Holiday Market Volatility
Posted on | December 23, 2009 | No Comments
Emotions and your weight are not the only things that are volatile during the holidays as we watch the different indicators in the market go up and down on a daily basis. One day inflation seems to be out of control in one sector to be brought back from the brink by another sector the very next day; and it doesn’t stop there. What most people don’t know is whether to worry or not. Well, I have always been told that worry never solves anything so I think that’s out as a choice.
What you are left with is market information, your situation and decision making. With these three things you should be able to forge ahead without feeling like you are out at sea without a paddle. If you need the latest information on the housing market and mortgages, I will be glad to share all that I know; if you would like someone to help you talk through your particular financial situation, I am happy to listen and help as I can and when you are ready to decide I will respect whatever decision you make. Just know that all markets go up and down and the rest is up to you!
Tis the Season for Christmas Parties
Posted on | December 19, 2009 | No Comments
I really like this time of year because I get to catch up with so many people I haven’t seen all year long at the many Christmas Parties all over town. I am always amazed at how friendly and wonderful people in the Nashville and surrounding areas are in and around the real estate industry. While we all compete with one another, it is never in a cut throat way and always with respect.
For all of those I will miss seeing; Have a Wonderful Holiday Season and enjoy your Christmas and New Year! I wish you all a very prosperous 2010!
Expect Some Big Changes for FHA in 2010
Posted on | December 9, 2009 | No Comments
You will be wise to expect changes for FHA loans in early 2010 as congress meets and votes on some of the recommendations before it in regard to lending practices, guidelines and requirements. These will most likely affect the lenders themselves as well as buyers and sellers, which affect Realtors. So basically, everyone will be impacted by the changes.
If you were around twenty years ago you will notice that we are simply going back to a time when you had to have good credit, money to put down on a house and a good solid job in order to purchase a home. In other words, you will have to have your finances in order to own a home in the future. Though we don’t know all the specifics, we do know things continue to change. Stay tuned and I will keep you updated as they come in. In the mean time, if you are ready to buy, it is definitely a good time to do it with rates low and inventory high.
The Website is a Changing
Posted on | December 1, 2009 | 2 Comments
Over the next month you will see some changes on the website that I hope you will appreciate. The goal is to bring you more information on what is available locally for first time buyers in the Nashville and surrounding areas as well as what is going on with interest rates and the mortgage industry as a whole. As the national standards that have been set in the industry are rolled out before the first of the year, it is a good time to get this information to you so you can make better decisions on your next mortgage.
If there is anything that you would like to see on the website, please let me know by sending me an email via my contact form. This website will better help you navigate the world of mortgage loans and keep up with any of the changes that come down the pike in the future. In the mean time, if you have a question or concern and you want someone to talk too, please don’t hesitate to contact me. I am looking forward to slowly rolling out the changes so stay tuned!
Happy Thanksgiving
Posted on | November 25, 2009 | No Comments
I know it has been a difficult year for some and we have certainly had our moments this year. It has also been a time to bind together and get things done and we are so very thankful that we are healthy and happy.
With this said, I hope you have a wonderful Thanksgiving full of family and friends, good food and fellowship!
Builders Are At It Again
Posted on | November 16, 2009 | No Comments
A sign went up in my East Nashville neighborhood about six months ago that a house was going to be built soon and we saw nothing but the sign. However, over the last two weeks, the builder is not only building on that lot but on two additional lots on the street. What that tells me is the market for new homes is good in Nashville, TN. What I know is the market for homes period is good in the Nashville, TN area.
While there has been much talk about bank owned properties and foreclosures and the great deals you can get, most of these homes need some much needed updating or tender loving care to get them to a good livable place. For those who either can’t afford the additional money for updating and repairs or just don’t want to go through the hassles, there are brand new homes and recently updated homes that are coming on the market every day. I know it because they are on my street.
The Latest News for 1st Time Homebuyers & More
Posted on | November 11, 2009 | 1 Comment
If you have not heard by now, President Obama has signed legislation extending the first time homeowner tax credit. You must have a property under contract by April 30th and it must close by July 30th of 2010. The income restrictions have been raised to $125,00 if you are single and $250,000 if you are married and you cannot purchase a home greater than $800,000. You will need to take your closing paperwork to your accountant to get all the deductions and credits that are coming to you.
Also in the new legislation is a tax credit for those selling their existing home and moving into another. You must have used the home as your primary home for five out of the last eight years and the tax credit is for $6,500. You will have to attach your closing statement, also called the HUD, to your income tax paperwork to get the credit. The same income and price restrictions as the first time home-buyer credit applies. If you have additional questions, make sure you call either the IRS or your accountant as this is a tax question.
Getting Ready for Thankgiving
Posted on | November 2, 2009 | No Comments
Let’s face it, it has been a wild year! Last year at this time no one knew what was going to happen as we had just been told that our country was on the brink of a financial meltdown like we had never seen before. Though you will find few people who are glad the taxpayers are out all the money that was put out and no one likes the amount of money our country is borrowing, at least we can see we are better off today than were we were at this time last year as a country as a whole though there are many families that are still hurting; I know because my wife has been out of a job since last April when her company closed its doors.
But as we get ready for Thanksgiving, we are looking at a year that has been very hard for many and thankful it is behind us as we look forward to opportunities and better times ahead. Homes are selling and loans are still affordable as we head into 2010. It look like the Congress will pass another type of stimulus to encourage home ownership for new owners and maybe even for those who would like to move up into a larger home for the sake of a growing family or business. Stay tuned to learn the details as they become available.
Giving Back to Your Community
Posted on | October 28, 2009 | No Comments
I love living in East Nashville. There is such a community feel in this area that everyone who lives and works here feels blessed to be a part of it. We also get to participate in many community activities throughout the year through our local Historic East Nashville Merchant Association and BNI Metro Chapter that support efforts in and around East Nashville.
There are also individuals with great ideas who have started doing great things like East C.A.N. and the Tomato Art Festival that are making a difference in the lives of those who live in East Nashville. It seems I am always hearing about someone or something new that is being talked about or done in this community and enjoy being a part of it. I am also reminded every year as the holidays come around how many are in need in and around our community as well and will be looking out for a place to donate my time and effort this year. I hope you are doing the same in your community because we all need to give back when we can.
What is a “no cost” FHA Loan?
Posted on | October 19, 2009 | No Comments
The closest thing to a no cost FHA loan is a streamline refinance though this is changing very soon just like so many other things in the loan and mortgage world. A streamline has been done in the past without an appraisal and credit is pulled to verify that the mortgage has been paid over the last 12 months on time. I have read through several of the changes on this loan and will post more once I have the total picture but even the way it was has a cost.
What most people are referring to as a “no cost” loan is a loan where you don;t have to come out of your pocket with money in order to get it closed at a better rate. The problem with this is that is does actually cost you money at some point. The money is coming out of your equity and most people don’t count that as actual dollars but they should! When you sell your house, those dollars are lost in fees and costs for the loan and you won’t get them back. Unless you have a really large reduction on your rate or stay in your house and don’t refinance again and pay it off in full you run the risk of never recovering your money. Make sure your loan officer goes over the true cost of the loan before you ever close it; purchase or refi.
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