell Before Buying, or Buy Before Selling? -- Part 2

By Jeff Adolph

Residential Real Estate

Yesterday, I discussed the advantages and disadvantages of selling your existing home before buying a new home. Today, I want to look at the advantages and disadvantages of buying a new home before selling your existing, and also explore the sale-of-home contingency, which is a safe guard for you if you do not want to be lumbered with the possibility of paying two mortgages.

Advantages

1) Knowing Where You're Heading - if you buy before selling your existing home, you and your family know exactly what the future holds and this enables you to plan for moving so that you can then arrange your life around this.

2) Home Contingency - you can use a home contingency to ensure that you will only be buying the new home if your existing home sells. This way you are not facing the prospect of paying two mortgages in the future should your existing home not attract interested buyers.

Disadvantages

1) No Guarantees - when you use a home contingency you have no guarantees that the home you're interested in is yours. This is because there is a 'kick out' clause in the contingency that allows the seller of your new home the opportunity to accept non-contingent offers, if they present themselves.

2) Existing Home Doesn't Sell -if your existing home has not sold within a specified time you may forfeit buying your new home, and have to wait until another home that you like becomes available.

Buying a Home Without a Contingency or Using Bridging Finance

Buying a home without a contingency or using bridging finance means that you are facing the prospect of paying for two mortgages and this is when you really need to be serious about your finances. If you can afford to pay for two mortgages while your existing home is on the market then this could be a favorable alternative. But, if you cannot afford to pay for two loans then using either of these alternatives will put you under considerable pressure and may also be your financial undoing.

However, an alternative to you having to pay for two mortgages for a long duration, may be for you to consider renting out your existing home until the market is more favorable. This way you get to buy your dream home at the price you want to pay, and you are then able to get a good price for your existing home at a later date. In this situation the most important question you then have to ask yourself is, 'do I feel comfortable with being a landlord?' If you are, and you can meet the maintenance and property tax costs, then what are you waiting for?

Sources:  Joe Cline (2008) Maximizing Real Estate Profits; available online at http://www.americanchronicle.com

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By Jeff Adolph

Residential Real Estate

Yesterday, I discussed the advantages and disadvantages of selling your existing home before buying a new home. Today, I want to look at the advantages and disadvantages of buying a new home before selling your existing, and also explore the sale-of-home contingency, which is a safe guard for you if you do not want to be lumbered with the possibility of paying two mortgages.

Advantages

1) Knowing Where You're Heading - if you buy before selling your existing home, you and your family know exactly what the future holds and this enables you to plan for moving so that you can then arrange your life around this.

2) Home Contingency - you can use a home contingency to ensure that you will only be buying the new home if your existing home sells. This way you are not facing the prospect of paying two mortgages in the future should your existing home not attract interested buyers.

Disadvantages

2) Existing Home Doesn't Sell -if your existing home has not sold within a specified time you may forfeit buying your new home, and have to wait until another home that you like becomes available.

Buying a Home Without a Contingency or Using Bridging Finance

Buying a home without a contingency or using bridging finance means that you are facing the prospect of paying for two mortgages and this is when you really need to be serious about your finances. If you can afford to pay for two mortgages while your existing home is on the market then this could be a favorable alternative. But, if you cannot afford to pay for two loans then using either of these alternatives will put you under considerable pressure and may also be your financial undoing.

However, an alternative to you having to pay for two mortgages for a long duration, may be for you to consider renting out your existing home until the market is more favorable. This way you get to buy your dream home at the price you want to pay, and you are then able to get a good price for your existing home at a later date. In this situation the most important question you then have to ask yourself is, 'do I feel comfortable with being a landlord?' If you are, and you can meet the maintenance and property tax costs, then what are you waiting for?

Sources:  Joe Cline (2008) Maximizing Real Estate Profits; available online at http://www.americanchronicle.com

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Should I Sell Before Buying, or Buy Before Selling? -- Part 1

By Jeff Adolph

Residential Real Estate

Many people, including Realtors would suggest that you sell your existing home before you buy a new one, while others may suggest finding a new home before selling your existing. At the end of the day the right solution for you really comes down to your circumstances, and this is why it is vital that you look at all your options and then weigh up the pros and cons of each scenario before you take a plunge into the real estate pool.

