Home Loan Volume Has Increased From Last Year

1yThe decrease in home loan applications in May have been due to an increase in home loan rates. However, according to the Mortgage Bankers Association, or MBA, the home loan application volume is still 12 percent higher than it was around the same time last year. The number of people wishing to refinance an existing loan was comparable to those who were trying to buy a loan. Many people want to refinance a loan so that they can lower their monthly payments. Fortunately, there are still refinancing opportunities available.

Home buying Remains Steady

It is estimated that pending home sales are 11 percent higher than they were last year. Pending home sales are also the highest that they have been since June 2013. The demand for homes is greatest in metropolitan areas where the economy is improving. Additionally, there are more traditional homebuyers than home investors. Home prices continue to increase, and they are also selling faster.

The rising cost of homes could be a major burden for many people. Lawrence Yun is the Chief Economist for National Association of Realtors. He has stated that in home prices in some parts of the country are increasing at a rate that is four times faster than wage growth. This can be a problem for prospective homebuyers.

What Is Next?

The home loan rates will still favorable for people who want to purchase or refinance a home. If you have questions about refinancing or getting pre-approved for a loan, then please visit MortgageDepot.com today.

Posted in Financing/Mortgage | Leave a comment

JamaicaEstates.com is joining our network.

FOR IMMEDIATE RELEASE: (May 22, 2015)

JE snapshotJamaicaEstates.com Plans to Become Part of the Smart Realty Network (SRN) to Help Gain More Exposure for Their Community and Invite New Home Buyers to Queens.

SRN is best known for helping home buyers find the perfect properties in large metropolitan areas, which include Miami, Panama and New York. Always trying to find the best niche neighborhoods to help families, couples and singles live comfortably in or near these large cities, so they can work and enjoy the lifestyle these vibrant cities offer. Known as a resource for real estate agents and property buyers, SRN.com provides a community resource center for everyone.

In an effort to gain more exposure for its thriving family oriented community, JamaicaEstates.com works as a directory and resource center for property buyers who have narrowed their search to the Queens borough of New York City. The website directory wants to expand its reach, letting New York City home buyers know that Jamaica Estates is one of the most popular communities in Queens and features easy access to Manhattan, Brooklyn and all the popular sites in the area.

Jamaica Estates’ real estate brokers look forward to SRN.com’s audience discovering the phenomenal home values the neighborhood boasts, so home buyers will find as much in value as they find in luxury. The peaceful neighborhood features single-family homes, condominiums, townhouses and starter homes, so there is something to attract and accommodate any personality or lifestyle.

Additionally, as families seek diverse a neighborhood where they can settle and enjoy an enriching home life, brimming a charming character all its own, they will find it all at Jamaica Estates.

SRN.com and JamaicaEstates.com plan to work together to match home buyers with a property that satisfies their desire for a diverse and gratifying lifestyle and a warm and welcoming place to call home.

Posted in Press Releases | Leave a comment

Home Prices Are Currently Too High

Overview

5-8-2015 2-34-08 PMHome prices are one of the most important indicators in the United States economy. Ever since the recession in 2008, home prices have been a hot commodity in the economic news. Currently many experts in the real estate feel like the home prices are too inflated currently due to a lack of supply of homes on the market. People that bought homes in the real estate bubble still may be underwater on their homes and unwilling to take the hit when they leave.

Days On Market

One indicator of how hot or cold a market is for real estate is the median days on the market. This shows how long homes are staying on the market before selling. Currently, the median days on the market measure is the lowest since last summer. This shows that there are too few homes on the market for the demand that is currently out there from potential home buyers. For March, the median days on the market was 52.

Traditional Buyers Vs. Investors

Another good sign for the housing market is the mix of traditional buyers to the total is starting to creep up. In the pits of the recession, many of the homes that were sold were to investors in all cash deals. Although there is nothing inherently wrong with this, it could show that the demand is being over stated. With traditional buyers making up a larger percentage of the total now, this means that the demand that is on the market is true and sustainable. With the demand increasing at a faster rate than the supply, this means that home prices are inevitably going to rise significantly. This is the main reason that many realtors are advising clients that we many be in a mini boom market right now.

Buying at the top of the market currently when there are so few homes on the market can be a disadvantage to buyers. There are many things that can be negotiated when buying or selling a home, and having multiple offers on a home just means those potential buyers are at a disadvantage.

 

Posted in General | Leave a comment

No Income Check Loans – They Still Exist

stated-income-mortgageStated income loans are making a comeback in the home- buying industry. These are a special type of loan where one is not required to provide proof of income such as checks or tax returns. Instead, the lender seeks to cultivate a mutual understanding based on trust. All one has to do is state their income. The lender then gauges the occupation of the borrower to determine if they are capable of taking on the requested loan.

The upside

Stated income loans have far-reaching benefits. They enable people without proof of income to qualify for financing. In such cases, one can apply for a no income check mortgage or a stated income mortgage. Other beneficiaries to these loans are people with varying incomes such as investors or self-employed individuals. Overall, these loans are also processed faster as there isn’t a verification process involved.

The downside

Due to the increased risk posed to the lender, stated income loans have some shortcomings. The first is that one has to pay a larger down payment when seeking a no income income mortgage. This provides some surety that the borrower is serious about the loan. Two, no income check mortgages may bear slightly higher rates, even though the disparity is very low. Again, this is all to counter the risk of one taking out a loan or mortgage payment that they cannot clear.

People best suited for stated income loans

Stated income loans may not be for everyone, but they are perfect for people who might find it hard to find loans elsewhere. These are:

  1. People informally employed (have no income checks)
  2. People with intermittent income – investors & freelancers
  3. People with irregular income – farmers & self employed people
  4. People with varied and complicated income sources – entrepreneurs & investors

Program highlights:

  • No limit of number of properties owned
  • No Tax Returns
  • Loans to $2 Million
  • 1-4 Families + Condos
  • 5+ Unit Multifamily & Mixed-Use
  • Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations).
  • Lending in Continental United States
  • Call for Terms and Pricing

Contact MortgageDepot.com for more information.

Posted in Financing/Mortgage | Leave a comment

Coop Purchase Loans in Queens

coop purchase loansA Coop purchase loan is the financing you seek when you need to buy an apartment in a cooperative-owned building. In New York, these buildings are in abundance and one can hardly seek to purchase an apartment without running into one. However, unlike normal condos and apartments, coop homes are purchased and managed differently and this may make financing a little harder to come by at times.

How Coops are different from ordinary condos

  • When you buy into a coop, you don’t purchase the specific property you’ll be living in. Instead, you buy into the entire cooperative and become a shareholder.
  • Instead of a title, you get a shareholding certificate and a lease agreement.
  • The purchase of coop homes is controlled by the coop board so certain conditions have to be met prior to purchase.
  • The sale of coop ownership is also controlled, so one may not sell their shareholding at will.

Why a coop purchase loan?

Some factors like controlled sale or purchase and the lack of title deeds make it hard to get financing from some lenders when seeking to buy such property. This is true for New York and other areas too. Due to these obstacles, coop purchase loans come in handy for people seeking to buy or get mortgage for coop property.

Benefits of coop purchase loans

Since coop purchase loans are tailored around coop properties, anyone intending to buy such property has a higher chance of getting financing. The loan already acknowledges the challenges in financing coop property so prospective buyers don’t need to explain much about the nature of the investment.

Visit MortgageDepot.com for more information.

Posted in Financing/Mortgage | Leave a comment

Co-Ops Vs. Condos- What’s The Difference?

coops condosWhen you buy a condo, then it’s much like buying a house. Although the space might look like an apartment, you’ll have full ownership of the space just as you would when you buy a house. You’ll receive a deed to the space just as you would when you purchase a stand-alone home.

On the other hand, co-op dwellers own stock in the corporation that owns that building. They receive what is known as proprietary leases on their apartments.

Condos and co-ops are similar, in that they require board approval before you can move into a unit. However, the board requirements of a condo are less stringent than those of a co-op board, and condo applicants are rarely turned down.

On the other hand, a co-op board has options at their disposal such as taking over as purchaser in the contract, which effectively cancels you out of the purchase process. The co-op board can also determine how much cash is required for you to have on hand for the purchase, along with how much of the purchase price can be financed.

You’ll also be required to interview with a co-op board, but you’re not required to interview with a condo board. The co-op board will require a full accounting of your present financial situation-they’ll want to see your income with all of the legal supporting documentation. You’ll also be required to present letters of reference, a letter from your current landlord, an employment verification letter, business letters of reference, copies of your most recent tax returns, the results of a comprehensive credit search, and financing information.

As you can gather, purchasing a co-op is quite challenging. And, sub-leasing a co-op is no small task. On the other hand, you might find that you can sub-lease your NY condo a lot more easily. However, your sub-leasing tenant will be required to fill out an application that discloses their financial information and allows for a credit check. They’ll need to be prepared to stay in the unit for six month through a year, too.

 

Posted in General | Leave a comment
  • Subscribe to Our Blog

  • SRN Search