Thursday, August 24, 2017 / by Michael Weissman
Click here to view this direct ocean front gem, "on the sand" in Hillsborough Beach Florida, including a boat dock on a navigable canal minutes to open ocean.Yes you can enjoy this view from your balcony for only $245,000.
Looks like a "Great Deal"!!! --- BUT BEWARE OF HIDDEN COSTS
It looks like a gem, but it's located in a building constructed on leased land and the owner must pay a $1,100 monthly land lease fee in addition to the $640 monthly association fee. The additional payment and future uncertainty regarding the renewal of the land lease keeps the value or this property and the real estate taxes low.
At the right price and for the right buyer this would be a gem, but for most buyers it only appears to be "great deal." Land leases are common in cooperatives (coop), but condominiums (condos), particularly many that were built in the 1950's and 60's were also constructed on leased land. A coop is a form of ownership which has fallen out of favor by real e ...
Wednesday, January 11, 2017 / by Trenner Tompkins
Fla. has 4 of top 5 ‘hottest’ single-family markets
IRVINE, Calif. – Jan. 10, 2017 – Among the 50 largest U.S. markets, the top five (in order) were Orlando, Palm Beach County, Fort Lauderdale, Tampa and Dallas, according to Ten-X, an online marketplace. Each metro area had "a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth."
While Florida metros again dominated the rankings, Ten-X said there was movement within the top five slots: Orlando jumped from fourth to first to overtake Fort Lauderdale; Fort Lauderdale dropped to third; Palm Beach County remained unchanged in second; and Tampa slipped from third place to fourth.
"While most of the cities at the top of the list share common traits like job growth, population growth and economic expansion, many of the cities showing the greatest potential were among those hardest hit during the Great Recession," says Ten-X Executive Vice Pre ...
Wednesday, December 21, 2016 / by Trenner Tompkins
1 in 5 borrowers think they chose the wrong lender
NEW YORK – Dec. 20, 2016 – Twenty-one percent of customers purchasing a home regret their choice of a lender, according to the J.D. Power 2016 U.S. Primary Mortgage Origination Satisfaction Study, based on responses from more than 5,000 consumers. When it comes to first-time buyers, 27 percent say they regret their choice.
One reason for customers' regret overall is a poor experience, including a lack of communication and unmet promises.
Some buyers also said they felt pressured to choose a particular mortgage product, and they made up their mind due to financial reasons, such as a lower rate offered. As a result, dissatisfaction with the mortgage process doesn't necessarily mean it cost these borrowers more money.
"This 'happy buyer's remorse' is in part due to customers feeling that circumstances out of their control drove them to a particular choice and that options weren't totally clear," says Craig Ma ...
Tuesday, December 20, 2016 / by Trenner Tompkins
Failure to qualify for a mortgage: Top 3 reasons
WASHINGTON – Dec. 19, 2016 – A Federal Reserve study on mortgages pinpointed the top three reasons people fail to get approved – the biggest snares for homebuyers seeking a loan. Buyers who focus on these areas before applying stand a better chance of eventually hearing: "Yes, we can loan you the money."
The recently completed Fed study looked at millions of mortgage applications, and it found that flunking the debt-to-income (DTI) test is the No. 1 reason why loan applicants get rejected.
No. 2: Issues over credit histories and scores.
No. 3: Property valuation problems, such as buyers signing up for a house at a price higher than the actual market value.
They all spell trouble.
The study tapped into the databases compiled annually from mandatory reports filed by lenders nationwide to the federal government regarding mortgage applications. During 2015, according to researchers, one of every eight home p ...
Tuesday, December 13, 2016 / by Trenner Tompkins
Mortgage Rates Today, Tuesday, Dec. 13: Lower as Volatility Continues
Thirty-year fixed, 15-year fixed and 5/1 ARM rates are all lower Tuesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
This is a volatile time for mortgage rates. Up one day, down the next. The skittish bond market may find some relief following tomorrow’s Federal Reserve short-term interest rate announcement. While a 0.25-percentage-point hike is widely expected, market analysts and bond investors will be more interested in hearing the Fed’s hint of what is coming next.
Fed Chair Janet Yellen will hold a news conference tomorrow following the rate announcement, at which time she will release the committee’s economic projections.
Mortgage Rates Today,
Tuesday, Dec. 13
(Change from 12/12)
30-year fixed: 4.35% APR (-0.03)
15-year fixed: 3.68% APR (-0.03)
5/1 ARM: 3.78% APR (-0.01)
A warning from a mortgage ...