If you sell before you buy you give yourself several favorable advantages, but there are disadvantages also. Here are some of the pros and cons that you may encounter.

Advantages

1) Knowing Your Buying Budget - you are able to buy a new home that fits within your budget rather than working out your buying price based on an asking price, or what you believe your existing home well fetch in the marketplace.

2) More Favorable Prices - you are able to negotiate on the sale price of your existing home and wait for a favorable price, rather than being forced to accept low offers because you need to sell. Plus, you will be able to negotiate on the price of your new home because you'll have money in the bank.

Disadvantages

1) Forced to Rent - you may not be able to find your dream home before the settlement date of your existing home, which then means that you may be forced to rent, short-term, until a home you love comes on the market.

2) Uncertainty -it is often very hard for people to sell their home without knowing where they are moving to. This then makes selling your existing home harder to do, and can often be very unsettling, emotionally, for the whole family.

See Part 2 of 'Should I Sell Before Buying, or Buy Before Selling?' for the buying a home and then selling advantages and disadvantages...

Sources: Royce, Jeff (2009) Timing of Buying and Selling; available online at http://www.trulia.com

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By Jeff Adolph

Residential Real Estate

Many people, including Realtors would suggest that you sell your existing home before you buy a new one, while others may suggest finding a new home before selling your existing. At the end of the day the right solution for you really comes down to your circumstances, and this is why it is vital that you look at all your options and then weigh up the pros and cons of each scenario before you take a plunge into the real estate pool.

If you sell before you buy you give yourself several favorable advantages, but there are disadvantages also. Here are some of the pros and cons that you may encounter.

Advantages

1) Knowing Your Buying Budget - you are able to buy a new home that fits within your budget rather than working out your buying price based on an asking price, or what you believe your existing home well fetch in the marketplace.

2) More Favorable Prices - you are able to negotiate on the sale price of your existing home and wait for a favorable price, rather than being forced to accept low offers because you need to sell. Plus, you will be able to negotiate on the price of your new home because you'll have money in the bank.

Disadvantages

Sources: Royce, Jeff (2009) Timing of Buying and Selling; available online at http://www.trulia.com

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Real Estate Markets that are Holding their Value

By Jeff Adolph

Residential Real Estate

HomeSmartReports.com, an analytical research company that looks at, and considers, market risks and home values, recently released a list of the top 100 metropolitan areas nationwide where real estate prices and values are remaining steady.

Mike Ela, Co-founder of HomeSmartReports.com said in a recent interview with Real Estate Examiner, Broderick Perkins that, "My lament over the last several years is that people have not paid any attention to risk-related factors in real estate."

Ela then goes on to state that he feels that there are many areas of America that have small risk factors, and offer home buyers a sound investment opportunity. This is based on the research that his company has conducted during the closing months of 2008. Areas that are noted are as follows:

Abilene, TX;

Barnstable Town, MA;

Bridgeport-Stamford-Norwalk, CT -- one of GayRealEstate USA's gayest zip codes;

Bismarck, ND -- one of GayRealEstate USA's gayest zip codes;

Burlington-South Burlington, VT -- one of GayRealEstate USA's gayest zip codes;

Cambridge-Newton-Framingham, MA;

Farmington, NM;

Fond du Lac, WI;

Grand Forks, ND-MN; Essex County, MA;

Hartford-West Hartford-E Hartford, CT-- one of GayRealEstate USA's gayest zip codes;

Hinesville-Fort Stewart, GA;

Jackson, MI -- one of GayRealEstate USA's gayest zip codes;

Jacksonville, NC;

Lebanon, PA;

Manchester-Nashua, NH -- one of GayRealEstate USA's gayest zip codes;

New Haven-Milford, CT;

Norwich-New London, CT;

Odessa, TX;  and

Portland-South Portland-Biddeford, ME -- one of GayRealEstate USA's gayest zip codes.

