Today's news includes an announcement by Wal-Mart that they are pledging to hire 100,000 Veterans with honorable discharges over the next 5 years. I think this is great. I am not really a Wal-Mart fan, but this could make me one. I have seen some numbers that if a veteran who works for Wal-Mart has a spouse who has an average job, that they could qualify for the average home in the U.S. which is $186,000. So selfishly that could be a boost to the housing industry.
And since we at MIG also specialize in VA loans we can participate too. This is a good time to point out that THDA (the first time buyer agency in Tennessee) is offering Vets (and they don't have to be first time buyers) one half per cent off on their mortgage. That would put their starting rate at 3.1%. This is their Homeownership for the Brave program.
So if you know a Vet we can help please email me at george.margrave@migonline.com or call me at (615) 777-3299 and I will help them!
Showing posts with label first time home buyer. Show all posts
Showing posts with label first time home buyer. Show all posts
Wednesday, January 16, 2013
Wednesday, June 6, 2012
CRACKING THE CODE: DUTY TO DISCLOSE
Do you know your disclosure responsibility? In a recent case, a Hawaii court found that a “Frog Addendum” alerted a buyer to the potential issue of tree frog din. Interestingly, in Brinkwood Land Equities Ltd. v. Hilo Brokers Ltd., the court also determined the broker had no duty to disclose that the surrounding neighborhood was allegedly frequented by drug dealers and prostitutes.
Article 5 of the Code of Ethics says REALTORS® shall not undertake to provide professional services concerning a property or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties. This could apply to many different areas- for example, frogs. For more on disclosure and article 5, click here.
~~GNAR
Remember, if you want more information or would like to chat, let me know. I can be reached at 615-777-4663 or via email at george.margrave@migonline.com
Wednesday, March 28, 2012
Credit Inquiries and What They Mean
We get many questions about how many points are affected by a credit inquiry. This is a simple yet difficult question to answer. Let me explain. There are two types of inquiries that a person must take into consideration. Here is a look at both of them:
Soft Inquiries: These do not affect your credit score and thus you don’t have to worry about them. They are reported on your credit report which confuses many people. A soft inquiry, or “soft pull” as we refer to them, are harmless in nature. There are many examples. Here are a few:
1) You have a credit card and you see they have pulled your credit. This is done by your credit card company to see if you have missed paying any of your other financial obligations. If you have been late, this allows them to increase the interest rate on your credit card per your agreement! Very few people notice this when they open a credit line because they don’t read the agreement.
I know what you’re saying: what does a late payment on some other line of credit have to do with my payment history on this credit card? Yes it’s unfair but non-the-less reality.
2) Pulling your free annual credit reports at www.annualcreditreport.com. Again, these don’t affect your score and is something everyone should do once a year. The credit reports are free but you have to pay a fee if you want the score.
3) Lending institutions regularly pull your credit for “pre-approved” offers. You know the main culprits here—usually credit card companies that want your business.
4) A few other examples are when you apply for employment or by landlords for renting or leasing an apartment or a house.
Hard Inquiries: Ok, these are the only ones you have to worry about. When I talk to clients I make it simple by telling them if you apply or initiate an application for a vehicle, credit card, line of credit or a mortgage etc… then it is factored into your credit score.
From my experience many people get into trouble with inquiries when they are making purchases at major department stores or other large businesses. At checkout the clerk tells them they can get “15% off this purchase” if they apply for a credit card or line of credit with that business. Do not do this! Department store cards are not rated the same as major credit cards and the interest rates are usually much higher!
Finally, keep in mind hard inquires stay on your report for two years but are most often only factored into your score if they are within the last six months.
From Thomas McGee
By the way T-minus 12 on the increased MIP. Call me so I can help you avoid it.
You can reach me at 615-777-4663 or via email at george.margrave@migonline.com
Soft Inquiries: These do not affect your credit score and thus you don’t have to worry about them. They are reported on your credit report which confuses many people. A soft inquiry, or “soft pull” as we refer to them, are harmless in nature. There are many examples. Here are a few:
1) You have a credit card and you see they have pulled your credit. This is done by your credit card company to see if you have missed paying any of your other financial obligations. If you have been late, this allows them to increase the interest rate on your credit card per your agreement! Very few people notice this when they open a credit line because they don’t read the agreement.
I know what you’re saying: what does a late payment on some other line of credit have to do with my payment history on this credit card? Yes it’s unfair but non-the-less reality.
2) Pulling your free annual credit reports at www.annualcreditreport.com. Again, these don’t affect your score and is something everyone should do once a year. The credit reports are free but you have to pay a fee if you want the score.
