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Filed under: News, Financing

By Kerri Panchuk

With interest rates well below 4 percent for the week ending June 8, total mortgage applications soared 18 percent from the previous week, an industry trade group said Tuesday.

The Mortgage Bankers Association noted that the refinance index increased more than 19 percent from the previous week, reaching its highest level since April of 2009. The seasonally adjusted purchase index rose about 13 percent from a week earlier — reaching its highest level in more than six months.

“Mortgage application volume increased sharply last week,” said Michael Fratantoni, MBA’s vice president of research and economics. “The increase was accentuated due to the comparison to the week including Memorial Day, but the level of refinance and total market activity is the highest since the spring of 2009.”

Read more on this story at HousingWire.

See more on HousingWire:
Bear Stears, Deloitte Settle With Investors for $295 Million
Basel Committee to Determine If U.S. Big Banks Fit International Standards
Wells Fargo to Limit FHA Streamline Participation

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Source: http://realestate.aol.com/blog/2012/06/13/mortgage-applications-soar-to-highest-level-since-spring-2009/

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Filed under: Advice, Financing, Credit

By Ismat Sarah Mangla,
Money Magazine

Finding an affordable house is no longer a problem but qualifying for a mortgage can be. Here are six tips to getting a mortgage and a good rate.

1. Put your credit on ice.

The higher your credit score, the lower your rate: The best rates go to those with a 760 or more, says credit-score expert John Ulzheimer.

So keep that plastic in your wallet (and don’t apply for new cards or other loans) for at least three months before you go loan shopping. One large balance — even if it’s paid off at the end of the month — can ding your score by 20 points or more.

2. Ask for time.

Most sales contracts give you only 10 days to nab a loan or the seller can move on. Negotiate for an additional five to 10 days to give you some room to shop around.

3. Get at least six quotes.

Rates on a 30-year fixed conforming loan can vary at least as much as a quarter of a percentage point. Get quotes from national lenders at mortgagemarvel.com and find out what your local credit union or regional bank is offering as well. Inquire about fees; while lenders aren’t required to give you a good-faith estimate of closing costs (which average 2 percent of the loan balance) until you actually apply, some will provide it if you ask.

4. Match the lock period to the loan.

You now need 60 days or more to close a loan, says Wharton professor and mortgage expert Jack Guttentag of mtgprofessor.com, and getting an extension on a lock will cost at least a couple of hundred dollars. Ask your lender how long it’s taking to close loans like yours — and don’t lock for less.

5. Opt for an ARM.

If you know you’re not going to be in a house for more than seven years, adjustable-rate mortgages can mean big savings, says Guttentag. The monthly payment on a $300,000, seven-year ARM at the recent rate of 3.23 percent is $1,302, vs. $1,455 for a 30-year fixed at 4.13 percent.

6. Talk to a broker.

Those who need a jumbo loan or have an unusual situation (say, you’re self-employed) will get the best deal from a mortgage broker who has access to and experience with a lot of lenders. Find a fee-only one at upfrontmortgagebrokers.org.

Read more on CNNMoney:
Best deal on remodeling
America’s cleanest cities
It’s safe to sell your home again

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.

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Source: http://realestate.aol.com/blog/2012/04/30/6-ways-to-get-a-great-mortgage-deal/

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Filed under: News, Advice

There’s nothing quite like the lure of an open house sign. Granted, you might not be in the neighborhood (or tax bracket) for many of these outstanding properties, but there’s still plenty to admire — even from the comfort of your swivel chair.

From coast to coast, and everything in-between, we lay down the welcome mat at some of the most enticing open houses in the nation. So wipe your feet at the door and scroll right on through.

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Source: http://realestate.aol.com/blog/2012/02/17/open-houses-of-the-week-feb-17-19/

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Filed under: News, Financing, Foreclosures

The more than 20 percent of U.S. homeowners stuck with “underwater” mortgages may be in a rough spot — but, believe it or not, that may be giving a boost to the housing market.

Though negative equity is forcing millions to stay put in homes that are worth less than their mortgages, it means fewer properties are going up for sale — and that’s driving up the prices of homes that are already on the market, according to a recent report by the analytics firm CoreLogic. The price increases could help spark a recovery by luring in more homebuyers keen on purchasing assets likely to appreciate in value, experts say.

“One of the reasons that inventory has fallen is because negative equity means that people aren’t putting their homes on the market because they’re underwater,” said Jed Kolko, chief economist of listing service Trulia. “Buyers are chasing a smaller number of homes and, therefore, are more likely to bid up prices.”

Of course, that’s not much consolation for Christy Mannering (pictured above with her family).

She’s been dying to move from her home in Bear, Del., since November 2007, when it was robbed.

“I was immediately like, ‘I want to get out of this neighborhood,’ ” said Mannering, who is a Web developer at the University of Delaware and also runs the blog Scrink.com.

But nearly five years later — and after the housing bust demolished national home prices — she’s still there, stuck in a mortgage that now costs $25,000 more than her home, and forced to continue living in a neighborhood that she considers dangerous.

Still, Mannering’s quandary, bizarrely, may spell hope for the real estate market in the short term.

“Paradoxically, as the flow of REOs [bank-owned properties] has slowed over the last 18 months, negative equity has become a positive force in real estate markets by restricting supply in the face of increasing demand,” wrote CoreLogic’s Sam Khater in the firm’s June MarketPulse report.

There’s also another market trend at play: Data show that fewer bank-owned homes are flowing onto the market, as lenders proceed cautiously with foreclosures in the wake of the “robo-signing” settlement and ramp up efforts to resolve distressed mortgages through loan modifications and short sales.

Both market influences have acted together to push down for-sale home supply to its lowest level since the housing bust, the CoreLogic report said.

That’s played a role in fueling a recent price recovery, experts say. CoreLogic’s Home Price Index, which was in line with some other indices, showed that home prices rose consecutively in March and April, something that “will rebuild confidence in many local markets,” Kolko said.

The difference between a market recovery nursed by price increases that are artificially propped up by a large number of underwater homes versus one that kicks into gear only after absorbing a pent-up supply of homes (the homes currently trapped by underwater mortgages) is “like whether you take a Band-Aid off quickly or slowly,” he said.

Negative equity is “not permanently reducing inventory,” he said. When homeowners are finally able to sell their properties for more, a larger number of them might flow onto the market, which would depress home values.

Mannering couldn’t care less about the effect of her family’s underwater mortgage on home prices — she just wants to come up for air. She has pursued a loan modification tirelessly, in an effort to give her family some financial breathing room.

“Currently, we are with Bank of America,” she said. “At first, we spoke to them, and they told us to call back in 60 to 90 days because they were too busy with other customers. We also spoke to someone there who told us to start missing payments and look into modifying our home-to-loan value ratio — but, again, that ruins your credit.”

Her fingers crossed, Mannering is on the hunt for lenders who may allow her to refinance under the Home Affordable Refinance Program, which allows some homeowners who are current on their mortgages to refinance Fannie Mae- or Freddie Mac-guaranteed loans to lower rates. But she and her husband must grapple with whether lowering their mortgage rate by a percentage point or two is worth the $5,000 in closing costs.

“Our situation may be helping other people in the market,” she said. “But it’s not helping us, and I have a funny feeling there is a high percentage of people in the very same sinking boat as we are in.”

See also:
Should Underwater Homeowners Just Walk Away?
Occupy D.C. Protesters Fail to Block Eviction
Extreme Home Makeovers: From Sorry to Stunning

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Source: http://realestate.aol.com/blog/2012/06/13/underwater-mortgages-keeping-housing-market-afloat/

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Filed under: Home Equity

Think it’s tough to qualify for refinancing your existing mortgage? So does Richard Shin, a Queens attorney with good credit and great income who was turned down by his original lender when he wanted to refinance his 30-year-fixed rate mortgage on his single family brick home to a 15-year-mortgage with a lower interest rate. Due to tighter lender restrictions, he didn’t qualify until he found a lender who let him bring cash to the table

Think it’s tough to qualify for refinancing your existing mortgage? So does Richard Shin, a Queens attorney with good credit and great income who was turned down by his original lender when he wanted to refinance his 30-year-fixed rate mortgage on his single family brick home to a 15-year-mortgage with a lower interest rate. Due to tighter lender restrictions, he didn’t qualify until he found a lender who let him bring cash to the table to pay down his mortgage.

The number of homeowners taking out a refinance is on the decline and may further dip in 2011, according to the Mortgage Bankers Association, but of those who do refinance lenders are seeing a higher percentage come as cash-in borrowers – those refinancers who bring cash to the table in order to seal the deal.

“We used to have maybe one borrower a year bring cash to the table, but now we’re seeing three or four a month,” said Matthew Hackett, an underwriting manager with New York City lender Equity Now, which refinanced Shin’s home.

Hackett says cash-to-the-table options are being utilized more often because borrowers are needing to lower their loan-to-value ratio if they hope to lower their existing interest rate from somewhere in the upper 5 percent or 6 percent range down to a rate in the 4 percent or lower 5 percent range. This is not just because of tighter lender restrictions, but also because so many homeowners are underwater and owe more on their mortgages than their homes are worth.

Shin, whose home appraised at $1,150,000, brought $60,100 to closing as a down payment to cover the difference between his old $560,000 mortgage and his new $499,900 loan, which featured a reduced interest rate from 6.25 percent to 4.75 percent.

For others looking to refinance, a cash-in refinance may be their only option, and it’s not as bad as an option as you may think. Although not every one has $60,000 to bring to the table, the amount you do bring will not likely be as high, depending on your goals.

Here are two main reasons to do a cash-in refi:

1. Savings accounts aren’t paying anyway. The interest rate on many savings accounts these days hover around 1 percent, whereas your mortgage rate is far higher. Putting a few thousand toward your refinance if it will help you reduce your interest rate a percentage point or more, might be money well spent, especially if you plan on staying in your home awhile. There’s no reason ti put in more than you need to, however, to reduce that rate, says Hackett.

2. Avoid PMI. If you had less than 20 percent equity in your home when you purchased it, there’s a good chance you’re paying private mortgage insurance. When one refinances, this fee typically goes away if the value of your house has increased enough to lower the loan to value ratio. However, in this economy more people are finding that their value has declined. Even those who were not paying PMI might discover upon a refinance that now they need to due to fallen values. Eliminate this fee by bringing cash to the table to cover the difference so that your refi loan is for 80 percent or less than the value of your home.

Although refinances are declining, they still make up nearly two-thirds of all mortgage applications. As of the end of November, however, they decreased 21.6 percent from the previous week to 74.9 percent of total applications, their lowest level since June 2010, reports the Mortgage Bankers Association.

The pool of eligible borrowers who can refinance is small, and those for whom a refinance is beneficial, have already refinanced or mostly likely will in the near future. This downward trend in refinances will cause a decline in total originations next year, but a greater percentage of refinances will likely come from these cash-in borrowers.

Is a cash-in refi right for you?

What’s your break-even point? If you opt to do a cash-in refi, Hackett says, determine your break-even point to decide how much will make it worth it. For example, if you bring $15,000 to the table to get an interest rate that saves you $250 per month on your mortgage payment, it would take you 60 months, or 5 years before you’ve reached $15,000 worth of perceived savings. If you think you might sell your home in less than five years, you’re better off keeping your money in the bank rather than pursuing that lower interest rate. However, if you plan on staying longer, your savings will be even greater because of what you’re saving in interest payments by having the lower interest rate.

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Source: http://realestate.aol.com/blog/2010/12/09/as-refinancing-declines-cash-in-refis-rise/

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Filed under: Financing, Refinancing

Mortgage applications increased 10.3 percent this past week as more homeowners refinanced existing mortgages or took advantage of lower interest rates to buy homes.

The Mortgage Bankers Association said its market composite index — a measure of loan application volume — increased 10.3 percent on a seasonally adjusted basis from a week earlier.

On an unadjusted basis, the index grew 9.9 percent from the previous week. Meanwhile, refinancing activity soared with the index that measures refinance loans jumping 12.1 percent from the previous week. The seasonally adjusted purchase index also rose 4.8 percent.

“Treasury rates dropped last week, as renewed turmoil in Europe once again led to a flight to quality, and 30-year mortgage rates dropped to their second lowest level of the year,” said Mike Fratantoni, MBA’s vice president of research and economics. “Refinance applications jumped more than 12 percent to their highest level in a month and some lenders experienced even larger increases. As has been the case all year, many refinance applicants are opting to de-leverage by choosing 15-year mortgages.”

Read the full story at HousingWire.

Also see:
Open Houses of the Week: Hobnob With the 1 Percent
Where Are the Real Home Bargains? Not Where You Think!
Viewpoint: Obama’s Drop-in-the-Bucket Idea for Housing

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Source: http://realestate.aol.com/blog/2011/11/09/refis-soar-on-falling-rates/

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Filed under: Home Equity

Many of the people losing their homes to foreclosure today find themselves in this situation because they used their home as a piggy bank: tapping their home equity beyond what they could truly afford to carry. If you’re thinking of tapping into the equity in your home, be sure you can afford to make the payments. Remember you put your home at risk when you take an equity line. Your home becomes collateral; and if

Many of the people losing their homes to foreclosure today find themselves in this situation because they used their home as a piggy bank: tapping their home equity beyond what they could truly afford to carry. If you’re thinking of tapping into the equity in your home, be sure you can afford to make the payments.

Remember you put your home at risk when you take an equity line. Your home becomes collateral; and if you can’t make the payments, you could lose your home.

Also, given the uncertainty in the housing marketplace, don’t even think about taking a loan that would be above 80 percent of the market value of your home. That leaves you some room in case house prices drop further. You’ll also get better interest rate offers when you’ll still have 20 percent equity left in your home.

Now let’s map out the decision-making process for tapping equity safely:

Turn 1: Should you take a equity loan or equity line?

When borrowing against the equity on your home you can choose one of two types of loans. One is a equity loan, which is usually at a fixed rate for a fixed amount of money and time. When you pay off that loan the loan will be closed. The second option is an equity line of credit, which is usually at a variable rate. The advantage of an equity line is that once you have it in place you can pay it off and then tap it again through the term of the loan, which is usually 15 years, but other terms may be available. Check with your bank about the specific terms of their equity line or loan programs.

