Mortgage shopping can be simple or complex. It all depends on how much shopping you choose to do. Below is an article that gives a solid overview of different loan types. But be sure to work with professionals (attorney, accountant, real estate broker) to determine which form of loan will be best for you.
Fannie Mae National Housing Survey for May 2014 has some interesting facts. The survey found that:
- The survey suggests that Americans continue to take a more positive view of the housing market than the economy or their personal finances.
- The average 12-month home price change expectation remained unchanged from last month, at 2.9 percent.
- The share of respondents who say home prices will go up in the next 12 months fell to 48 percent, while the share who say home prices will go down increased to 7 percent.
- The share of respondents who say mortgage rates will go up in the next 12 months continued to fall, dropping to 49 percent.
- The average 12-month rental price change expectation decreased slightly to 3.9 percent.
- Fifty-one percent of those surveyed said home rental prices will go up in the next 12 months, while 3 percent of respondents said rental prices will fall.
- Forty-nine percent of respondents thought it would be easy for them to get a home mortgage today, rising 4 percentage points from last month.
- The share who say they would buy if they were going to move increased slightly to 66 percent.
The Oil & Gas industry has been around for a very long time and has been shown to have many different effects on the viability of our nation. From running cars and homes to starting fires and changing our views on the world it is a commodity that is having a lasting impact. Its impact is changing the face of real estate, taxation, and related businesses and industries.
The Western Energy Alliance recently documented the current economic impact it has on our country. So check out your congressional district. Find out what is happening around you and decide how you feel about what is happening in you area.
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There are some amazing looking products in the market but how do consumers get to them. Well, the Consumer Financial Protection Bureau’s Qualified Mortgage guidelines put in place in January make finding them a little bit harder. While interest rates are low and their are many lenders waiting to get your business, consumers are hard pressed to find a way to get the best out of their borrowing experience. Here are some things that borrowers need to consider:
- Debt-to-income ratio: Adding together all the debt for which you make your monthly payments, the QM guidelines now specify that your debt-to-income ratio cannot exceed 43%. In other words, if you make $150,000 per year, you can’t carry balances owed of more than $64,500. There can be some exceptions to the rule, especially for the self-employed, for whom lenders can sometimes consider other financial factors. Also, some loans, such as those issued along Veterans Affairs channels, can allow for a DTI ratio that is greater than 43%.
- Loan limits: The QM mandates that mortgages shall not be set for terms longer than 30 years. And the points and fees borrowers pay on their mortgages can no longer exceed 3%.
- Interest-only loans: One of the features that came with some pre-collapse loans — risky ones, at that — was an interest-only period, during which borrowers would make monthly payments that did not reduce the principal but only serviced accruing monthly additions. As of 2014, the CFPB rules do away with such options.
- Negative Amortization and Balloon Payments: Lenders can’t issue a loan in which the principal increases month to month, and — with limited exceptions for certain rural and “underserved” regions — they aren’t allowed to create a mortgage in which a large final payment is due at the end of the loan’s term.
The above factors will be driving the newly “improved” mortgage markets under the CFPB. In order to really look at the best options for you, you should consider that the lender will be looking for the following:
- Current or reasonably expected income/assets
- Current employment status
- Amount of the monthly payment on the loan in question
- Any monthly payments on simultaneous loans
- Monthly totals owed on other mortgage obligations
- Current debt of other kinds
- The borrower’s DTI
- The borrower’s credit history
OBLS helps individuals, business, and other entities stabilize their financial setting. We would love to help you review, revise, and recover you financial health. With legal and financial experience, we can help you.
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Even though we know governmental and quasi-governmental bodies are slow to act, Fannie Mae is making steps to streamline the housing protection options that it provides. It has set up a web portal for real estate professionals to use in making your shortsale happen. OBLS is one of those real estate professionals and our goal is always to act efficiently with our practices. Check out the Article and give us a call about how OBLS can support you.
As a member of ACA (see the video), my goal is to help consumers get out of debt by working with them to manage their finances in a way that gets them to financial prosperity. Check out the video for things you should know:<p><a href=”http://vimeo.com/96733519″>ACA on the Daily Buzz – Segment 2</a> from <a href=”http://vimeo.com/acainternational”>ACA International</a> on <a href=”https://vimeo.com”>Vimeo</a>.</p>
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Estate Planning is more complicated than the average American wants to believe. So check out the link about what you should realize:
Check the Article out at: http://www.dailyfinance.com/2014/05/12/11-financial-documents-for-unmarried-couples/
News Note: Every once in a while and Article strikes my interest in light of the clients I work with. It is on point with what they should know. And so should you. This is one of them. Thanks for reading.