3) Lending institutions regularly pull your credit for “pre-approved” offers. You know the main culprits here—usually credit card companies that want your business.
4) A few other examples are when you apply for employment or by landlords for renting or leasing an apartment or a house.
Hard Inquiries: Ok, these are the only ones you have to worry about. When I talk to clients I make it simple by telling them if you apply or initiate an application for a vehicle, credit card, line of credit or a mortgage etc… then it is factored into your credit score.
From my experience many people get into trouble with inquiries when they are making purchases at major department stores or other large businesses. At checkout the clerk tells them they can get “15% off this purchase” if they apply for a credit card or line of credit with that business. Do not do this! Department store cards are not rated the same as major credit cards and the interest rates are usually much higher!
Finally, keep in mind hard inquires stay on your report for two years but are most often only factored into your score if they are within the last six months.
From Thomas McGee
By the way T-minus 12 on the increased MIP. Call me so I can help you avoid it.
You can reach me at 615-777-4663 or via email at george.margrave@migonline.com
Wednesday, March 7, 2012
Don't Put Off Buying...HUD Raising MIP 4/1/2012
Last week I told you about how HUD is raising the MIP for their borrowers after April 1. So If you are thinking of buying, you would save money by getting the transaction far enough along to order the FHA case number and appraisal. My political comment on this may not interest you, but the powers that be are piling on the average homebuyer. That is exactly what they talk against. If housing were to have a recovery (even moderately) the whole economy would benefit dramatically. So why would they keep putting the brakes to the most obvious things. I’m just saying.
You can reach me at 615-777-4663 (HOME) or email me at George.Margrave@migonline.com .
Wednesday, January 18, 2012
Housing News: 11 Trends from 2011
The National Association of Realtors® surveys homebuyers and sellers each year to uncover housing trends and monitor changes taking place in the industry. This year's report highlights a number of trends that haven't been seen in years. Here are just 11 highlights from the 2011 report.
1. In 2011, 37% of homebuyers were first-time buyers - which was down from 50% in 2010.
2. Last year, 88% of homebuyers used the Internet to search for a home. That number was down slightly from a high of 90% in 2009.
3. The typical homebuyer searched for 12 weeks and viewed 12 homes.
4. The number of buyers who purchased their home through a real estate agent or broker climbed to 89% - a share that has steadily increased from 69% in 2001.
5. Nearly 1 out of 4 buyers said the application and approval process was "somewhat more difficult" than expected…and 16% reported it was "much more difficult" than expected.
6. About half of home sellers traded up to a larger and more expensive home…and 60% traded up to a new home.
7. The top 3 factors influencing neighborhood choice were: the quality of the neighborhood, the convenience to job, and the overall affordability of homes.
8. The typical seller lived in their home for 9 years. That number has increased from 6 years in 2007.
9. Although 61% of sellers said they reduced their asking price at least once, the average home sold for 95% of the listing price.
10. Only 10% of sellers sold their homes without the assistance of a real estate agent. Of those people, 40% knew the buyer prior to the sale.
11. The typical "for sale by owner" home sold for $150,000 compared to $215,000 for the average agent-assisted home sale.
All Contents ©2012 The National Association of Realtors®.
Mortgage Market Guide
If you would like to talk and find out what we can offer you, please give me a call at 615-777-4663 or send me an email at George.Margrave@migonline.com.
1. In 2011, 37% of homebuyers were first-time buyers - which was down from 50% in 2010.
2. Last year, 88% of homebuyers used the Internet to search for a home. That number was down slightly from a high of 90% in 2009.
3. The typical homebuyer searched for 12 weeks and viewed 12 homes.
4. The number of buyers who purchased their home through a real estate agent or broker climbed to 89% - a share that has steadily increased from 69% in 2001.
5. Nearly 1 out of 4 buyers said the application and approval process was "somewhat more difficult" than expected…and 16% reported it was "much more difficult" than expected.
6. About half of home sellers traded up to a larger and more expensive home…and 60% traded up to a new home.
7. The top 3 factors influencing neighborhood choice were: the quality of the neighborhood, the convenience to job, and the overall affordability of homes.
8. The typical seller lived in their home for 9 years. That number has increased from 6 years in 2007.
9. Although 61% of sellers said they reduced their asking price at least once, the average home sold for 95% of the listing price.
10. Only 10% of sellers sold their homes without the assistance of a real estate agent. Of those people, 40% knew the buyer prior to the sale.
11. The typical "for sale by owner" home sold for $150,000 compared to $215,000 for the average agent-assisted home sale.
All Contents ©2012 The National Association of Realtors®.
Mortgage Market Guide
If you would like to talk and find out what we can offer you, please give me a call at 615-777-4663 or send me an email at George.Margrave@migonline.com.
