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Interest Rate Report

Fixed rate mortgages may have hit the bottom for now. Even with the recent decision by the Federal Reserve to cut rates last month rates have started creeping up again. Rumors are that the Federal Reserve may even cut rates when they meet again on March 18th. That is unless inflation starts creeping up. Another boost for the real estate market and home buyers and sellers is that the government may raise the conforming loan limits. This means that home buyers in high price markets will have a slightly easier time getting a mortgage for their homes.

April Real Estate Report

Sales of existing homes dropped slightly again. Month over month home sales fell in almost all regions of the country with only the Midwest posting a home sales gain. Compared to last year at the same time overall home sales are down 23.35%. The median average home sales price fell compared to last year. Prices are down nationally 4.65%. 2007 is the first year that median home prices declined nationally since the National Association of Realtors began keeping records in the early sixties. What is bad for home sellers might be good for home buyers. The slowing of home sales means that the real estate inventory of homes for sale is increasing. This means that there are more houses for sale and that they are staying on the market longer. This means that buyers have more power to get the home of their dreams.

Understanding Adjustable Rate Mortgages

You've probably heard a lot about ARMs in the news of late, but many people still find them confusing. They know that the rate changes, but they aren't sure how. ARMs really aren't all that complicated. An ARM has two elements: The interest rate and monthly payment. With a fixed rate mortgage those items stay the same throughout the life of the loan. With an ARM, the interest rate changes and in turn, causes changes in your monthly payments.

Selling a Home on a Busy Street

Selling a house on a busy street requires a determined effort from the home seller and the Realtor to emphasize the many positive aspects of the home. According to real estate professionals, there are several ways to attract interested home buyers to those busy streets with the double yellow lines down the middle, and reach your goal of a successful home sale.

Cleaning Up Your Credit

Mortgage lenders generally check with three credit bureaus in order to evaluate your past payment history. Your goal in cleaning up your credit report should be to clean up each of the three bureaus. If you only work on one, this does not effect the reporting to the other bureaus.

Assistance Programs for. First Time Homebuyers

Although many people can afford a mortgage payment and associated costs to owning their own home, the thought of coming up with a substantial down payment often stops them from taking the plunge. Charity organizations and federal institutions are available to these buyers to assist with this problem.

When Your Home's Value is Less Than the Mortgage

With the real estate market cooling off some people are finding themselves in an awkward situation. For the first time in years the value of their home is less than what they owe on their mortgage. Several things have contributed to this. First, home prices aren't increasing like they were the last few years and in come cases have even dropped. Second, specialty loan products like option ARMs and interest only loans have made it easy people to buy more home than they can afford. There is a solution.

Common Home Buying Mistake

It's not unusual for couples to discuss buying their first home together as part of their wedding plans. Just talking about buying a home can be a great source of excitement for a first-time homeowner. Often the reality of the situation is overshadowed by the magic of the experience. Make no mistake about it, buying a home while planning for a wedding can lead to some very expensive oversights during the purchase of a first home.