Buying a Home, Finances

Turned Down for a Refinance?

Here’s a great article recently article by the National Association of REALTORS:

When a lender says you don’t qualify for a mortgage refinance, you may be able to fix what’s wrong or find another lender willing to step up.

The five things that most often stop a refinance from going through:

  1. Your home is worth less than your current mortgage (also known as being underwater).
  2. Your credit score is too low.
  3. You can’t document your income.
  4. The lender thinks you’re not making enough money to cover your bills.
  5. Your home is listed for sale.

You can overcome some of those five issues fairly quickly, but others will take time. read more

Buying a Home, Real Estate News, Real Estate Trends

Where Homes Are Selling the Fastest

According to Realtor.com data, the average number of days homes are spending on the market has dropped by nearly 10%  nationwide in the last year.  The average U.S. home now spends 84 days on the market.

But in some housing markets, homes are selling even faster, spending an average of 45 days or less on the market before they sell. What’s more, many of these housing markets are having not only some of the speediest home sales but also some of the largest increases in median home prices compared to a year ago. read more

Selling a Home

Determining Your Home’s Value

Appraisals and CMAs

Appraisals are primarily used to protect the lender’s interest in the property. Just like lenders can be hesitant to issue a mortgage to credit-risky borrowers, they don’t like to underwrite properties for more than they’re worth. Appraisals also are used when other factors have made it difficult to assess your property’s value, such as a lack of real estate activity in your area. read more

Buying a Home, Finances, Real Estate News

Homeowners Shun Mortgage Relief Agencies

Homeowners who fall behind on their mortgage payments are more likely to seek help from loved ones than from mortgage relief agencies, according to a recent survey by Money Management International. Half of homeowners surveyed say they would first seek help from family and friends before talking with their lender (26%) or seeking assistance from a housing counseling agency or mortgage relief program (13%). More than half (53%) say they are concerned about possible scams and fraudulent practices by mortgage assistance agencies, that the services they offer would cost more money than they could afford (51%) and that the process would be confusing or they would choose a solution they don’t fully understand (45%). read more

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