Sources:  Perkins, Broderick (2008) 100 Stable Housing Markets; available online at http://www.examiner.com

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By Jeff Adolph

Residential Real Estate

HomeSmartReports.com, an analytical research company that looks at, and considers, market risks and home values, recently released a list of the top 100 metropolitan areas nationwide where real estate prices and values are remaining steady.

Ela then goes on to state that he feels that there are many areas of America that have small risk factors, and offer home buyers a sound investment opportunity. This is based on the research that his company has conducted during the closing months of 2008. Areas that are noted are as follows:

Abilene, TX;

Barnstable Town, MA;

Bridgeport-Stamford-Norwalk, CT -- one of GayRealEstate USA's gayest zip codes;

Bismarck, ND -- one of GayRealEstate USA's gayest zip codes;

Burlington-South Burlington, VT -- one of GayRealEstate USA's gayest zip codes;

Cambridge-Newton-Framingham, MA;

Farmington, NM;

Fond du Lac, WI;

Grand Forks, ND-MN; Essex County, MA;

Hartford-West Hartford-E Hartford, CT-- one of GayRealEstate USA's gayest zip codes;

Hinesville-Fort Stewart, GA;

Jackson, MI -- one of GayRealEstate USA's gayest zip codes;

Jacksonville, NC;

Lebanon, PA;

Manchester-Nashua, NH -- one of GayRealEstate USA's gayest zip codes;

New Haven-Milford, CT;

Norwich-New London, CT;

Odessa, TX;  and

Portland-South Portland-Biddeford, ME -- one of GayRealEstate USA's gayest zip codes.

Sources:  Perkins, Broderick (2008) 100 Stable Housing Markets; available online at http://www.examiner.com

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How Open Houses Encourage Buyers to Buy

By Jeff Adolph

Residential Real Estate

Open houses are a must when selling a home because they allow a prospective buyer to sample the wares, prior to buying.

Let's face it, no-one really likes letting people wander through their home when they are not there, especially strangers, but if you want to sell your home and show case all that it has to offer, then it is advisable. After all, how many times can you honestly say that you have been willing to pay for an item without actually seeing what you are buying in the flesh.

Many Realtors feel that the 'open house' not only attracts potential buyers, including passers-by that simply drop in out of curiosity and fall in love, but also the open house gives buyers an opportunity to acquaint themselves with the area, as well as the home.Often this may be the difference between buyers who were not sure, then making an on-the-spot decision to buy, especially if they become emotionally attached to the house they are viewing and can visualize themselves living there.

So if you're apprehensive about holding an open house then think again because it may make the difference between you selling your home or not.

Sources:  Perkins, Broderick (2008) Open house Gets the Ball Rolling; available online at http://www.thecalifornian.com

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By Jeff Adolph

Residential Real Estate

Open houses are a must when selling a home because they allow a prospective buyer to sample the wares, prior to buying.

Many Realtors feel that the 'open house' not only attracts potential buyers, including passers-by that simply drop in out of curiosity and fall in love, but also the open house gives buyers an opportunity to acquaint themselves with the area, as well as the home.Often this may be the difference between buyers who were not sure, then making an on-the-spot decision to buy, especially if they become emotionally attached to the house they are viewing and can visualize themselves living there.

So if you're apprehensive about holding an open house then think again because it may make the difference between you selling your home or not.

Sources:  Perkins, Broderick (2008) Open house Gets the Ball Rolling; available online at http://www.thecalifornian.com

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Mortgage Rates Hit Record Lows

By Jeff Adolph

Ask a Realtor

Those wanting to buy or refinance may get the deal of the century at their local bank if they do so soon.

