The Market is Moving? Are You?At the beginning of this year a 30 year mortgage rate was close to 3.5%, as of today rates are averaging 4.5%. Â Some mortgage experts are expecting rates to hit 6% in October.
Have a new question, will the loan companies require that we pay off charge-off's that are 4+ years old? I read on FHA's website that April 1st they will require charge-off's of more than a $1000.00 to be paid off.... more
Foreclosures aren't always the best way to go. In many cases, the previous owner who lost the home was in a bad loan. If they rolled in closing costs, they may owe more to the bank than the house is actually worth on the open market. And, if there are condition issues, repair bills need to be taken into account. Banks want to recover their fees and make profit, too. Get with a Realtor who can show you all of the available homes. I've found that many buyers think they want a foreclosure because it sounds good to them. But, when they start looking and comparing, they find some other home that suits their needs better and is more move-in ready. Realtors will put their negotiating expertise to work for you and get you the best deal possible on the home. Many of the foreclosures in DFW were caused because buyers without Realtor representation bought new construction and went into a bad loan. We help people avoid those pitfalls.... more