Mortgage

6 Things You Must Do Before Buying a Home

/ Stacy Schnell

(TNS)—Buying a home is a huge investment—probably the most significant purchase of your life. It’s not something you should do without preparation.

Before you start on the road to homeownership, make sure you are ready.

Improve your credit score.
A high credit score snags you the best deals. “Below 660 or 680, you’re either going to have to pay sizable fees or a higher down payment,” says Barry Zigas, director of Housing Policy for the Consumer Federation of America.

This excerpt from RIS Media, please CLICK HERE to read more.

Mortgage Updates

/ Stacy Schnell
Rates remained unchanged this week and do not appear to be heading back down to levels from a couple of months ago.
Please keep in mind that it is a good idea for buyers to get a second opinion on their rates and fees. With daily pricing being so volatile, some lenders are not in line with the market. I was able to lock in a client this week .375% lower in rate than another lender. 
In economic news, rising home loan rates coupled with a lean supply of homes for sale on the lower-end of the market pushed sales of new single-family homes lower in January. New Home Sales fell 7.8 percent in January from December, according to the Commerce Department, led by a 33 percent plunge in the Northeast. From January 2017 to January 2018, sales were down 1 percent.

Home prices continued to rise in December due in part to the continuing trend of high demand and a shortage of homes for sale on the market. The S&P/Case-Shiller 20-City Home Price Index rose 6.3 percent from December 2016 to December 2017.

Four NJ real estate pros arrested in $5 million fraud case

/ Stacy Schnell

Four New Jersey housing industry professionals were arrested in New Jersey last week for perpetrating a $5 million mortgage scam.

Real estate investor Victor Santos, builder Arsenio Santos, real estate settlement attorney Fausto Simoes, and mortgage loan officer Raquel Casalinho were charged with conspiracy to commit bank fraud. According to the Department of Justice, between September of 2007 and November of 2008, the four co-conspirators and others fraudulently obtained mortgage loans with a total value of more than $5 million.

This excerpt from Mortgage Professional America.

PLEASE CLICK HERE TO READ MORE