 

Late last year the National Association of Realtors (NAR) predicted that if rates hit 4.5 percent because of proposed emergency government programs to pump cash into banks, it could inspire as many as half a million home sales. But even without the specific kind of aid that the NAR recommended, mortgage rates have been falling for months. Now rates on many of the most popular home financing products are below five percent and are beginning to close the distance on that incredibly affordable 4.5 percent target. Moody's Economy recently predicted that interest rates would likely hit that level by the middle of 2009 and continue dropping to a low of 4.37 percent in the second quarter.

But because the Treasury is spending so much money to bolster an ailing economy, most economists anticipate that inflation will begin to push rates back up by the end of the year. By the first quarter of 2010, rates are expected to be at around 5.87 percent. That means that the next few months are critical for those who want to capture extremely low mortgage rates before they slip away.

 

The NAR has been appealing to Congress to buy down interest rates with money set aside for the Treasury’s economic rescue plan. The way that type of program would work is that the government would step in and pay points to lenders – almost the same way that homeowners do when they take out a mortgage and want to pay points for a lower interest rate. Then the lenders would pass along those discounts to their customers free of charge. But interestingly enough, rates have come down despite the fact that the proposed government intervention has not yet happened. If Congress decides to implement what the NAR has suggested, it would mean that rates could go even lower, perhaps breaking all-time records. Under a new White House administration that could happen, but in the meantime borrowers are already enjoying extremely attractive and affordable rates on a variety of home loans.

 

Mortgage rates seem to be responding to the Federal Reserve's decision to purchase about $500 billion in mortgage backed securities from mortgage insurers like Fannie Mae and Freddie Mac. Within the past 2-3 months, for example, rates on some home loans have fallen 1.5 percentage points or more. That translates into a monthly savings of $180-$190 per month on a typical $200,000 mortgage. Rates on 15-year loans are lower than they have been in more than five years, and the trusty and predictable 30-year fixed rate mortgage has hit a 50-year low.

Even adjustable rate loans are seeing decreases, because many of the indexes that determine their rates have been declining during the last few months. Using a 5-year ARM as an illustration, it is easy to see how ARM mortgages that were so out of favor last year have suddenly become much less volatile and more attractive. As an example, consider an ARM that is tied to the prevailing 1-year Treasury rate – a common scenario for these 5-year mortgages. Let’s say for the sake of this example that it began with a special low introductory 4.5 percent rate and will reset to the new Treasury rate plus an additional premium of 2.75 percent interest. If that kind of loan resets today it will drop it to an interest rate of only 3.25 percent – lower than the “teaser” rate it started with and considerably cheaper than today’s fixed-rate 30-year mortgages.

 

For someone planning to sell soon, an ARM may be a bargain. Others who intend to keep loans for the long haul, however, may be better off refinancing out of their ARM, into a fixed-rate loan. Many banks are offering 30-year fixed mortgages at rates that have not been this low since the 1950s, and grabbing one of those deals may be an exceptionally wise investment.

 

Also keep in mind that many ARMs have limits built into them that prevent the loan rate from going excessively high during a short period of time. That helps protect the borrower from an abrupt spike if rates surge upward, but it also regulates how low the interest rate can go in an environment of rapidly falling rates. So the benefits of resetting to current rates may be limited for those who have ARM loans with rate caps.

As these scenarios show, making mortgage decisions can be complicated. But a professional mortgage broker can help crunch the numbers to show all the different options.

 

Regardless of whether 2009 is a good year to hold onto a loan, refinance, or take out a new mortgage to buy a home, one thing is for certain. Rates are lower than they have been in decades, and they may not get this low again for decades to come.

 

To locate mortgage and real estate brokers who specialize in expert service to the GLBT community, visit www.GayRealEstate.com and www.GayMortgageLoans.com. Or call their toll-free phone number, 1-888-420-MOVE (6683).

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© 2006+ Jeff Adolph GayRealEstate USA

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By Jeff Adolph

Ask a Realtor

Those wanting to buy or refinance may get the deal of the century at their local bank if they do so soon.