So which type should you take? That depends upon your plan. Also consider which way you think interest rates will be moving. A fixed-rate equity loan may be your best choice if you know that you only want to use if for one specific purpose, pay it off and close the loan. With a fixed-rate you know the interest rate won’t change.

An equity line of credit might be best if you know you have a series of projects you want to do or more than one major purchase you want to make. Your plan is to pay each project or purchase off and then tap the equity. If that’s what you want to do than an equity line of credit may be your best bet, but do remember that the interest rate will be variable and could start to creep up when the Federal Reserve starts to raise interest rates again.

Turn 2: What interest rate should you expect?

Interest rates will vary based on your credit score. Those with the best credit scores of 740 or above can get the best rates that you’ll see quoted on the Internet. For example, currently you can get a $50,000 equity line for as low as 4.84 percent and a $75,000 equity loan for 8.25 percent.

But those favorable rates only go to people with the best scores. FICO has an excellent breakdown showing what you can expect to pay in interest based on your credit score. This will not necessarily be the final quote that you’ll get from your bank, but it gives you an idea of how much more you might have to pay if your credit score is below 740. For example, someone with a credit score of 700 to 719 would pay 0.8 percent more for an equity loan. You can check your credit score for free at CreditKarma.com.

The final interest rate you’re actually offered will depend on the lender. Shop around for rates based on your credit score. Some lenders may offer better rates than others.

Turn 3: Check out the fees

You may find a great interest rate, but if the upfront fees are high that could wipe out any savings from a slightly lower interest rate. Generally it’s best to look for the lowest fees. In fact, some banks are even offering to pay your appraisal costs and waive any application fees. Make sure there aren’t any hidden fees, such as a broker fee to be paid to a third party. Some fees you will likely have to pay include recording fees and an annual fee to use your credit line.

Turn 4: Understand the Tax Benefits

Some people say an equity line is the best way to go, even better than an auto loan or other type of loan, because you can write off the interest. If an auto loan is being offered at 0 percent and you get a good price on the car you want, why put your home at risk at all?

In order to write off the interest on an equity line, you must itemize deductions. If you’re not doing that now, the interest on your equity line likely will not be enough to make it worthwhile in the future. So if you’re choosing an equity line so you can write off the interest, be certain you’ll be able to do so. Also, you can only write off interest on up to $100,000, so if you’re taking an equity line of greater than that amount, the interest on the loan above $100,000 won’t be deductible.

Equity loans and lines of credit can be a good option for you, but use them wisely. Be sure you’ll be able to make the payments for the length of the loan. If you have any doubts about your income, don’t put your home at risk.

Lita Epstein has written more than 25 books including The Complete Idiot’s Guide to Personal Bankruptcy and The Complete Idiot’s Guide to Improving Your Credit Score.

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Source: http://realestate.aol.com/blog/2010/12/09/how-to-tap-home-equity-wisely-02/

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Consumers may prowl for homes in 2012: Fannie Mae

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Filed under: News, Buying, Foreclosures

From a massive 3,000-square-foot Dallas home (with an indoor fountain) to a tiny fixer-upper east of L.A., here’s what you can buy for the nationwide median home price of $163,000 in eight major metro areas.

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How much home can I afford?

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Source: http://realestate.aol.com/blog/2012/06/05/how-much-house-you-can-get-for-163-000/

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Filed under: News, Advice, Home Equity, Investing

While paying down the mortgage is undoubtedly one of the largest financial burdens many Americans have to contend with, it’s certainly not the only long-term investment homeowners need to consider. This is particularly true for homeowners nearing their 60s, for whom financial investments made today can have a lasting impact on their post-retirement income. Our sister site, DailyFinance, addresses this issue in the latest entry of their “Ask the Expert” video series with Regina Lewis.

For 57-year-old Ed, a homeowner nearing the end of his fixed-rate mortgage, the decision to pay off his debt early or begin investing his money elsewhere can make a real difference in just how far his savings will take him. Read his full question, and Regina’s video response, below.

Ed asks: I am 57 years old with a couple more years to work before I retire. I currently have an equity mortgage on my home with $30,000. The house payment is less than $100 a month. I pay $1,100 a month toward the loan. Here is my question. Should I be paying minimal on my mortgage and putting the rest in my 401(k) and hopefully make money on that money, or would you pay the house off by continuing to pay the accelerated payment to get it paid off as quickly as possible? What is my smartest move? I think I know, but want to hear a professional’s point of view.

And to ask the DailyFinance team your own personal finance question, add your comments here.

For more insight on mortgages and refinancing see these AOL Real Estate guides:

• Mortgage Jargon in Simple Terms
• How to Get a Low Mortgage Rate
  
• When to Refinance
• Four Ways to Benefit From a Cash-In Refinance

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Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.

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Source: http://realestate.aol.com/blog/2011/07/13/watch-when-to-pay-off-the-mortgage-early/

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Filed under: News, Financing

While the housing market has been somewhat rocky in the last several months, there have generally been improvements, and that trend continued into the second quarter of the year.

The number of first-lien home loans nationwide that were current and performing through the end of the second quarter climbed to 88.7 percent, up from 88.1 percent on a year-over-year basis, according to the latest Mortgage Metrics Report issued quarterly by the U.S. Office of the Comptroller of the Currency. However, that rate was also down, though slightly, from the first quarter of 2012, when current and performing home loans made up 88.9 percent of the total number nationwide.

Of the number of late mortgages, just 2.8 percent were between 30 and 59 days late, a drop of 7.5 percent from the same period last year, but an increase of 12.1 percent from the first quarter, the report said. On the other hand, the number of home loans 60 days or more behind on payments slipped to the lowest levels observed in three years. In all, these mortgages made up 4.4 percent of late payments, down both 0.8 percent from the first quarter, and 9.2 percent on an annual basis.

While there were a number of factors that contributed to these improvements in the mortgage market on a year-over-year basis, if not a quarterly one, perhaps the largest was the fact that greater efforts to issue home loan modifications continued to pay off, the report said. In all, lenders, servicers and the federal government were able to successfully work in concert to begin 416,036 new retention actions between April and June, designed to keep consumers in their homes. That’s compared with just 302,636 new foreclosure proceedings.

There have been considerable efforts to improve the housing market in the past several months, and many of them involve broadening of qualifications for government initiatives. This includes the Home Affordable Modification Program, which is designed to help homeowners who owe more on their mortgages than their properties are worth. Specifically, HAMP modifications will allow them to alter the terms of their mortgages so that their monthly payments are more affordable. The initiative has been in place for some time now, but earlier versions of its programs were criticized for being too restrictive.

See more on Credit.com:
How Refinancing Can Affect Your Credit
When Bad Credit Keeps You From Homeownership
What Makes Your Mortgage Credit Score Different

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Find out how to calculate mortgage payments.
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Source: http://realestate.aol.com/blog/2012/10/02/more-late-mortgages-catching-up-to-speed/

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Filed under: Advice, Financing, Credit

By Ismat Sarah Mangla,
Money Magazine

Finding an affordable house is no longer a problem but qualifying for a mortgage can be. Here are six tips to getting a mortgage and a good rate.

1. Put your credit on ice.

The higher your credit score, the lower your rate: The best rates go to those with a 760 or more, says credit-score expert John Ulzheimer.

So keep that plastic in your wallet (and don’t apply for new cards or other loans) for at least three months before you go loan shopping. One large balance — even if it’s paid off at the end of the month — can ding your score by 20 points or more.

2. Ask for time.

Most sales contracts give you only 10 days to nab a loan or the seller can move on. Negotiate for an additional five to 10 days to give you some room to shop around.

3. Get at least six quotes.

Rates on a 30-year fixed conforming loan can vary at least as much as a quarter of a percentage point. Get quotes from national lenders at mortgagemarvel.com and find out what your local credit union or regional bank is offering as well. Inquire about fees; while lenders aren’t required to give you a good-faith estimate of closing costs (which average 2 percent of the loan balance) until you actually apply, some will provide it if you ask.

4. Match the lock period to the loan.

You now need 60 days or more to close a loan, says Wharton professor and mortgage expert Jack Guttentag of mtgprofessor.com, and getting an extension on a lock will cost at least a couple of hundred dollars. Ask your lender how long it’s taking to close loans like yours — and don’t lock for less.

5. Opt for an ARM.

If you know you’re not going to be in a house for more than seven years, adjustable-rate mortgages can mean big savings, says Guttentag. The monthly payment on a $300,000, seven-year ARM at the recent rate of 3.23 percent is $1,302, vs. $1,455 for a 30-year fixed at 4.13 percent.

6. Talk to a broker.

Those who need a jumbo loan or have an unusual situation (say, you’re self-employed) will get the best deal from a mortgage broker who has access to and experience with a lot of lenders. Find a fee-only one at upfrontmortgagebrokers.org.

Read more on CNNMoney:
Best deal on remodeling
America’s cleanest cities
It’s safe to sell your home again

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.

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Source: http://realestate.aol.com/blog/2012/04/30/6-ways-to-get-a-great-mortgage-deal/

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Filed under: News, Home Improvement, How To

By Scott Gamm

NEW YORK — Even though mortgage rates are at historically low levels, it’s the rental market in many areas across the U.S. that is really heating up. Obtaining a mortgage is undoubtedly a strenuous process on the heels of tightened credit standards. Add to that the fact that many Americans simply can’t afford a new home, the number of Americans still jobless or just getting by — and many consumers are finding it easier, or necessary, to rent, which explains why the average rent nationally is at its highest level since 2007, according to researchers at Reis.

Testifying on Capitol Hill in the aftermath of the housing crash, Treasury Secretary Timothy Geithner spoke words that previously might have been considered political suicide: Geithner suggested that homeownership should no longer be considered a singular measure of the American Dream — and maybe every American shouldn’t own a home.

Welcome to the post-housing bubble renter’s society. Geithner didn’t mention it, but his words implied that the do-it-yourself projects associated with the American Dream of home ownership should be applicable to the growing ranks of renters across the nation.

When renting, it doesn’t make sense to complete a major renovation, like flooring, new windows or a new kitchen. Throughout the duration of your lease, however, there are some easy and inexpensive projects you can do yourself to spruce up your rental. MainStreet asked design pros to weigh in on the top DIY projects for renters.

Replacing a Showerhead

If you’ve ever thought the weak water pressure in your shower has nothing to do with the low-flow showerhead installed by the building to minimize their water bill, think again. Chances are the showerhead in your rental needs to be replaced — whether or not it’s because the landlord installed a low-flow head. You, and your hair, will be very happy if you complete this project, and thankfully, this isn’t a lengthy or costly job.

First off, it’s helpful to know the types of showerheads so you can easily narrow your choices when selecting one at a home improvement store.

“There are two main categories of showerheads to choose from: fixed or handheld. But within these categories is a wealth of options — from rainshowers to multi-setting versions,” said Andrea Conroy, director of retail marketing at Moen.

And as for the actual installation of your new showerhead, here’s what Controy suggests:

1. Unscrew the existing showerhead from the shower arm, using a crescent wrench if necessary.

2. Remove any old thread seal tape and apply new by wrapping the tape around the shower arm threads two to three times.

3. By hand, screw the new showerhead onto the shower arm. Use the wrench to tighten the new showerhead. If installing a handheld version, first screw the handheld bracket to the shower arm and tighten with a wrench. Then, attach the hose and handheld shower to the handheld bracket.

Choosing the Right Paint Color

Any time you move into a new place, chances are you’ll be painting the kitchen, bedrooms and living room. When choosing what color to paint your rental, there’s a “science” behind different colors.

“Blue colors elicit feelings of tranquility and confidence. This is the least appetizing color, so it should not be the main color in a kitchen,” advises Chris Ring, v.p. of ProTect Painters.

“Yellow enhances concentration, speeds metabolism, and is perfect for kitchens and bathrooms,” Ring advises.

Pink colors are on the tranquilizing end of the color mood scale, making a pink shade an appropriate choice for bedrooms.

For this and other painting tips below, do keep in mind that even if you are a Michaelangelo, you may have to repaint the walls to white when you move out, and/or take the risk of a landlord trying to claim part of a security deposit as a result of a custom paint job. As such, it’s best to ask for a landlord’s approval to paint and agree to terms before undertaking the project.

Painting the Bathroom

Painting a tiny bathroom makes for a challenge, especially when trying to paint around the sink, mirror and shower.

“Before painting, wash all the walls to remove any mildew with mildew remover or bleach and water,” advises Joe Kowalski, training manager at Glidden.

And for your bathroom painting job, Kowalski adds these recommendations:

• For walls, use either a semi-gloss or eggshell finish; both provide dirt and moisture resistance.
• For the ceiling, paint with an eggshell finish is advised.
• Paint that includes primer provides extra adhesion over a glossy surface.

More Storage Is Better

Whether you’re sidestepping into your small studio rental or fortunate enough to be renting a place with enough closet space, tips for maximizing your rental’s storage space always come in handy.

Janet Lee, author of Living In A Nutshell, shares these tips:

1. Place a removable, peel-and-stick wall decal on a bare surface (whether it’s on a wall or the back of a door.)
2. Rub the surface of the sticker with a squeegee to ensure that the decal lays smoothly against the wall.
3. Add a hook onto the decal and apply pressure to ensure damage-free hanging.
4. Wait one hour before hanging hats, jackets, backpacks and other apparel.

Hiding Your Lamp Cord

Cords can make your rental a cluttered mess as well as an electrical hazard for children. Lee offers these easy steps for making the cord “disappear”:

1. Use a hand drill to create a hole in the bottom of a metal gelatin mold.
2. Run a pre-wired pendant cord through the hole of the mold.
3. Insert a light bulb into the end of the cord.
4. Affix cords to wall in decorative loops using clear cord clips for damage-free hanging.

Read the rest of this story at TheStreet.com.

More from TheStreet:
Kids Off to College? Time to Sell Your Home
10 DIY Projects for Your New Home
10 Home Improvements You’re Wasting Time and Money On

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Find out how to calculate mortgage payments.
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Source: http://realestate.aol.com/blog/2012/07/23/10-diy-projects-that-renters-can-do/

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Filed under: News, Economy, Financing, Foreclosures, Other, Credit

Foreclosure via Facebook? With roughly 4 million foreclosures in the pipeline in this country, some legal experts say it’s just a matter of time until lenders win the right to serve foreclosure documents through the giant social network.

That day has already come for one couple in Australia. When they defaulted on a six-figure loan and couldn’t be found via a physical address or email, the lender’s enterprising lawyers located them on Facebook. The lawyers were able to verify the couple’s identities by matching up their names and birthdates — and, of course, the fact that they had “friended” each other.

Australian courts upheld the lender’s right to send foreclose notices via Facebook, citing the fact that the couple didn’t enable privacy protections on their Facebook accounts and were frequent enough visitors to the site that they would “reasonably receive notice as a result.”

While Marc Rotenberg, president of the Electronic Privacy Information Center in Washington, says he is unaware of Facebook being used in the U.S. to deliver legal notifications, but “it’s bound to happen,” he said. “The real concern the courts have is whether it’s a fair notice that the person actually receives.” According to Bloomberg BusinessWeek, courts in New Zealand, Canada and the U.K. already have adopted the Australian example to avoid having cases stall when people can’t be located and served in person.

“There are people who exist only online,” Joseph DeMarco, co-chair of the American Bar Association’s criminal justice cyber crime committee, told the publication. The ability to serve documents by social-media networks would be useful, he said.

Facebook has taken heat before about its policies protecting the personal data of its 694 million users worldwide. Following the case in Australia, which happened in 2008, company spokesman Barry Schnitt said the company was pleased to see the Australian court validate Facebook as a reliable, secure and private communication medium. (Facebook did not respond to messages left by AOL.)

Is it appropriate to use social networks to find people and deliver legal papers to them via the network?

“No one likes to receive a legal service,” said Rotenberg. Legal service, after all, usually isn’t good news: Someone wants you for something. And yes, he adds, “There are going to be privacy concerns, but in some respects they’re almost inescapable.”

Email, by contrast, is generally not considered by courts to be a safe or reliable way to deliver legal notices. We get too much email, much of it winds up in spam and we don’t always open everything in our in-boxes. Legal notices delivered this way can easily be discounted with a simple “I didn’t see the email.”

But Facebook, said Rotenberg, is different. If you don’t have thousands of friends and you regularly post status updates indicating that you are active on the site, you lose the excuse that you likely overlooked the notice. Of course not everyone with a Facebook page visits the site regularly, but save it for the judge whether you’re one of them.

Bottom line: It’s probably going to be determined to be legal, just not likely to be popular. And should use of Facebook as an electronic process-server escalate as a norm, you can expect it would have some adverse impact on the site’s participation levels. In the meantime, if you don’t want the banks to find you, the best defense is enabling your privacy settings on Facebook and be mindful of the personal data you post.

For more on mortgages and related topics see these AOL Real Estate guides:

• How to Buy Foreclosures
• Spot Foreclosure Scammers Before They Spot You
• Foreclosure: What it Means for Renters
• Foreclosure Help: What a Housing Counselor Can Do

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

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Source: http://realestate.aol.com/blog/2011/06/17/your-facebook-status-foreclosed/

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Filed under: Home Equity

As a first time home buyer there is a lot of new concepts and terminology to get the hang of. The home buying game can be intimidating and you’ll need to seek guidance to learn the lingo.
You’ve finally found the perfect home and are working out the finances with your real estate agent and mortgage broker. This step of the home buying process can be eye opening and a shock to the

As a first time home buyer there is a lot of new concepts and terminology to get the hang of. The home buying game can be intimidating and you’ll need to seek guidance to learn the lingo.

You’ve finally found the perfect home and are working out the finances with your real estate agent and mortgage broker. This step of the home buying process can be eye opening and a shock to the wallet in many ways. The costs of financing and closing on a home can be staggering and you may wonder what each of the elements are that are making your monthly payment rise each time you run the numbers.

Often as a first time homebuyer you don’t quite have the twenty percent down on your home that is the standard when you use all those handy online mortgage calculators to figure out your payment. When you have less than the twenty percent down on the cost of your home, you are forced by the bank or mortgage holder to take out PMI, or private mortgage insurance. This protects or insures the bank against the possibility of you defaulting on your loan. The additional monthly cost of the private mortgage insurance can be a substantial line item and add a significant amount of money to your monthly mortgage payment.

Only once you have paid your mortgage down to 78% of the value of the current loan, and are in good standing with the bank, may they drop your PMI. Often times you’ll find it won’t just be an automatic process by the bank. It’s something you’ll probably need to call up and ask for. There may also be a chance you can get your home appraised if home values rise significantly in your area to prove you have 20% equity, and you then have an argument to drop the PMI. You will have to pay for the audit though, and it may not be a quick and simple process working with the mortgage holder to drop the insurance.

Mortgage insurance can be a pain on the pocket book and may seem an unnecessary cost for the struggling first time homebuyer, however this may just be the necessary evil that allows you to get a large loan in the first place. So save, save save your money and get that twenty percent down from the get go or expect to have higher payments for the first couple of years of your new mortgage loan.

Learn more about Types of Mortgages.

See current Mortgage Rates.

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Source: http://realestate.aol.com/blog/2008/11/11/explaining-mortgage-insurance/

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Filed under: Financing, Refinancing

Mortgage applications increased 10.3 percent this past week as more homeowners refinanced existing mortgages or took advantage of lower interest rates to buy homes.

The Mortgage Bankers Association said its market composite index — a measure of loan application volume — increased 10.3 percent on a seasonally adjusted basis from a week earlier.

On an unadjusted basis, the index grew 9.9 percent from the previous week. Meanwhile, refinancing activity soared with the index that measures refinance loans jumping 12.1 percent from the previous week. The seasonally adjusted purchase index also rose 4.8 percent.

“Treasury rates dropped last week, as renewed turmoil in Europe once again led to a flight to quality, and 30-year mortgage rates dropped to their second lowest level of the year,” said Mike Fratantoni, MBA’s vice president of research and economics. “Refinance applications jumped more than 12 percent to their highest level in a month and some lenders experienced even larger increases. As has been the case all year, many refinance applicants are opting to de-leverage by choosing 15-year mortgages.”

Read the full story at HousingWire.

Also see:
Open Houses of the Week: Hobnob With the 1 Percent
Where Are the Real Home Bargains? Not Where You Think!
Viewpoint: Obama’s Drop-in-the-Bucket Idea for Housing

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Find out how to calculate mortgage payments.
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Find rentals in your area.

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Source: http://realestate.aol.com/blog/2011/11/09/refis-soar-on-falling-rates/

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Filed under: News, Advice, Celebrity Homes, Other

Why would former Penn State football coach Joe Paterno transfer ownership of his house, worth $594,484, to his wife for $1 in July, unless he knew that he was about to be drawn into the college’s sex-abuse scandal, with potential civil lawsuits and damages heading upfield toward him?

While his lawyer told The New York Times that the ownership transfer was nothing more than a step in a long-term financial estate plan, the move raised some eyebrows. Was the sale an attempt by Paterno to shield assets, fearing that some jury down the road might take him to the cleaners? And by transferring his home to his wife, Sue Paterno, did the coach who once walked on water just sink deeper into the dark hole of public scorn?

AOL Real Estate spoke to several estate lawyers and heard pretty much the same thing: Joe Pa probably didn’t do anything fishy, at least when it came to giving his wife the house for $1 plus “love and affection.” The couple (pictured at left) had previously held joint ownership of the property, for which they paid $58,000 in 1969.

David Shulman, an attorney in Fort Lauderdale, Fla., whose practice focuses on trusts and estates, says there’s no obvious reason to link the home transfer with an attempt to protect assets or do an end-run around prospective creditors. In Pennsylvania, Shulman noted, as long as the property is held jointly — as Paterno’s was — it can’t be subject to the creditors of just one of the spouses. And since Sue Paterno hasn’t been linked at all to the sex-abuse scandal, she has no liability or exposure.

“I haven’t seen the documents,” Shulman said, “but from what’s been made public, it just doesn’t make any sense that this was an attempt to protect assets.”

Then what was Paterno up to? Shulman said the 84-year-old Paterno’s decision to transfer the house more likely had something to do with age-related issues, such as Medicaid and tax planning. To qualify for Medicaid-covered nursing home care, for example, a recipient must “spend down” to a certain level. And people are constantly looking to protect their assets from taxes to ensure that their heirs inherit as much as possible.

Since Paterno has good insurance and a degree of wealth, he probably didn’t do it for Medicaid purposes. Far more likely it was done as an estate planning move to avoid probate, said Shulman. “It is a fairly typical thing for people of means to want to protect their assets for their children or whoever will inherit them,” he said.

Paterno, who was fired as the football coach at Penn State, has been harshly criticized by many for not taking more aggressive steps after a suspected sexual assault of a child by one of his former top assistants was reported to him. And if the reaction to the house transfer is any indication, it’s a safe bet that the burgeoning scandal will cast suspicion on everything else the coach does.

[Correction: An earlier version of this post incorrectly referred to Paterno as Joe Pop; his nickname is Joe Pa.]

Also see:
Taking a Tax Loss When Property Value Declines
Happy End of the Road for RVers: Assisted Living on Wheels

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Source: http://realestate.aol.com/blog/2011/11/16/joe-paternos-real-estate-transfer-suspicious-or-not/

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Filed under: News, Economy, Election 2012

It may seem hard to believe, but this year’s presidential candidates have mostly avoided discussing an industry that’s largely responsible for the last five years of economic pain.

That may be because, for President Barack Obama and GOP White House hopeful Mitt Romney, the subject of housing remains an extremely sensitive one. Obama might like the real estate market, whose imbalances sparked the financial crisis, to remain a ghost issue because of a lackluster record at combating the foreclosure epidemic. Romney, meanwhile, might like to steer clear of the topic because a hard stance on housing could alienate voters whom he needs to win.

The Dismal State of the Housing Market

During Obama’s tenure, around 4 million people have lost their homes to foreclosure and 9 million have been served foreclosure notices. There are alternatives that can save homeowners from foreclosure, but federal relief programs that were designed to foster them haven’t fixed the problem.

“Obama’s major housing initiatives have fallen short of expectations, and so Obama doesn’t have big victories to point to,” said Jed Kolko, chief economist for listing service Trulia. “The housing market is still struggling in many parts of the country, so this is not a problem that’s been solved.”

The administration’s flagship relief program, the Home Affordable Modification Program, has helped 1 million homeowners obtain lower interest rates, principal reductions, more time to pay their mortgages or any combination of the three. But that pales in comparison to the 3 to 4 million homeowners whom the program was supposed to help.

Meanwhile, the Home Affordable Refinance Program, designed to help 5 million homeowners refinance their mortgages into lower interest rates, has only benefited about 1.5 million homeowners.

Recent allegations made by Neil Barofsky, the former inspector general of the Troubled Asset Relief Program, give Obama even more reason to avoid calling attention to these assistance programs. Barofsky claimed in his recent book, “Bailout,” that Treasury Secretary Tim Geithner engineered HAMP to help banks not homeowners. He wrote that Geithner said HAMP was a way to “help foam the runway” for financial institutions.

Obama also can’t say that he’s removed systemic risk from the housing system. His administration hasn’t reformed Fannie Mae and Freddie Mac, two government-sponsored organizations that some say are directly responsible for the housing bust.

In fact, the two mortgage giants, along with the Federal Housing Administration, wield a much greater influence over the housing market now than before the bubble burst. Though they are now highly regulated, the organizations guarantee about 90 percent of the mortgages originating today.

“Some of the most pressing housing policy issues that need to be resolved have to do with the future of Fannie Mae and Freddie Mac,” Kolko said. “And that doesn’t work easily in sound bites.”

A Third Rail for Romney

Indeed, partly for this reason, the fate of Fannie and Freddie is a subject that Romney isn’t too keen on bringing up either, said Mark Calabria, director of Financial Regulation Studies at the Cato Institute. The Republican nominee has said that he believes in reeling in government involvement in the housing market. He even commented at a private fundraiser that he might abolish the Department of Housing and Urban Development.

But broadcasting an ambition to dismantle government support of the mortgage market could turn off a wide swath of voters whose businesses depend on the liquidity provided by government muscle.

“To stake out what you think Fannie and Freddie’s future is, is to alienate somebody,” Calabria said. “Realtors and homebuilders tend to be politically active — and Republicans.”

Indeed, Romney’s free-market stance on housing, if articulated bluntly, could unsettle many distressed homeowners as well. He has said that he believes that the housing market should naturally “hit bottom,” and has harshly criticized Obama’s relief programs.

That outlook jibes with Republican views toward government intervention in the housing market. Only 42 percent of Republicans said that they thought helping homeowners avoid foreclosure should be a housing priority, according to a survey administered by Trulia in December 2011. By contrast, 63 percent of Democratic respondents said it was a priority.

Toeing a middle ground, Romney said in a seven-page housing policy white paper that his administration would encourage foreclosure alternatives but didn’t say how.

Why? “It’s hard to come up with housing policies that don’t cost money,” Kolko said, adding that such programs also raise the specter of moral hazard. In terms of housing relief, the moral hazard refers to the temptation to default in order to receive assistance, and that’s anathema to many Republicans.

Expect a Debate Stalemate

Housing experts say that voters can probably expect both candidates to avoid painting a full picture of their housing policy platforms and instead launch into partisan attacks on each other over the issue.

Romney will probably rail against Obama’s disappointing relief programs, while Obama may blame Republican obstructionism for the market’s dismal performance during his stay in office.

“The most he [Obama] can do is say, ‘I had a bunch of plans and … the Republicans wouldn’t pass them,” Calabria said.

See also:
Election 2012: Will It Affect Your Decision to Buy a Home?
Barack Obama’s and Mitt Romney’s Homes
Romney’s Housing Fix: Let Foreclosures ‘Hit Bottom’

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Find out how to calculate mortgage payments.
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Source: http://realestate.aol.com/blog/2012/10/01/romney-and-obama-housing-policies-why-housing-isnt-in-debate/

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Filed under: News, Credit

Mortgage lenders will soon have access to new details about a prospective borrower’s past — such as past rental applications, inquiries to pay-day lenders, and missed child support payments — that will be factored in to a new credit score.

Real estate and mortgage data aggregator CoreLogic says it’s signed an agreement to work with Fair Isaac Corp., the owner of the widely used FICO score, to develop new credit risk scores for the U.S. mortgage industry.

Much of the data CoreLogic collects on consumers hasn’t been available from traditional credit reporting agencies but is important to mortgage lenders, the company said.

CoreLogic says it will serve as a “supplemental credit repository,” augmenting data provided by TransUnion, Equifax and Experian with property ownership and mortgage obligation records, property legal filings and tax payment status, rental applications and evictions, inquiries and charge-offs from pay-day and online lenders, and consumer-specific bankruptcies, liens, judgments and child support obligations. The Santa Ana, Calif.,-based company will generate a CoreScore Credit Report for lenders to alert them to bad debts that might previously have gone undiscovered. The reports may also help some consumers by identifying previously hidden credit history that reflects well on them, the company said.

Browse through photos of millions of home listings or search foreclosure listings

CoreScore consumer information will be “instantly merged” with traditional credit report data “in a single, integrated report only available from CoreLogic,” the company said in announcing the new reports last week.

At that time, it was unclear whether the CoreScore reports would also be used to calculate borrower’s FICO scores.

Today, CoreLogic and Fair Isaac announced that they plan to offer mortgage lenders a “credit scoring solution” that will combine data from CoreScore reports with Fair Isaac’s FICO 8 Mortgage Score. That product will serve as the basis for future solutions that “deliver additional loan level insight and support more intelligent and consistent lending decisions,” the companies said.

A spokeswoman for CoreLogic told Inman News that the FICO 8 Mortgage Score “will likely be an input” to a new score that will be provided along with the CoreScore Credit Report. There are no plans to update the FICO 8 Mortgage score itself to use the additional CoreLogic data, she said.

So lenders purchasing services from CoreLogic Credco will get back two scores: The score or scores they use for decisions today, such as the FICO 8 Mortgage Score or classic FICO score, plus a new score that uses the value of FICO 8 Mortgage Score and the CoreScore data.

“By blending the unique data from CoreLogic with the analytic expertise of FICO, we will be able to deliver a new and more predictive credit score with our recently launched CoreScore Credit Report,” said Tim Grace, senior vice president of Product Management and Analytics for CoreLogic, in a statement. “Together, this new credit report and credit score will provide the mortgage industry with increased visibility into consumer credit behavior and improved credit risk analysis.”

More from Inman News:
Top U.S. Areas With Rising Real Estate Prices
Real Estate Reality TV Family Publishes Fictional Novel
Top 6 Reasons Mortgage Applications Are Rejected

More on AOL Real Estate:
How Much Down Payment Do Homebuyers Need?
No-Money-Down Mortgage Can Still Be Found in Small Towns

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Source: http://realestate.aol.com/blog/2011/10/21/new-credit-score-will-tell-lenders-more-about-you/

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Filed under: News, Advice, How To, Credit

It’s a Catch-22 if ever there was one. The very process of shopping around for a low interest rate on a mortgage can adversely impact your credit score and cost you your eligibility for the cheaper loan you’re seeking.

Each time a lender does what is known as a “hard pull” on your credit report, their action actually shaves a few points off your score. A lower credit score means a higher mortgage rate. (You can check your own score 500 times a day and it won’t matter. A hard pull is when a third party checks your score with the intent of extending you credit.)

With lenders tightening the noose, credit scores have become a matter of great concern for home buyers struggling to qualify for loans. Getting a favorable loan rate can mean saving hundreds of thousands of dollars over the course of the loan, so the idea that just in the course of loan-shopping you are doing yourself financial damage is logic-defying. But it’s true.

The one break you can get is to do all your loan shopping within a two-week window. All checks done within this period will count as one — and drop your credit score by just two to five points. But step outside that window, and each hard pull of your credit will cost you two to five points. Shop among eight lenders and you could see your scores drop by 40 points — a drop that takes at least six months to recover from.

Tracy Becker, a national credit-score specialist located in New York’s Hudson Valley and founder of the 20-year-old North Shore Advisory, offers these tips:

1. Don’t open or close any credit accounts for three months prior to applying for a loan.

Yes, you read that right: Closing a credit account hurts just as much as opening a new one. Even the act of ending your car lease will cost you up to 60 points on your credit score.

Somewhere, some place, some analyst determined that one of the symptoms of a person about to go into default was that they began to close credit accounts. Well, duh. Isn’t that what you’re supposed to do when you find yourself overextended? Apparently the credit scorekeepers lump the financially solvent in with the defaulters’ profile. So if your car lease is about to expire, extend it for three months while you loan shop, says Becker. And don’t apply to increase your credit limits on any cards or take out any new ones.

2. Don’t apply for a loan until you have a signed contract to buy a house and then do an intense day of loan-shopping.

The idea is to have all your hard pulls done within the 14-day window. One obvious problem is that not all home deals come to fruition. Estimates are that about 35 percent of open escrows fall apart. That means that those 35 percent of buyers will likely be back out there looking for another home and another home loan. And when they find it, their earlier efforts could work against them. The one glimmer of reasonableness here is that if you return within 90 days to the initial lender you approached, they will consider the credit score they pulled on that first go-round.

Becker had a client about a year ago who wanted to refinance his Long Island home. Not knowing the rules, he shopped for a loan about 30 times over a five-month period. He also went shopping for a car loan, got a credit card limit increase and was looking for a student loan for his daughter. The result: His credit score dropped 40 points and he couldn’t get the mortgage loan he wanted, at a cost to him of an extra $600 a month.

Another of her clients had a credit score of 722 when he started looking to refinance his home. But he went out and bought a car, dropping his score by four points. Once under the credit threshold of 720, the refi application was denied. “Ultimately he paid down some balances and got back the extra points, but it was a lot of stress, a lot of paperwork and two-and-a-half months to get the loan he wanted,” says Becker.

3. Don’t let your balances exceed more than 10 percent of your available credit for at least three months, and pay your bills on time.

Getting a home loan these days is hard for everyone, and near impossible for those who have bad credit. Becker says to keep your balances below 10 percent of your available credit for at least three months prior to applying. That means if you have a credit card with a ceiling of $10,000, don’t let the balance exceed $1,000. And since the credit reporting bureaus don’t update their sites daily, you need to allow for a three-month delay.

FICO last month released information about how easily even a single unpaid bill can wreak havoc with your credit score. If you have a score of 780 and are 30 days late on your mortgage, your score will drop to 670 and it will take you three years to recover it. (Obviously, the F in FICO doesn’t stand for Forgiveness.)

Credit consultant and head of New Start Financial Corp. Wayne Sanford — a.k.a. “Wayne the Credit Guy” — says that credit scores are just part of the equation.

He recently worked with a Texas family trying to buy a $330,000 home in Plano. The couple was ready to put $150,000 on the purchase and had scores of 690 and 740 between them. Yet the loan was flagged because a well-known national furniture store had marked their account as having a “consumer dispute.” It was a computer error; the account had never been disputed and had in fact been paid in full on time and was closed. Nevertheless, it held up their loan and they almost lost their house deal.

Sanford advises running regular checks on your credit–which, by the way, won’t impact your scores.

For more on credit scores and related topics, see these AOL Real Estate guides:

• How to Keep Your Credit Score Stable
• Disputing Credit Report Errors
• How to Get a Home Loan With Bad Credit

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

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Source: http://realestate.aol.com/blog/2011/05/19/credit-score-catch-22-shopping-for-a-mortgage-can-raise-your-ra/

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Filed under: News, Home Improvement, How To

By Scott Gamm

NEW YORK — Even though mortgage rates are at historically low levels, it’s the rental market in many areas across the U.S. that is really heating up. Obtaining a mortgage is undoubtedly a strenuous process on the heels of tightened credit standards. Add to that the fact that many Americans simply can’t afford a new home, the number of Americans still jobless or just getting by — and many consumers are finding it easier, or necessary, to rent, which explains why the average rent nationally is at its highest level since 2007, according to researchers at Reis.

Testifying on Capitol Hill in the aftermath of the housing crash, Treasury Secretary Timothy Geithner spoke words that previously might have been considered political suicide: Geithner suggested that homeownership should no longer be considered a singular measure of the American Dream — and maybe every American shouldn’t own a home.

Welcome to the post-housing bubble renter’s society. Geithner didn’t mention it, but his words implied that the do-it-yourself projects associated with the American Dream of home ownership should be applicable to the growing ranks of renters across the nation.

When renting, it doesn’t make sense to complete a major renovation, like flooring, new windows or a new kitchen. Throughout the duration of your lease, however, there are some easy and inexpensive projects you can do yourself to spruce up your rental. MainStreet asked design pros to weigh in on the top DIY projects for renters.

Replacing a Showerhead

If you’ve ever thought the weak water pressure in your shower has nothing to do with the low-flow showerhead installed by the building to minimize their water bill, think again. Chances are the showerhead in your rental needs to be replaced — whether or not it’s because the landlord installed a low-flow head. You, and your hair, will be very happy if you complete this project, and thankfully, this isn’t a lengthy or costly job.

First off, it’s helpful to know the types of showerheads so you can easily narrow your choices when selecting one at a home improvement store.

“There are two main categories of showerheads to choose from: fixed or handheld. But within these categories is a wealth of options — from rainshowers to multi-setting versions,” said Andrea Conroy, director of retail marketing at Moen.

And as for the actual installation of your new showerhead, here’s what Controy suggests:

1. Unscrew the existing showerhead from the shower arm, using a crescent wrench if necessary.

2. Remove any old thread seal tape and apply new by wrapping the tape around the shower arm threads two to three times.

3. By hand, screw the new showerhead onto the shower arm. Use the wrench to tighten the new showerhead. If installing a handheld version, first screw the handheld bracket to the shower arm and tighten with a wrench. Then, attach the hose and handheld shower to the handheld bracket.

Choosing the Right Paint Color

Any time you move into a new place, chances are you’ll be painting the kitchen, bedrooms and living room. When choosing what color to paint your rental, there’s a “science” behind different colors.

“Blue colors elicit feelings of tranquility and confidence. This is the least appetizing color, so it should not be the main color in a kitchen,” advises Chris Ring, v.p. of ProTect Painters.

“Yellow enhances concentration, speeds metabolism, and is perfect for kitchens and bathrooms,” Ring advises.

Pink colors are on the tranquilizing end of the color mood scale, making a pink shade an appropriate choice for bedrooms.

For this and other painting tips below, do keep in mind that even if you are a Michaelangelo, you may have to repaint the walls to white when you move out, and/or take the risk of a landlord trying to claim part of a security deposit as a result of a custom paint job. As such, it’s best to ask for a landlord’s approval to paint and agree to terms before undertaking the project.

Painting the Bathroom

Painting a tiny bathroom makes for a challenge, especially when trying to paint around the sink, mirror and shower.

“Before painting, wash all the walls to remove any mildew with mildew remover or bleach and water,” advises Joe Kowalski, training manager at Glidden.

And for your bathroom painting job, Kowalski adds these recommendations:

• For walls, use either a semi-gloss or eggshell finish; both provide dirt and moisture resistance.
• For the ceiling, paint with an eggshell finish is advised.
• Paint that includes primer provides extra adhesion over a glossy surface.

More Storage Is Better

Whether you’re sidestepping into your small studio rental or fortunate enough to be renting a place with enough closet space, tips for maximizing your rental’s storage space always come in handy.

Janet Lee, author of Living In A Nutshell, shares these tips:

1. Place a removable, peel-and-stick wall decal on a bare surface (whether it’s on a wall or the back of a door.)
2. Rub the surface of the sticker with a squeegee to ensure that the decal lays smoothly against the wall.
3. Add a hook onto the decal and apply pressure to ensure damage-free hanging.
4. Wait one hour before hanging hats, jackets, backpacks and other apparel.

Hiding Your Lamp Cord

Cords can make your rental a cluttered mess as well as an electrical hazard for children. Lee offers these easy steps for making the cord “disappear”:

1. Use a hand drill to create a hole in the bottom of a metal gelatin mold.
2. Run a pre-wired pendant cord through the hole of the mold.
3. Insert a light bulb into the end of the cord.
4. Affix cords to wall in decorative loops using clear cord clips for damage-free hanging.

Read the rest of this story at TheStreet.com.

More from TheStreet:
Kids Off to College? Time to Sell Your Home
10 DIY Projects for Your New Home
10 Home Improvements You’re Wasting Time and Money On

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Source: http://realestate.aol.com/blog/2012/07/23/10-diy-projects-that-renters-can-do/

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Filed under: News, Economy, Financing, Foreclosures, Home Equity, Refinancing, Selling

Victims of the foreclosure mess and housing crisis are taking to the streets — literally. Street demonstrations are being planned in 10 cities, and in the crowd at the first one you are going to see Dixie Mitchell, a 74-year-old cancer survivor who refinanced her paid-off home to help one of the foster kids in her care — and is now losing it in a foreclosure.

Mitchell (pictured at left), who along with her 76-year-old husband raised eight biological children and 50 foster children in this house, says that she intends to make her voice heard loud and clear as she marches in front of bank offices in Seattle on Sept. 21. The march is the first in a 10-city rollout of protests organized by The New Bottom Line, a coalition of community groups that challenges big banks’ role in the housing crisis.

Mitchell’s story is particularly heart-wrenching: She and her husband were doing just fine living in the house they’ve owned for 44 years until he suffered a stroke that left him paralyzed and cost him his job. The house was fully paid off in the mid-1980s, but they borrowed against it to make roof and kitchen repairs. The straw that broke the camel’s back came in 2005, when Mitchell needed to hire a lawyer, at a cost of $20,000, in an effort to keep a 3-year-old boy who had been in her care since he was an infant.

She was advised by the bank to refinance her house to get the cash. She took out an adjustable rate loan that would reset in two years, at which point, Mitchell says, the lender told her that she would be able to refinance into another 30-year-fixed rate loan. But the original loan was bundled and sold multiple times to different lenders. It reset to a higher rate right around the time her husband suffered a massive stroke, and she quickly fell behind in her payments. Without his earnings, her monthly income is just $2,200 in Social Security and her monthly mortgage is $2,568.

Mitchell filed for bankruptcy, tried getting assistance from every social service agency she could think of, spent two years trying to get a loan modification and even offered to rent out rooms to boarders if the bank would just let her keep her house.

“My husband wants to die at home, at our home,” she says. Her home is set to be auctioned on Oct. 28 and she has no place to go.

Why is she going to participate in the demonstration?

“I need them [the bank] to look me in the eye and tell me why they think it’s better to put people out in the street,” she said. “They haven’t done their share to help. They don’t even give you a chance … all they do is lose your paperwork and make you send it over and over again. Each time you talk to somebody, you get a different answer.”

Those are sentiments shared by many.

LeeAnn Hall, executive director of Alliance for a Just Society and one of the organizational members of The New Bottom Line, said the Seattle area protests will be staged both in downtown Seattle and at the annual policy summit meeting of the Association of Washington Business, a statewide chamber of commerce. The meeting is being held in Suncadia, a mountain resort near Cle Elum, Wash. The governor is expected to attend the meeting and Hall said that the group hopes to engage her.

Subsequent demonstrations are planned across the country in Boston, Chicago, Denver, Los Angeles, New York City, San Francisco and other locations.

The New Bottom Line said that it is targeting “big banks that bankrupted the country and drained wealth from American families.” The direct actions primarily target JPMorgan Chase, Bank of America and Wells Fargo, and include taking over bank buildings, meetings of corporate officials, civil disobedience, prayer vigils and mass mobilizations.

“We are struggling with less and less, while the big banks profit more and more,” said George Goehl, executive director of National People’s Action, another organizational member of The New Bottom Line. “The big banks have done nothing but dodge taxes, throw people out of their homes and choke small business, all the while draining our wealth to pad their bottom line. It’s time for JPMorgan Chase, Bank of America and Wells Fargo to pay us back.”

According to a press statement, the group’s goals are that banks:

o. Pay their fair share of taxes — their statutorily required 35 percent corporate income tax and not “game” the system through off-shore tax shelters and loopholes.

o. Stabilize the housing market and revitalize the economy by reducing principal for all underwater homeowners to current-market value. “This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create one million jobs a year,” the group says.

o. Invest in American jobs by using their trillions of dollars in cash reserves to invest in small businesses — the main source of jobs in the U.S. — and other job-generating investments.

Also see:
Viewpoint: What’s Behind Banks’ Big Foreclosure Push?
101-Year-Old Foreclosure Victim to Get Home Back
Woman Faces Foreclosure on Home She Bought for $1

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Source: http://realestate.aol.com/blog/2011/09/19/foreclosure-victims-plan-protests-across-u-s/

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Filed under: News, Foreclosures

California expanded its $2 billion program to help homeowners avoid foreclosure to those with second homes as well.

The California Housing Finance Agency established the four Keep Your Home programs using money from the Treasury Department’s $7.6 billion Hardest Hit Fund. Before, borrowers were restricted from modifications, unemployment funds, relocation assistance and even principal reductions if they had a second home.

Officials eliminated the exclusion, because they said many homeowners are co-signers on a second home or are underwater on their first property.

Other changes to the programs include allowing borrowers to take advantage of principal reduction offers even if they completed a cash-out refinance in the past, which many Californians did during the boom.

Read the full story at HousingWire.

See also:
How Much Down Payment Do Homebuyers Need?
No-Money-Down Mortgage Can Still Be Found in Small Towns
New Credit Score Will Tell Lenders More About You
Viewpoint: Obama’s Drop-in-the-Bucket Idea for Housing

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Source: http://realestate.aol.com/blog/2011/11/11/second-home-owners-eligible-for-mortgage-help/

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Filed under: News, Financing, Election 2012

Before the housing bubble burst, Anthony Ugaro lived across from a country club in Bloomfield, N.J. “I was playing golf every day. I thought I was a duke,” he said. But the good life began to unravel for Ugaro, 65, when the military veteran lost his job at an electronics company in 2009. Soon after, he was diagnosed with heart disease, which hampered his ability to work and to keep up with mortgage payments.

Suddenly facing foreclosure, Ugaro twice ignored his doctor’s advice and took on part-time jobs to make ends meet. His wife, Judy, currently works three jobs, he said, and they have exhausted $55,000 in savings, all to stay afloat.

The Ugaros (pictured above) are the kind of homeowners that the government was trying to help with its flagship housing aid program. But three years later, after repeated efforts to work with their lender through the Home Affordable Modification Program, they’ve joined millions of others who’ve had their HAMP applications denied, for reasons many of them find hard to understand. And the Ugaros have just about given up hope.

‘We Can’t Help You’

Ugaro said he first applied for a mortgage modification under HAMP about a year ago. Wells Fargo told him that his household did not earn enough monthly income to qualify, he said, so Ugaro, who has six stents in his heart, got a part-time job as a crosswalk guard that he said paid $324 a month.

He then reapplied for a modification, but said he was confounded by the bank’s response: “They said, ‘Now you’re making too much. We can’t help you.’

“I could see why Jesse James robbed banks,” said Ugaro, who finally stopped paying his mortgage two months ago and is now trying to sell his home in a short sale.

He is one of an estimated 2.8 million distressed borrowers who have been denied a permanent modification under HAMP, according to the Government Accountability Office. By many accounts, HAMP has not been adequately implemented by mortgage servicers.

The Ugaros’ story is a reflection of the still-marred HAMP application process more than three years after the program’s inception — both in the the way it’s so far failed to help many homeowners like them and the way it’s showing some improvement.

Overseen by the Treasury Department and funded by the Troubled Asset Relief Fund, HAMP was launched in 2009 to provide relief to a wide swath of homeowners facing foreclosure in the wake of the housing bust. The program is designed to lower monthly mortgage payments for distressed borrowers by either reducing interest rates, delaying payments, slashing loan balances or using some combination of the three.

The results of a ProPublica questionnaire in the summer of 2010 suggested that many distressed borrowers have had experiences similar to the Ugaros’ in attempting to qualify for HAMP. Two-thirds of respondents to the questionnaire who indicated that they were denied HAMP modifications said that they were given “different or conflicting reasons” for why they didn’t qualify.

Alys Cohen, a staff attorney at the National Consumer Law Center, said widespread mishandling of applications has plagued HAMP since it’s launch in spring 2009. While many HAMP denials are merited, many others are a result of mortgage servicers’ mistakes, and those servicers aren’t subject to fines for flouting HAMP guidelines, Cohen said.

“Until people can protect themselves directly in real time, servicers are not going to follow the rules,” and relief to homeowners will not flow as it should, she said.

Since the Obama administration introduced HAMP — which had reduced monthly mortgage payments by a median amount of $534.98 as of April 2012 — only about 1 in 4 applicants have received a permanent modification.

According to the Government Accountability Office, 2.8 million have had their applications denied or their trial modification canceled. To date, a little more than 1 million have received a permanent modification — but the program was aiming to have helped 3 to 4 times that.

Despite Rejections, Glimmers of Improvement

Despite a record of bungling HAMP applications, servicers still appear to have made strides in implementing the program over the last two years. Ironically, the Ugaros’ experience points to some of them.

Anthony Ugaro, who worked at an Army hospital during the Vietnam War, said that he only had to wait eight weeks for written denials to his applications from Wells Fargo. That’s a big improvement from ProPublica’s finding that homeowners waited an average of 14 months to learn if they’d qualified for HAMP. (Two-thirds of those ultimately rejected said that they never received written denials, according to the ProPublica survey.) A servicer is required to send a rejected borrower a written denial under HAMP program guidelines.

The Treasury Department’s most recent Making Home Affordable Program Performance report, released monthly, showed that servicers have, indeed, made progress in using HAMP, particularly in the area of income calculation.

For example, the Treasury found that more than 1 in 4 calculations of a borrower’s income performed by Wells Fargo when evaluating HAMP applications was at least 5 percent off the mark in the first quarter of 2011. Now, just 1 in 50 are off by that much.

Wrongly Denied?

Could the Ugaros have been mistakenly denied a HAMP modification? That’s unclear. But the couple does appear to meet all the main eligibility requirements of HAMP.

Their home is their primary residence, their mortgage was originated before 2009 and they owe less than $729,750 on their mortgage. (They owe about $230,000.) Anthony’s layoff and heart disease diagnosis also qualifies as a hardship.

They seem to qualify for a HAMP modification financially, too. The Treasury’s latest performance report said that the average household’s median mortgage payment before receiving a permanent modification equaled 45.4 percent of the household’s monthly income. When they applied, the Ugaros’ $2,400 monthly mortgage payment was between 50 and 60 percent of their $4,300 monthly household income.

If anything, the Ugaros would appear to have not been making enough money to qualify, but they were told the opposite for their second denial — that they made too much. That makes Wells Fargo’s decision on their applications difficult to digest for the couple.

A Wells Fargo representative told AOL Real Estate that the Ugaros’ income was, in fact, not a factor in denying them a modification, but didn’t offer further explanation.

“We are attempting to reach the Ugaros to discuss their current situation and will try to work with them on potential options for assistance,” said Vickee J. Adams, vice president of external communications at Wells Fargo.

Calculated income is just one factor included in a “net present value test,” which can make or break a modification for HAMP applicants. The test evaluates whether or not a mortgage’s investor — which often is not actually the mortgage’s servicer — is likely to make more money through a loan modification. (Mortgage investors can include hedge funds, institutions, pension funds and mutual funds, among other entities.)

If the test determines that a modification will save an investor money, then it must perform the modification. Otherwise, a servicer may choose not to. A failure by lenders to either correctly enter or calculate the test numbers has resulted in a substantial number of improper HAMP denials, according to the Office of the Special Inspector General for the Troubled Asset Relief Program and the Government Accountability Office.

Little Recourse for Rejected Borrowers

People denied HAMP modifications can call 1-888-996-HOPE and ask to speak to “MHA Help,” and “depending on the circumstances,” this may require a servicer “to re-solicit or re-evaluate impacted borrowers,” the Treasury Department told AOL Real Estate.

But Cohen said that only a small minority of aggrieved HAMP applicants know about the option and pursue it. She also said that even if the Treasury Department determines that a borrower was wrongly denied a modification, it has trouble holding a servicer’s feet to the fire. It cannot impose fines on lenders for breaching HAMP guidelines.

What the Treasury can do is nudge lenders in the right direction by withholding or reducing financial incentives. It withheld nearly $200 million from Bank of America and JPMorgan Chase, before releasing those funds as part of the “robo-signing” settlement. But that approach hasn’t cut it, Cohen said.

“To date, enforcement by the Treasury of HAMP guidelines has been abysmal,” she said.

The Consumer Finance Protection Bureau could potentially create rules and penalties that would impose more discipline on servicers, she said. In fact, the agency, which was created in 2011 as part of the Dodd-Frank Act, is in the process of crafting such rules right now.

A CFPB spokesperson told AOL Real Estate that the agency intends to enact a “means for a consumer to appeal denials for loan modifications programs.”

But Cohen wonders if such a rule will offer enough protection.

“The bottom line is, if those rules are not directly usable by the homeowner when they’re in foreclosure, they will have limited value.”

See also:
Principal Reduction: Is Debt Forgiveness Fair?
High-End Homeowners Racing to Sell Before Tax Cuts End
Michigan Man Buys County’s Entire Foreclosure Stock

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Source: http://realestate.aol.com/blog/2012/08/15/has-hamp-gotten-any-better-at-helping-distressed-homeowners/

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Here’s a new video we just did explaining Balloon mortgages. Give it a quick view, it’s very short and informative! If you prefer to read a more detailed version, you can find that at Balloon Mortgage Explained.

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Filed under: News, Advice, Home Improvement

Home security technologies are keeping pace with the other gadgets in our connected, on-demand lives. Unlike the cumbersome systems of the recent past, new home security components are discreet, easily controlled from afar, and smart enough to screen out don’t-need-to-know info, like your pet’s indoor traffic patterns.

If you’re shopping for trustworthy home security support and flexible system options, you have plenty of choices. New-and-improved technologies are also far more affordable than you might guess, whether they’re designed for DIY home security or professional installation.

Smarter surveillance
Motion sensors are standard in home security, and now, high-tech cameras can also be part of

See photos of homes for sale in your area and across the country on AOL Real Estate

the plan. A new generation of camera-driven surveillance systems like Cernium’s Archerfish removes concerns about cost and time-consuming screening by having the smarts to actually focus on what’s important: your home’s safety. You can program for expected events and types of motion, such as the kids coming home from school, and will be notified when there’s an unexpected event, whether it be a package you forgot you’d ordered or an actual intruder.

“The key change is this degree of intelligence,” says Craig Chambers, Cernium president and CEO. “Instead of having to think about when you want to check the video camera–and most of the time, find out nothing’s happening–you can very easily configure Archerfish to look for certain kinds of activities in the field of view. Once they’re detected, you’ll get an e-mail notification with a video clip attached. You have the convenience of knowing what’s going on without having to constantly look in on what’s happening.”

Wireless components
Thanks to the flexibility of wireless technology, you can station critical components in tight spaces or places where wiring would usually be a challenge (as with a partially finished attic or basement). Their comprehensive coverage can be put to work wherever you need them, making it easy to steer clear of interference from other appliances or in-home wireless networks.

New home security tips

More intuitive controls
Gone are keypads with tiny screens and hard-to-decipher displays. Today’s home security controls offer touch-screen capabilities in living color, with intuitive system designs that look more like your favorite smartphone app than the complicated monitors they are. Smart security control panels don’t even have to be mounted on a wall–many are meant to conveniently travel with you from room to room. Mission control can also extend to your laptop or smartphone, allowing you to check in and receive important alerts during daily routines or extended travel.

Portability
With the exception of professionally installed and hard-wired home security systems, just about every contemporary component is designed to travel to a new home or other site with security concerns. That portability also plays into changing needs within your current living space: compact surveillance cameras, motion sensors and control panels can easily move from one position to another.

Multitasking home management
Home security can also be integrated with other critical monitoring streams for a one-stop solution to home management. Fire and carbon monoxide alarms, temperature regulation, HVAC component status, home lighting, and even freeze and flood alerts can be accessed from the same set of controls. ADT’s Pulse system is one example of full-service home automation, easy to monitor and manage remotely via interactive touchscreen, your laptop or smartphone.

High-tech hubs, otherwise known as security companies
Ever-advancing technology means your home security company has even more sophisticated means of supporting your needs. Cutting-edge computer systems, stellar backup measures and strict systems redundancies make it possible to respond immediately and provide customers with critical data records. The ability to customize systems has also increased by leaps and bounds through the integration of wireless components, mobile apps and surveillance technologies smart enough to distinguish between real threats and false alarms.

Even as home security continues to evolve and change, the points to consider while shopping remain the same. Check out the costs involved, including installation charges and any monthly fees and deposits associated with a long-term service contract. Compare component options and make sure you understand how various systems would–or wouldn’t–work for your home and lifestyle. Also think about features and whole-system integrations that can make your life easier, offering one-touch control and the level of communication you need to keep your home secure, wherever you are.

Tom Kraeutler is a home improvement expert for AOL Real Estate and host of “The Money Pit,” a nationally syndicated home improvement radio program offering home improvement tips and ideas, including tips on home security.

For more on home security and related topics, see these AOL Real Estate guides:

• Low-Cost Home Security Solutions
• Protect Your Home From Break-Ins During the Holidays
• Home Security: Systems With Cutting Edge Protection
• The Renter’s Guide to Holiday Safety
• Apartment Fire Safety Tips

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

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Source: http://realestate.aol.com/blog/2011/03/21/high-tech-home-security/

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By: Jose G. Landa The City of Piedras Negras, Coahuila, Mexico continues to reel from the effects of violence in this once tranquil and peaceful United States-Mexico border community across from Eagle Pass, Texas. On Tuesday, October 2, 2012, federal and state special forces killed four armed civilians in a…

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Filed under: News, Refinancing

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Source: http://realestate.aol.com/blog/2012/08/30/trapped-in-high-rate-mortgage/

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Q: How do retired people with a mortgage-free home and a limited budget (Social Security and retirement) sell and buy a home? Would they qualify for a mortgage or have to sell the home before buying a new home? Are there creative ways to do this? –Sue

A: I suspect this question will be coming up more and more often in the future, as baby boomers continue to retire. It’s important to note that many do continue to work on some level after retirement, and many don’t own their homes free and clear. It seems like congratulations might be in order for being able to completely retire and pay your house off (or keep it mortgage-free)!

1. Income is as income does. Most lenders will use retirement income, including a pension or monthly Social Security stipend, to qualify a borrower for a home mortgage.

They view it and treat it just like they treat salary or wages — and they require you to document it in a similar way. The lender will want to run your credit; see your most recent tax returns, as well as statements from all your accounts (including any retirement accounts); and see your Social Security and pension or other retirement system award letters.

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2. You might need to sell, then buy — or not. While it’s true that your retirement income looks just the same to lenders as another borrower’s employment income does, debt-to-income ratios and income documentation guidelines have tightened up so much that it can be difficult to qualify for a new mortgage without the cash in the bank from your existing home. So the fact that you own your current home free and clear is a huge benefit.

While the lender won’t necessarily give you any credit for your existing home (i.e., lenders won’t make presumptions about when or for how much you’ll sell it, or how much cash you’ll end up with in hand when you do), neither will it serve as a liability on your mortgage application the way it would if it you were obligated to make a monthly mortgage payment on it.

The fact is, there are challenges and benefits either way you go, whether you decide to sell first or buy first. Obviously, if you sell first, you have the challenge of finding a place to live while you house hunt. On the flip side, you have the security of knowing exactly what your proceeds of the sale will be before buying, which might help you buy well within your means.

Also, if you decide to buy first, you’ll face the possible stressors involved if your home takes a long time to sell or sells for less than you expected, not to mention the challenges of a mortgage payment you’re not used to and the financial burden of maintaining and paying property taxes on two homes at once.

3. Get briefed on all your options. Ask your friends and relatives if they have a mortgage broker they trust implicitly, and set an appointment to get the pro’s input on your next steps. The mortgage broker can run all the numbers involved and tell you what you should be able to qualify for, dollar-amount-wise, before and after you do get your home sold.

The mortgage broker will also give you all of your options, including whether you can qualify for a new mortgage without selling. For instance, if (1) you’re buying to downsize, (2) moving to a less expensive area, (3) you have a hefty savings or asset portfolio or (4) the homes you’re targeting are modestly priced vis-à-vis your income, you might not need to sell your existing home before you qualify to buy the next one.

They might also offer you some more creative options, and sketch out the financial details of what some alternative scenarios would look like. For example, a mortgage broker might help you consider essentially refinancing your existing home, borrowing enough cash to fund your next purchase, then paying that loan back from the proceeds when you do get your home sold.

4. Get creative. If, in all the time you’ve ever owned a home, you ever fantasized about the adventures you’d undertake if you were footloose and fancy-free, consider taking this opportunity to go for it!

Sell your home, then rent a chic loft or a writer’s cabin somewhere, or travel for a year, while you house hunt.

And there are some other, more inside baseball-style creative options to explore, in the same vein of taking out a mortgage on your existing house to pay for your next one.

Talk with a local agent about the possibility of selling your home, then leasing it back from the buyer. Also, when you talk with your mortgage pro, explore the prospect of relatively short-term financing for your new home, which might offer a lower interest rate and monthly payment than a long-term loan, and which might make sense if it’s truly realistic that you’ll pay it off in the near future when you do get your home sold.

Work with a local real estate agent who has a recent track record of success at selling homes in your area, and bring your tax, financial planning and estate planning advisers into the conversation as you try to understand and explore the full spectrum of available options. If you have such a team in place, take maximum advantage of their thoughts and experience as you put your personal action plan in place.

Tara-Nicholle Nelson is author of “The Savvy Woman’s Homebuying Handbook” and “Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions.” Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, www.rethinkrealestate.com.

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Filed under: News, Refinancing

WASHINGTON — Mortgage rates have reached their lowest levels in six decades, making this the best time in most Americans’ lives to buy or refinance a home. For people who qualify, today’s rates could save thousands of dollars a year.

Yet most people can’t take advantage. Half of would-be buyers say they’ll never save enough for the 20 percent down payment now usually required. And shrunken home values have erased much of the equity that people need to refinance.

“Low rates are great, but the real issue is that the pool of people who can get a loan or refinance is small,” said Greg McBride, Bankrate.com’s senior financial analyst.

This week, the average rate on a 30-year fixed mortgage fell to 4.12 percent. It’s the lowest for a 30-year fixed loan since mortgage buyer Freddie Mac began tracking rates in 1971. The last time rates were cheaper was in 1951, when most long-term home loans lasted just 20 or 25 years.

The average on the 15-year fixed loan, a popular refinancing option, dropped to 3.33 percent this week. That’s also an all-time low, according to most economists.

Browse through photos of millions of home listings or search foreclosure listings

Record-low rates have done little to energize depressed home sales. The average rate on the 30-year fixed loan has been below 5 percent for all but two weeks this year. Yet sales of previously occupied homes are on pace for their weakest year since 1997.

Too many would-be buyers can’t come up with a down payment, don’t have a job, lack enough income or are burdened by large debt loads.

Mortgage rates are low largely because investors are worried about the U.S. economy. As a result, they’re moving their money out of stocks and into U.S. Treasurys. Mortgage rates tend to track the yield on the 10-year Treasury note, which touched an all-time low this week.

A drop in mortgage rates could provide some help to the economy if more people could refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend.

Consider a homeowner who owes $250,000 and is paying 5.09 percent on a 30-year fixed mortgage. That was the average rate on a 30-year fixed loan being offered in January 2010. Refinancing the loan at 4.12 percent could save him or her roughly $2,000 a year.

But many homeowners with good jobs and stable finances have already refinanced in the past year. The average rate on the 30-year fixed loan fell to 4.17 percent last November, and to 4.15 percent last month. Both were previous lows.

Homeowners typically pay a few thousand dollars in closing costs when they refinance. To refinance again, most experts say, rates would need to fall an additional 1 percentage point to make it worthwhile.

Still, plenty of people could benefit from the low rates. More than 75 percent of homeowners with a government-backed mortgage are paying rates above 5 percent.

But most can’t qualify. Mike Anderson, a mortgage broker in Baton Rouge, La., said he’s turning away roughly 40 percent of customers seeking home loans and refinancing.

“I’ve never had to turn down so many loans upfront,” Anderson said.

Banks are insisting that applicants have higher credit scores and make 20 percent down payments if they are a first-time buyer.

Roughly 40 percent of U.S. households have the necessary credit scores above 700 to get a prime mortgage rate, according to an Associated Press analysis of Fair Isaac Corp., or FICO, data.

But just half of potential buyers say they can save enough for a down payment, particularly one as high as 20 percent, according to a survey by the National Foundation for Credit Counseling.

Another problem is that nearly a third of homeowners either have less than 5 percent equity in their home or are “underwater” – that is, they owe more on their mortgage than their home is worth — according to the real estate research firm CoreLogic.

As a result, they can’t afford a down payment on a bigger home and can’t refinance because of lender-imposed limits and the cost of extra fees. The low rates now being offered don’t include such fees, which many borrowers must pay to get the rates. Those fees, known as points, make a mortgage rate, in effect, higher than it’s advertised.

One point is equal to 1 percent of the loan amount. The average such fee for the 30-year loan held steady this week at 0.7 point. For the 15-year fixed loan and for five- and one-year adjustable-rate loans, the average fee was 0.6 point.

Lack of equity is what’s keeping Don Meadows from refinancing. He owes $247,000 on a house in Orlando, Fla., and is paying 7 percent on a 30-year fixed loan. His monthly payment is $1,840.

If Meadows, 40, a sales manager, could refinance at today’s rates, he could save more than $400 a month.

But he has no equity in his home. He bought it two years ago for $274,000. It’s now worth $170,000.

“I couldn’t (refinance) even if I wanted to,” Meadows said. “Now, we just have to ride it out.”

Copyright 2011 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

For more insight on mortgages, see these AOL Real Estate guides:

• Mortgage Jargon in Simple Terms
• How to Get a Low Mortgage Rate
• Want a Mortgage? Don’t Make These 8 Mistakes

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
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Source: http://realestate.aol.com/blog/2011/09/09/low-mortgage-rates-are-great-but-most-cant-qualify/

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Filed under: News, Buying, Economy

By Kerri Panchuk

Home prices grew from the previous rolling quarter and year-over-year in May, making it the first time in two years that both indicators have risen in the same period, asset valuation firm Clear Capital said.

The firm published its home data index market report, showing that the West, South and Northeast saw both quarterly and yearly price gains.

Truckee, Calif.-based Clear Capital uses rolling quarters to study home prices. It compares the most recent four months to the previous three months to give users a more timely look at market prices.

Read more on this story at HousingWire.

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Source: http://realestate.aol.com/blog/2012/06/05/home-prices-up-quarterly-and-yearly-clear-capital/

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Filed under: News, Financing, Election 2012

By Jon Prior

A Mitt Romney administration plan for a future housing finance system likely shuns any form of a government guarantee, based on the Republican presidential candidate’s choice of Rep. Paul Ryan as a running mate.

The Republican congressman from Wisconsin, who heads the House Budget Committee, released a plan that was passed by the House last year to slash spending across nearly every sector of the government, excluding the military. Ryan’s plan has received renewed attention after Romney, the Republicans’ presumptive presidential nominee, announced Saturday that Ryan was his pick for vice president. Democrats are looking to target specifics from the Romney campaign while Republicans are hoping to recharge their base.

Romney’s selection of Ryan also gives markets much needed insight into how the former governor of Massachusetts would proceed with a long-anticipated reform of the government-sponsored enterprises. The long-term outlook of the Ryan plan involves a complete wind-down of Fannie Mae and Freddie Mac and an end to their bailouts — which have cost $188 billion so far.

The Ryan budget would “privatize the business of government-owned housing giants, Fannie Mae and Freddie Mac, so they no longer expose taxpayers to trillions of dollars’ worth of risk.”

Read the rest of this story at HousingWire.

See also:
Freddie Mac Posts $1.2 Billion Net Income in 2nd Quarter
High-End Homeowners Racing to Sell Before Tax Cuts End
Michigan Man Buys County’s Entire Foreclosure Stock

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Source: http://realestate.aol.com/blog/2012/08/14/paul-ryan-favors-dissolving-fannie-mae-freddie-mac/

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Filed under: News, Financing, Refinancing

WASHINGTON — Today’s record-low mortgage rates are out of reach for millions of U.S. homeowners who would benefit from them most.

One in four homeowners with a mortgage — 11 million people — owe more than their home is worth. These “underwater” borrowers have virtually no shot at refinancing.

Their plight is a drag on the housing market and the broader economy.

The Obama administration is hoping at least 1 million of these borrowers will take advantage of its refinancing program under more lenient rules unveiled Monday. Homeowners who are current on their payments will be eligible to refinance no matter how much their home’s value has dropped.

Still, it’s unclear how many borrowers will benefit. Lenders will remain under no obligation to refinance a mortgage they hold.

A growing number of these people are missing mortgage payments and falling into foreclosure. And the higher rates they’re locked into limit how much they can contribute to a weak economy. If they were able to refinance at today’s rates, it could boost consumer spending by tens of billions of dollars, economists say.

Underwater homeowners are paying an average 30-year fixed mortgage rate of 5.7 percent, according to an analysis of mortgage data by CoreLogic and The Associated Press. That compares with today’s average rate of 4.11 percent on a 30-year fixed mortgage. For a homeowner with a $250,000 mortgage, the lower rate would save more than $200 a month.

Browse through photos of millions of home listings or search foreclosure listings

For many Americans, a few hundred dollars each month would mean the difference between paying their mortgage on time and in full and losing, or walking away from, their home.

Underwater borrowers are the “most desperate population in the country today,” says Barry Bosworth, an economist at the Brookings Institution.

Dan and Maggie Micoff bought a two-bedroom home in the Detroit suburb of Marine City in 2003. They paid $119,000. Eight years later, they’re underwater with a 6 percent loan.

If they could refinance, the Micoffs, both 58, could shave at least $120 from their monthly bill.

“The banks won’t work with us,” Maggie Micoff said. “We helped bail them out, and now we can’t even get a personal loan to get by. We could rent something for a few hundred dollars cheaper.”

Even among homeowners who do have equity in their homes, few are refinancing. Many have already refinanced within the past year. Others can’t meet tighter lending standards. That’s why underwater borrowers represent the best chance for refinancing to unleash spending that’s otherwise going toward mortgage bills.

With millions locked into artificially high rates, foreclosures are rising. Mortgage default notices surged nationally last month.

Whether the administration’s revamped mortgage refinancing program will reach more Americans this time is unclear, said Mark Vitner, senior U.S. economist at Wells Fargo.

“No one knows if it will spur a lot more people to refinance, but it’s a start,” Vitner said.

Also see:
Viewpoint: Obama’s Drop-in-the-Bucket Idea for Housing
The Mortgage Fix That Can Save the Economy
Republican Candidates: Short on Housing Policy, Long on Houses

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Source: http://realestate.aol.com/blog/2011/10/25/obamas-refinance-plan-who-will-benefit/

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Filed under: News, Economy

At best, an increase in foreclosures takes a double-edged sword to the housing market. On the one hand, it means we may be inching toward stabilization, as shadow inventory begins to move through the pipeline. On the other, it spells more stress for beleaguered homeowners and puts downward pressure on home prices.

Housing economists predict that the next wave of foreclosures is about to hit, following the recent settlement between government and lenders in the “robo-signing” scandal. No doubt it will still cause pain to hard-pressed borrowers. But in a break from the past, it may avoid depressing home prices.

“There are countervailing strengths,” said Mark Fleming, chief economist at CoreLogic, an analytics firm. “We could very well see increasing prices in some markets this year, even though they have significant shadow inventories.” The “shadow inventory” is the overhang of homes expected to move through foreclosure that are not yet listed on the market.

A report from CoreLogic released today said that completed foreclosures edged down from 71,000 in January to 65,000 in February, and that the number of homes in a state of foreclosure has shrunk by 115,000 homes from February 2011 to 1.4 million homes in February 2012.

Browse through photos of millions of home listings or search foreclosure listings

Despite the slight month-over-month drop, foreclosure activity has remained relatively steady recently, but economists predict that it will rise in the coming months because of the resolution of an investigation into illegal foreclosures between the government and major mortgage servicers.

Fleming told AOL Real Estate that the housing market may feel the impact of the robo-signing settlement during the summer, after the five banks involved in the settlement implement government-approved foreclosure practices.

“All of this will result in more foreclosure pain in the short term as some of the foreclosures that should have happened last year instead happen this year,” Daren Blomquist, vice president of online foreclosure marketplace RealtyTrac, said in February. The economist predicts that completed foreclosures will jump by 25 percent in 2012, totaling 1 million.

But since the market must eventually absorb the excess supply of foreclosed homes, breaking the foreclosure logjam isn’t necessarily a bad thing. “I would like to see the pace increase, because that means we’ll be able to work off the inventory faster,” Fleming said. And the downward pressure on prices that’s caused by an increase in foreclosures may be mitigated by improvements observed lately in other sectors of the market, as well as the economy as a whole, he says.

Home sales have risen by 13 percent in the previous six months, according to Capital Economics, while the delinquency rate saw a year-over-year 14 percent drop as of February, according to Lender Processing Services. Homebuilder optimism is measured at a five-year high, and real estate agents’ optimism reportedly more than doubled in the first quarter of 2012, against the backdrop of positive market indicators.

If the positive trends continue, Fleming said, the market could begin to stabilize as early as this year.

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A recent report provided one of the most hopeful signs of recovery for the housing market yet. John Burns Real Estate Consulting found that home prices actually have risen marginally since January. The company says that its gauge of the market, the Burns Home Value Index, eliminates a three-month lag time that distorts other indices by recording contract signings of home purchases, not closings.

Its finding conflicts with most other indices, though, such as the Standard & Poor’s/Case-Shiller home-price index, which showed a drop in home prices in January.

Follow Teke Wiggin on Twitter (@tkwiggin), follow @AOLRealEstate, or connect with AOL Real Estate on Facebook.

See also:
HARP 2.0: Do You Now Qualify for Mortgage Relief?
Netizens Deride Foreclosure Settlement

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Source: http://realestate.aol.com/blog/2012/03/30/home-prices-may-withstand-foreclosure-wave/

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Filed under: Celebrity Homes, Financing, Credit

Mortgage rates have fallen to record lows. But if you’re in the market for a home loan, you’re going to have a tough time matching the deal that Facebook founder and CEO Mark Zuckerberg got on his mortgage.

Like millions of Americans have done in recent years, Zuckerberg decided to refinance his mortgage. But according to Bloomberg, the rate he got was amazing low: just 1.05 percent.

How did he do it? And can non-moguls get a similar deal?

Taking a Monthly Gamble

The key to understanding why Zuckerberg got such a great deal on his mortgage is that he didn’t get a conventional fixed mortgage. Rather, he decided to refinance his $5.95 million loan on his Palo Alto, Calif., home with an adjustable-rate mortgage.

Adjustable-rate mortgages, or ARMs, got a lot of notoriety during the housing boom. With lower interest rates, ARMs helped many homebuyers afford high-priced homes, because they often offered low teaser rates for an initial period of time. But after that teaser rate went away, borrowers were stuck making higher monthly payments, which many blame for what eventually cracked the housing bubble.

Even so, the average ARM, which locks in rates for one year at a time, carries a rate of 2.7 percent. What helped Zuckerberg get an even lower rate was his willingness to accept monthly resets of his interest rate. That means his monthly payments could rise as soon as August.

Despite that theoretical risk, few people expect interest rates to rise anytime soon. The Federal Reserve has said that it plans to keep rates low at least for the next couple of years, and many analysts expect an even longer period of low rates.

That said, there’s not much downside to the Facebook founder even if the Fed raises rates. That’s because Zuckerberg has a huge reserve of wealth behind his loan. Unlike most homeowners, he can simply sell assets and pay off his mortgage loan if the interest rate on his loan suddenly skyrockets.

How the Rest of Us Should Play the ARMs Race

The trend that most homeowners have followed recently is to get rid of adjustable-rate mortgages in favor of fixed loans. With average rates on 15-year mortgages at 2.86 percent and 30-year mortgages fetching 3.56 percent, ordinary homeowners don’t get much benefit from taking on the risk of an adjustable-rate mortgage.

Despite Zuckerberg’s cheap rate, trying to follow in his footsteps isn’t a smart idea for most homeowners. Refinancing to a fixed-rate mortgage will help you lock in affordable, predictable payments no matter what happens to interest rates in the future.

You can follow Motley Fool contributor Dan Caplinger on Twitter here. The Motley Fool owns shares of Facebook.

See also:
Anderson Cooper’s Manhattan Pad Sells for $3.8 Million
Listing Fails: The Best of the Worst in Real Estate This Week
Countrywide ‘VIP Loans’: Few Pols Resisted Mortgage ‘Gifts’

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Source: http://realestate.aol.com/blog/2012/07/16/facebook-ceo-mark-zuckerberg-refinances-mortgage-loan-down-to-1/

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The Central Oregon branch of premiere Northwest brokerage Hasson Company Realtors has become a member of the Central Oregon Builders Association (COBA). As an organization, COBA advocates politically and locally for the housing industry, and provides opportunities for the public to become educated on issues affecting contemporary homebuilding. COBA will provide the Hasson Company with […]

Source: http://www.hassonblog.com/2012/01/hasson-company-branch-to-join-central-oregon-builders-association/

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Filed under: News, Home Improvement

Dan Phillips is one of the most unconventional home builders you’ll ever find. In fact, he’s more an ecological social messiah than a home builder (see video below). For $10,000, he builds affordable homes for low-income people that are attractive, energy-efficient and save landfills. Most builders purchase building materials — piles of wood, sheet rock, nails, bricks, and tiles — that are used in construction and then, when the house is finished, the waste is discarded to the dump. Phillips, 66, salvages those materials, hauling them from the trash or even picking them up on the road, to build or remodel homes for low-income buyers.

He says he’s just doing what people have been doing for years — using whatever they can scrounge up to to build shelter.

“And if you ponder what could be used,” says the Huntsville, Tex., resident, “then building materials are everywhere.”

Phillips himself has been “everywhere”: He worked as an intelligence officer in the Army, then as a dance instructor, an antiques dealer and a puzzle maker. Fourteen years ago he started a new career: Creating affordable homes for low-income families out of trash. He is a self-taught carpenter, electrician and plumber. His motivation came from the disparity he saw between

See photos of homes for sale in your area and across the country on AOL Real Estate

landfills overflowing with discarded building materials and a lack of affordable housing. He started Phoenix Commotion, a for-profit company that hopes to solve the world’s social problems associated with housing.

Phillips builds homes for as little as $10,000, making them energy-efficient with tight insulation, solar hot water and even a rainwater catchment system. He hires unskilled workers, teaches them marketable construction skills and then helps them find jobs when the project is complete. He keeps the landfills shallow by using truckfuls of leftover building materials such as lumber, tile and granite. Locals even hand off their old fixtures and doors to Phillips when they remodel, which he keeps in a warehouse and distributes free to low-income and needy people and organizations.

Huntsville officials say he is saving costs as well as Mother Earth. In fact, his materials warehouse has inspired a spin-off in Houston, the nation’s third largest metropolitan area. The Houston warehouse opened in October, 2009 and within the first six months diverted 200 tons of building materials.

So far, Phillips has built 13 homes that are highly unusual, especially in Huntsville, a town of 35,000 north of Houston whose main industry is the huge high security prison that houses Texas death row inmates.

There’s the “Bone House,” which features a stairway made of bones, floors covered in wine corks and beer bottle caps, and a skylight made from — are you ready? — a Pyrex baking dish.

There’s the Storybook House that has that medieval Hansel and Gretel feel. There’s the Budweiser House with an exterior of red, white and blue. There’s the 600-square-foot Doll House, built for Gloria Rivera, a doughnut-shop cashier who put her own thumbprints in the bright yellow stucco walls, which was constructed of almost 100 percent salvaged, donated or recycled materials.

To Phillips’s dismay, about half the homes he has built in Huntsville have been lost to foreclosure. As he told the New York Times in 2009, “You can put someone in a new home, but you cannot give them a new mindset.”

Undaunted, he is continuing to spread the story of what he does to others and preach his philosophy: You may not save the world anytime soon, but you can help tidy up your own backyard.

See photos of other amazing green homes here.

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For more green coverage, visit the Huffington Post Green section.

Candy is an award-winning, Dallas-based real estate reporter, blogger, and consultant. She’s the gal who brought House Porn to the Bible Belt! Read more at SecondShelters.com. and send story ideas and tips to CandyEvans@secondshelters.com.

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Source: http://realestate.aol.com/blog/2011/04/25/home-builder-turns-trash-into-green-homes-for-10-000/

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Filed under: News, Economy

It seemed like a race to the bottom this year: Along with continued declines in property values, every season seemed to see another record low in interest rates — though fewer-than-expected buyers were inclined to take advantage. Also on the way down or stuck in the cellar: the number of Americans who expected to buy their own home and their chances of qualifying to own one — though some scaled down their aspirations by looking into building smaller, more economical houses.

But perhaps the most significant decline came in the realization of the American dream. U.S. Census figures put the rate of homeownship at its lowest level since the Great Depression — 65.1 percent, with some analysts saying that the U.S. might never return to its mid-decade housing boom peak, when about 70 percent of occupied households were owned by their residents.

And though some analysts were still predicting even lower housing prices, and still more foreclosures, there were hopeful signs. A rise in home construction inspired more optimism among homebuilders. And some of the cities that have suffered most during the housing crisis finally saw significant movement in their real estate markets.

(Pictured above: An eviction team removes a family’s possessions from a foreclosed home in Longmont, Colo., in September.)

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Also see:
Celebrity Real Estate Trends of 2011
Most Controversial HOA Moves of the Year
Homes Lose $700 Billion in Value in 2011, Report Says

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Finds homes for rent in your area.

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Source: http://realestate.aol.com/blog/2011/12/26/2011-in-real-estate-the-top-11-news-stories/

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Filed under: News, Economy

It seemed like a race to the bottom this year: Along with continued declines in property values, every season seemed to see another record low in interest rates — though fewer-than-expected buyers were inclined to take advantage. Also on the way down or stuck in the cellar: the number of Americans who expected to buy their own home and their chances of qualifying to own one — though some scaled down their aspirations by looking into building smaller, more economical houses.

But perhaps the most significant decline came in the realization of the American dream. U.S. Census figures put the rate of homeownship at its lowest level since the Great Depression — 65.1 percent, with some analysts saying that the U.S. might never return to its mid-decade housing boom peak, when about 70 percent of occupied households were owned by their residents.

And though some analysts were still predicting even lower housing prices, and still more foreclosures, there were hopeful signs. A rise in home construction inspired more optimism among homebuilders. And some of the cities that have suffered most during the housing crisis finally saw significant movement in their real estate markets.

(Pictured above: An eviction team removes a family’s possessions from a foreclosed home in Longmont, Colo., in September.)

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Also see:
Celebrity Real Estate Trends of 2011
Most Controversial HOA Moves of the Year
Homes Lose $700 Billion in Value in 2011, Report Says

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Finds homes for rent in your area.

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Source: http://realestate.aol.com/blog/2011/12/26/2011-in-real-estate-the-top-11-news-stories/

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Filed under: News, Investing

Thought Snooki and her partners cornered the market on conspicuous consumption? Then you haven’t seen this Jersey Shore mansion. With 22 rooms, a 15-car-garage and 650 feet of beachfront (provided Hurricane Irene didn’t do any re-landscaping), the place gives the reality-TV cast a run for their booze-soaked bills.

Located in Mantoloking, an uber-ritzy community “down the shore,” the home, listed at $16 million, has eight bedrooms, five bathrooms, and stunning views from multiple porches and decks, as well as a brick patio, pool and 200-foot dock.

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Robert Schwartz of Van Sciver Realtors has the listing.

Click on the pictures below to see some other mouth-watering residences in Mantoloking, N.J.:

See more Houses of the Day and other homes for sale in Mantoloking, N.J. on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email ann.brenoff@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to respond to each submission.)

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Source: http://realestate.aol.com/blog/2011/09/02/house-of-the-day-jersey-shore-mansion-gives-reality-show-a-run/

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Filed under: News, Financing, Refinancing

By Nick Timiraos

The Obama administration is revamping a program that’s designed to let more homeowners refinance their mortgages even if they don’t have any equity. This isn’t a new program, but instead attempts to turbo-charge an existing federal initiative called the Home Affordable Refinance Program.

Here’s a look at some frequently asked questions:

What is HARP? The Obama administration in 2009 rolled out HARP to refinance borrowers whose loans were backed by Fannie Mae and Freddie Mac and who were current on their payments. The idea was simple: If you were making your payments on time but didn’t have enough equity to refinance, you would be able to lower your rate without having to pay down your mortgage balance or take out mortgage insurance.

Initially, the program was limited to borrowers who owed between 80% and 105% the value of their homes. In mid 2009, the program was opened to borrowers who owed up to 125% the value of their homes.

But a series of unforeseen “frictions” have led fewer borrowers to take up on the offer of lower rates. Fewer than 900,000 homeowners have refinanced under HARP over the past 2&frac12; years, and just 72,000 of those borrowers have loan-to-value ratios between 105% and 125%.

Click here for the rest of the Q&A.

See also:
Obama to Announce Refi Help for Underwater Homeowners

More from the Wall Street Journal:
Ginormous Dallas Hotel Set to Open
Is the Housing Crisis Making People Sick?
At Zucotti Park, Love Under the Tarps

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.

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Source: http://realestate.aol.com/blog/2011/10/24/obamas-refinance-plan-explained/

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Condos sales declined 9% over the past year  in Miami-Dade …  Inventory is down by  30%. That said though, interestingly enough, condos selling between $300,000 and $999,999 have shown a 32% increase  … (Spring 2011 through  Spring 2012).  And in the $1 million plus range  there was an 11% increase in sales. As far as distressed property is concerned,  4% of the condos currently on the […]

Source: http://feedproxy.google.com/~r/MiamiRealEstateCafe/~3/iOAXr-lntfc/

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Filed under: News, Economy, Election 2012

It may seem hard to believe, but this year’s presidential candidates have mostly avoided discussing an industry that’s largely responsible for the last five years of economic pain.

That may be because, for President Barack Obama and GOP White House hopeful Mitt Romney, the subject of housing remains an extremely sensitive one. Obama might like the real estate market, whose imbalances sparked the financial crisis, to remain a ghost issue because of a lackluster record at combating the foreclosure epidemic. Romney, meanwhile, might like to steer clear of the topic because a hard stance on housing could alienate voters whom he needs to win.

The Dismal State of the Housing Market

During Obama’s tenure, around 4 million people have lost their homes to foreclosure and 9 million have been served foreclosure notices. There are alternatives that can save homeowners from foreclosure, but federal relief programs that were designed to foster them haven’t fixed the problem.

“Obama’s major housing initiatives have fallen short of expectations, and so Obama doesn’t have big victories to point to,” said Jed Kolko, chief economist for listing service Trulia. “The housing market is still struggling in many parts of the country, so this is not a problem that’s been solved.”

The administration’s flagship relief program, the Home Affordable Modification Program, has helped 1 million homeowners obtain lower interest rates, principal reductions, more time to pay their mortgages or any combination of the three. But that pales in comparison to the 3 to 4 million homeowners whom the program was supposed to help.

Meanwhile, the Home Affordable Refinance Program, designed to help 5 million homeowners refinance their mortgages into lower interest rates, has only benefited about 1.5 million homeowners.

Recent allegations made by Neil Barofsky, the former inspector general of the Troubled Asset Relief Program, give Obama even more reason to avoid calling attention to these assistance programs. Barofsky claimed in his recent book, “Bailout,” that Treasury Secretary Tim Geithner engineered HAMP to help banks not homeowners. He wrote that Geithner said HAMP was a way to “help foam the runway” for financial institutions.

Obama also can’t say that he’s removed systemic risk from the housing system. His administration hasn’t reformed Fannie Mae and Freddie Mac, two government-sponsored organizations that some say are directly responsible for the housing bust.

In fact, the two mortgage giants, along with the Federal Housing Administration, wield a much greater influence over the housing market now than before the bubble burst. Though they are now highly regulated, the organizations guarantee about 90 percent of the mortgages originating today.

“Some of the most pressing housing policy issues that need to be resolved have to do with the future of Fannie Mae and Freddie Mac,” Kolko said. “And that doesn’t work easily in sound bites.”

A Third Rail for Romney

Indeed, partly for this reason, the fate of Fannie and Freddie is a subject that Romney isn’t too keen on bringing up either, said Mark Calabria, director of Financial Regulation Studies at the Cato Institute. The Republican nominee has said that he believes in reeling in government involvement in the housing market. He even commented at a private fundraiser that he might abolish the Department of Housing and Urban Development.

But broadcasting an ambition to dismantle government support of the mortgage market could turn off a wide swath of voters whose businesses depend on the liquidity provided by government muscle.

“To stake out what you think Fannie and Freddie’s future is, is to alienate somebody,” Calabria said. “Realtors and homebuilders tend to be politically active — and Republicans.”

Indeed, Romney’s free-market stance on housing, if articulated bluntly, could unsettle many distressed homeowners as well. He has said that he believes that the housing market should naturally “hit bottom,” and has harshly criticized Obama’s relief programs.

That outlook jibes with Republican views toward government intervention in the housing market. Only 42 percent of Republicans said that they thought helping homeowners avoid foreclosure should be a housing priority, according to a survey administered by Trulia in December 2011. By contrast, 63 percent of Democratic respondents said it was a priority.

Toeing a middle ground, Romney said in a seven-page housing policy white paper that his administration would encourage foreclosure alternatives but didn’t say how.

Why? “It’s hard to come up with housing policies that don’t cost money,” Kolko said, adding that such programs also raise the specter of moral hazard. In terms of housing relief, the moral hazard refers to the temptation to default in order to receive assistance, and that’s anathema to many Republicans.

Expect a Debate Stalemate

Housing experts say that voters can probably expect both candidates to avoid painting a full picture of their housing policy platforms and instead launch into partisan attacks on each other over the issue.

Romney will probably rail against Obama’s disappointing relief programs, while Obama may blame Republican obstructionism for the market’s dismal performance during his stay in office.

“The most he [Obama] can do is say, ‘I had a bunch of plans and … the Republicans wouldn’t pass them,” Calabria said.

See also:
Election 2012: Will It Affect Your Decision to Buy a Home?
Barack Obama’s and Mitt Romney’s Homes
Romney’s Housing Fix: Let Foreclosures ‘Hit Bottom’

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Source: http://realestate.aol.com/blog/2012/10/01/romney-and-obama-housing-policies-why-housing-isnt-in-debate/

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Filed under: News, Economy

WASHINGTON, July 2 (Reuters) – U.S. construction spending rose to its highest level in nearly two and a half years in May as investment in residential and federal government projects surged, a rare dose of good news for the flagging economic recovery.

Construction spending increased 0.9 percent to an annual rate of $830 billion, the highest level since December 2009, the Commerce Department said on Monday. That followed an upwardly revised 0.6 percent rise in April.

Economists polled by Reuters had expected construction spending to rise 0.2 percent after a previously reported 0.3 percent gain in April.

In a reversal of fortunes, housing has become one of the few bright spots in the economy, whose recovery has slowed in recent months as the debt crisis in Europe and an unclear fiscal policy path at home create a cloud of uncertainty for businesses and households.

The gain in construction spending in May was driven by a 1.6 percent rise in private construction outlays. Spending on residential projects jumped 3 percent to the highest level since January 2009.

Private nonresidential construction spending rose 0.4 percent to the highest level since October 2009. Investment in multifamily residential projects surged 6.3 percent, while outlays for single-family buildings increased 1.8 percent.

Residential construction is expected to contribute to growth this year for the first time since 2005.

Spending on public sector construction dipped 0.4 percent to $269.6 billion, down for the fifth month. However, outlays on federal government projects jumped 5.6 percent, the largest gain since December, almost reversing the prior month’s drop.

Spending on state and local government projects dropped 1.0 percent, falling for a fifth straight month.

Copyright 2012 Thomson Reuters. Click for Restrictions.

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Source: http://realestate.aol.com/blog/2012/07/02/u-s-construction-spending-hit-2-1-2-year-high-in-may/

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Filed under: Home Improvement

By Jason Notte

Want a summer home improvement project? Dig a big hole on your property, throw a bunch of money in it, throw a match in and bury it once the flames subside.

This is basically what a select, wrongheaded number of Americans do every year when they see the sun peek out in June and head to Home Depot, Lowe’s or Sears without much of a plan. That yard may seem like it’s begging for a pool and your front porch may look inferior to a sunroom, but that doesn’t necessarily make them good ideas.

In some cases, it’s never a good year to make those ideas happen. We asked those in the know which projects homeowners should stay away from this summer. The following is a list of home “improvements” in which the return on the investment is at best subjective and, at worst, a money- and time-draining waste of warm weather:

A pool

An in-ground pool is a $25,000 to $50,000 gamble before a homeowner even considers tucking into their first cannonball.

That same pool costs about $2,000 more a year to maintain, hundreds more to heat and insure and hundreds more in filter and pump repairs within less than a decade. When cracks inevitably appear, resurfacing can cost upward of $10,000 shortly after that first decade.

Sure, the National Association of Realtors’ National Center for Real Estate Research says an in-ground pool can add about 8 percent to a home’s resale price, but that value swings from 6 percent in the frosty Midwest to 11 percent in the most toasty Sun Belt. An above-ground pool with have cheaper upfront costs, but the Center for Real Estate Research says it adds no value to a house and can actually subtract 1.9 percent of a house’s value if the buyer decides the eyesore needs to come down.

An outdoor kitchen

Installing steel grills and gourmet pizza ovens outside in a fenced-in area in Arizona or California adds to your square footage and optimizes great year-round weather. In Traverse City, Mich., it does neither. If your outdoor kitchen is considered an actual kitchen, the return on a major remodel — in this case, 65.7 percent — would be roughly the same. While such things as range hoods and portable heaters make outdoor kitchens year-round propositions in markets as seasonally chilly as Nantucket and Northern Michigan, it’s never quite as comfortable and can cut your returns in half if residents start to shiver during a February pig roast.

Read more of this story at TheStreet.com.

Also see these AOL Real Estate guides:
o. Xeriscaping: 6 steps to Natural, Low Maintenance Lawn
o. Best Landscape Design Options
o. Home Staging for Every Season

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.

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Source: http://realestate.aol.com/blog/2012/06/29/10-home-improvements-that-are-a-waste-of-money/

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Filed under: News, Foreclosures, Refinancing

WASHINGTON — President Barack Obama is aiming mortgage relief at members of the military as well as homeowners with government-insured loans, the administration’s latest efforts to address a persistent housing crisis.

In his first full news conference of the year Tuesday, Obama was to announce plans to let borrowers with mortgages insured by the Federal Housing Administration refinance at lower rates, saving the average homeowner more than $1,000 a year. Obama also was detailing an agreement with major lenders to compensate service members and veterans who were wrongfully foreclosed upon or denied lower interest rates.

A senior administration official described Obama’s proposals to The Associated Press, ahead of the announcement, on the condition of anonymity.

The efforts Obama is announcing do not require congressional approval and are limited in comparison with the vast expansion of government assistance to homeowners that he asked Congress to approve last month. That $5 billion to $10 billion plan would make it easier for more borrowers with burdensome mortgages to refinance their loans.

Lower Refinancing Fee

Under the housing plans that Obama was to announce Tuesday, FHA-insured borrowers would be able to refinance their loans at half the fee that the FHA currently charges. FHA borrowers who want to refinance now must pay a fee of 1.15 percent of their balance every year. Officials say those fees make refinancing unappealing to many borrowers. The new plan will reduce that charge to 0.55 percent.

With mortgage rates at about 4 percent, the administration estimates a typical FHA borrower with $175,000 still owed on a home could reduce monthly payments to $915 a month and save $100 a month more than the borrower would have under current FHA fees.

Though 2 million to 3 million borrowers would be eligible, the administration official would not speculate how many would actually seek to benefit from the program. The FHA provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. The loans typically go to homeowners who do not have enough equity to qualify for standard mortgages. It is the largest insurer of mortgages in the world.

Review of Vets’ Foreclosures

For service members and veterans, Obama will announce that major lenders will review foreclosures to determine whether they were done properly. If wrongly foreclosed upon, service members and veterans would be paid their lost equity and also be entitled to an additional $116,785 in compensation. That was a figure reached through an agreement with major lenders by the federal government and 49 state attorneys general.

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Under the agreement, the lenders also would compensate service members who lost value in their homes when they were forced to sell them due to a military reassignment.

Obama is holding the news conference in the midst of a modestly improving economy. But international challenges as well as a stubbornly depressed housing market remain threats to the current recovery and to his presidency.

Obama has not held a full news conference since November. The White House scheduled this one on the same day as the 10-state Super Tuesday Republican presidential nominating contests. While aides insisted the timing was coincidental, it follows a pattern of Obama seeking the limelight when the attention is on the GOP.

The news conference comes amid a new sense of optimism at the White House. Obama’s public approval ratings have inched up close to 50 percent. The president recently won an extension of a payroll tax cut that was a main element of his jobs plan for 2012. Economic signals suggest a recovery that is taking hold.

Still, he will probably face questions about the pace of the recovery. The unemployment rate in January was 8.3 percent, the highest it has been in an election year since the Great Depression. With rising gasoline prices threatening to slow the economy, Obama has also faced attacks from Republicans over his energy policy.

Iran’s nuclear ambitions will also command attention in the aftermath of his meeting Monday with Israeli Prime Minister Benjamin Netanyahu. Tension over Iran has already contributed to higher oil prices, and Israel’s threats of pre-emptive military strikes to prevent Tehran from building a nuclear bomb have dominated Washington discourse for weeks.

Other developments in the Middle East, where turmoil has soured some of the promise of last year’s Arab Spring, are also likely to be addressed. Syria’s bloody crackdown on protesters has increased pressure on Obama to intervene. Republican Sen. John McCain on Monday urged the United States to launch airstrikes against Syrian President Bashar Assad’s regime to force him out of power.

Copyright 2012 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

Also see:
Only 5% of Underwater Homes May Qualify for Write-Downs
REO to Rental: Fannie Mae Dips Further Into Foreclosure Pool

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Source: http://realestate.aol.com/blog/2012/03/06/obama-mortgage-help-coming-for-military-fha-borrowers/

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