Thursday, January 12, 2012
Home Sales Show Increase
Sales in Middle Tennessee grew by more than 20 per cent over 2010. There were 1502 single-family homes sold which is a gain of 21.4%. It was the 6th consecutive month that home sales topped their year-ago levels. People who haven't had confidence are now starting to move forward.
According to the Greater Nashville Association of Realtors single-family homes purchases for the entire year grew 1.5% over 2010 to reach 17,192 properties. It was the first time since 2006 that annual home sales rose for the year.
Williamson County saw an 8.4% increase. Median prices in both counties were slightly lower. The median price for the year was around $167,000 down about 1 per cent. Pending sales were up 23% which is a great sign of future growth
If you have been waiting on the economy, it may be time to get moving. Call George at 615-777-4663.
According to the Greater Nashville Association of Realtors single-family homes purchases for the entire year grew 1.5% over 2010 to reach 17,192 properties. It was the first time since 2006 that annual home sales rose for the year.
Williamson County saw an 8.4% increase. Median prices in both counties were slightly lower. The median price for the year was around $167,000 down about 1 per cent. Pending sales were up 23% which is a great sign of future growth
If you have been waiting on the economy, it may be time to get moving. Call George at 615-777-4663.
Wednesday, July 20, 2011
A Ray of Sunshine is Coming....
A ray of sunshine is coming. At least I think so if the President and Congress can get the debt limit extended. That will be because the media will start publishing some better figures. And that is because for a long time the reported housing statistics have been compared to the time period when we had the first time homebuyer’s tax credit. July will be the first month that we don’t have that comparison. And just maybe some of the other negatives will die down. I do know you can take advantage of the real estate close out sale to get a great value and finance it with a great interest rate. And contrary to what you hear, you don’t have to pay 20% down. With VA it is zero down, with FHA it is 3.5% down and with conventional it is 5% down.
Also the first time homebuyers don’t have to have any money. Call and ask me how YOU can buy a house.
You can reach me by phone at 615-777-4663 and via email at George.Margrave@MIGonline.com .
Also the first time homebuyers don’t have to have any money. Call and ask me how YOU can buy a house.
You can reach me by phone at 615-777-4663 and via email at George.Margrave@MIGonline.com .
Wednesday, June 1, 2011
Buy a Home Without the Stress
1. Be prepared. You know you are going to have to supply a box full of documents to your lender. When the thought that you might buy first hits you, start organizing and saving any paperwork anyone could possibly ask for. (I can give you a heads up. Just e-mail me at george.margrave@migonline.com or call 615-777-4663.
2. Plan ahead so that a day or two delay won’t have you paying furniture storage fees and/or living on the street. There are all kinds of things that can cause delays.
3. Pre-approve the other parties at the bargaining table. Is the seller upside down? Does he have the money to close? Does a bank have to approve the short sale? Are there title problems? Will the property meet the guidelines of the lender? And on and on.
Just don’t get caught here.
2. Plan ahead so that a day or two delay won’t have you paying furniture storage fees and/or living on the street. There are all kinds of things that can cause delays.
3. Pre-approve the other parties at the bargaining table. Is the seller upside down? Does he have the money to close? Does a bank have to approve the short sale? Are there title problems? Will the property meet the guidelines of the lender? And on and on.
Just don’t get caught here.
Wednesday, March 9, 2011
Congrats!
I am going to take the opportunity to pat myself on the back. On Feb. 24th the Nashville Mortgage Bankers gave out their annual awards to the originators in middle Tennessee. For the second straight year I was the only person there getting two awards. I received the Platinum award for volume ( I have received the gold or platinum for 8 straight years) and the community service awards for my work with first time homebuyers. My team and I were very honored.
I can be reached at 615-777-4663 or via email at George.Margrave@MIGonline.com
I can be reached at 615-777-4663 or via email at George.Margrave@MIGonline.com
Thursday, January 20, 2011
Grown Children Still at Home?
I heard today that there are more men and women ages 25 to 34 living at home with their parents than at any time since 1981. This number is now 30% of that age group and the number is historically at 28%. So that means that I have a bunch of readers who are affected by this situation. I know it is nice to be with the family, but I also know this can be very awkward. We at MIG can help. Our first time buyer program gives us the ability to get these potential homeowners into a new home or condo in many cases with no cash out of pocket required. And the payment is usually cheaper than renting a comparable place since the interest rates are so low. And if this plan doesn't work, we could put you parents on the loan with the younger person and get them packing their bags. Please call (615-777-4663) or e-mail me for details, email address is george.margrave@migonline.com
Subscribe to:
Posts (Atom)