 

Late last year the National Association of Realtors (NAR) predicted that if rates hit 4.5 percent because of proposed emergency government programs to pump cash into banks, it could inspire as many as half a million home sales. But even without the specific kind of aid that the NAR recommended, mortgage rates have been falling for months. Now rates on many of the most popular home financing products are below five percent and are beginning to close the distance on that incredibly affordable 4.5 percent target. Moody's Economy recently predicted that interest rates would likely hit that level by the middle of 2009 and continue dropping to a low of 4.37 percent in the second quarter.

But because the Treasury is spending so much money to bolster an ailing economy, most economists anticipate that inflation will begin to push rates back up by the end of the year. By the first quarter of 2010, rates are expected to be at around 5.87 percent. That means that the next few months are critical for those who want to capture extremely low mortgage rates before they slip away.

 

The NAR has been appealing to Congress to buy down interest rates with money set aside for the Treasury’s economic rescue plan. The way that type of program would work is that the government would step in and pay points to lenders – almost the same way that homeowners do when they take out a mortgage and want to pay points for a lower interest rate. Then the lenders would pass along those discounts to their customers free of charge. But interestingly enough, rates have come down despite the fact that the proposed government intervention has not yet happened. If Congress decides to implement what the NAR has suggested, it would mean that rates could go even lower, perhaps breaking all-time records. Under a new White House administration that could happen, but in the meantime borrowers are already enjoying extremely attractive and affordable rates on a variety of home loans.

 

Mortgage rates seem to be responding to the Federal Reserve's decision to purchase about $500 billion in mortgage backed securities from mortgage insurers like Fannie Mae and Freddie Mac. Within the past 2-3 months, for example, rates on some home loans have fallen 1.5 percentage points or more. That translates into a monthly savings of $180-$190 per month on a typical $200,000 mortgage. Rates on 15-year loans are lower than they have been in more than five years, and the trusty and predictable 30-year fixed rate mortgage has hit a 50-year low.

Even adjustable rate loans are seeing decreases, because many of the indexes that determine their rates have been declining during the last few months. Using a 5-year ARM as an illustration, it is easy to see how ARM mortgages that were so out of favor last year have suddenly become much less volatile and more attractive. As an example, consider an ARM that is tied to the prevailing 1-year Treasury rate – a common scenario for these 5-year mortgages. Let’s say for the sake of this example that it began with a special low introductory 4.5 percent rate and will reset to the new Treasury rate plus an additional premium of 2.75 percent interest. If that kind of loan resets today it will drop it to an interest rate of only 3.25 percent – lower than the “teaser” rate it started with and considerably cheaper than today’s fixed-rate 30-year mortgages.

 

For someone planning to sell soon, an ARM may be a bargain. Others who intend to keep loans for the long haul, however, may be better off refinancing out of their ARM, into a fixed-rate loan. Many banks are offering 30-year fixed mortgages at rates that have not been this low since the 1950s, and grabbing one of those deals may be an exceptionally wise investment.

 

Also keep in mind that many ARMs have limits built into them that prevent the loan rate from going excessively high during a short period of time. That helps protect the borrower from an abrupt spike if rates surge upward, but it also regulates how low the interest rate can go in an environment of rapidly falling rates. So the benefits of resetting to current rates may be limited for those who have ARM loans with rate caps.

As these scenarios show, making mortgage decisions can be complicated. But a professional mortgage broker can help crunch the numbers to show all the different options.

 

Regardless of whether 2009 is a good year to hold onto a loan, refinance, or take out a new mortgage to buy a home, one thing is for certain. Rates are lower than they have been in decades, and they may not get this low again for decades to come.

 

To locate mortgage and real estate brokers who specialize in expert service to the GLBT community, visit www.GayRealEstate.com and www.GayMortgageLoans.com. Or call their toll-free phone number, 1-888-420-MOVE (6683).

-----------------------------------------------------------------

*RealQuestions RealAnswers*

Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

-----------------------------------------------------------------

© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By:

By Jeff Adolph

Ask a Realtor

-----------------------------------------------------------------

*RealQuestions RealAnswers*

Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

-----------------------------------------------------------------

© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By: