Thursday, April 26, 2012
Tuesday, April 24, 2012
Friday, April 20, 2012
What Constitutes A Good Home Inspection?
No matter if you are buying a house or selling a house, they both have to be inspected. Mortgage Daily News has put together a great article highlighting the things an inspector will be checking for on a home inspection.
"According to the Society, a home inspection is a visual assessment of a home's structure and systems. In some cases, in practice at least, an inspection should extend beyond the visual to the operational, but an inspection should look at the following which is based in part on ASHI Standards of Practice and in part on experience with dozens of inspectors in several states." [Read more]
Source: Mortgage Daily News
Wednesday, April 18, 2012
Friday, April 13, 2012
Economy Sparks Remodeling: How To Ensure A Successful Project
"Springtime generates a lot of home improvement activity. Many buyers are out shopping for their new home. With the purchase of their home, the desire to remodel often comes next. For others, the drastically fluctuating housing prices are causing homeowners to stay put and that’s causing them to want to remodel their existing footprint.
Whether it’s a room addition or the renovation of a kitchen to upgrade amenities and make the space feel more comfortable to suit your needs, precautionary steps to get the most out of your remodeling project will create the best outcome.
Some of the most popular remodeling projects have to do with creating homes that are livable for all ages. The National Association of Home Builders says, in 2010, that 62 percent of surveyed builders were working on “aging in place” modifications.
That means granny flats or in-law apartments (extra rooms with kitchenettes) are becoming staples in homes. As baby boomers ease into their golden years this type of remodeling project will continue to grow. Entry-level bedrooms are also popular additions due to the ease of access for the elderly.
Some remodeling companies are now requiring their staff to become Certified Aging in Place specialists so they can offer expertise in designing and modifying buildings and homes for the elderly. Another hot trend is using outdoor living space to expand the home’s square footage. What’s hot in outside remodels? It may be expensive but natural stone is all the rage. Gourmet grilling kitchens, fireplaces, flat screen TVs with surround sound and big comfy couches turn the backyard into a cozy space to relax and entertain.
But regardless of which type of remodel you’re planning to do, finding the right contractor for the job is vital and that can be a difficult task.
The National Homebuilders Association offers some tips for homeowners to help them navigate the process. Here are some important precautionary measures to take before your hire a remodeler.
Check with NAHB.org to find a remodeler who is a member of the National Association of Homebuilders. You can also check with the Better Business Bureau at BBB.org to look up the company’s rating. Of course, family and friends can also offer referrals but checking with professional associations can help provide background information that a friend might not be able to.
Another great way to find a remodeler is to scope out the companies who are working in the neighborhood or an area that you like. Try to stop in and see if you’re able to tour the house and speak with the homeowners. Be sure to ask questions about how smoothly the overall project went and if the crew kept the area clean during the project." [Read more]
Whether it’s a room addition or the renovation of a kitchen to upgrade amenities and make the space feel more comfortable to suit your needs, precautionary steps to get the most out of your remodeling project will create the best outcome.
Some of the most popular remodeling projects have to do with creating homes that are livable for all ages. The National Association of Home Builders says, in 2010, that 62 percent of surveyed builders were working on “aging in place” modifications.
That means granny flats or in-law apartments (extra rooms with kitchenettes) are becoming staples in homes. As baby boomers ease into their golden years this type of remodeling project will continue to grow. Entry-level bedrooms are also popular additions due to the ease of access for the elderly.
Some remodeling companies are now requiring their staff to become Certified Aging in Place specialists so they can offer expertise in designing and modifying buildings and homes for the elderly. Another hot trend is using outdoor living space to expand the home’s square footage. What’s hot in outside remodels? It may be expensive but natural stone is all the rage. Gourmet grilling kitchens, fireplaces, flat screen TVs with surround sound and big comfy couches turn the backyard into a cozy space to relax and entertain.
But regardless of which type of remodel you’re planning to do, finding the right contractor for the job is vital and that can be a difficult task.
The National Homebuilders Association offers some tips for homeowners to help them navigate the process. Here are some important precautionary measures to take before your hire a remodeler.
Check with NAHB.org to find a remodeler who is a member of the National Association of Homebuilders. You can also check with the Better Business Bureau at BBB.org to look up the company’s rating. Of course, family and friends can also offer referrals but checking with professional associations can help provide background information that a friend might not be able to.
Another great way to find a remodeler is to scope out the companies who are working in the neighborhood or an area that you like. Try to stop in and see if you’re able to tour the house and speak with the homeowners. Be sure to ask questions about how smoothly the overall project went and if the crew kept the area clean during the project." [Read more]
Thursday, April 12, 2012
Mortgage Rates Fall to Record Lows
"Mortgage rates fell this week, with the 15-year fixed rate hitting yet another record low, amid news of weak job growth during the month of March.
Borrowers seeking 15-year mortgages, a popular choice for those looking to refinance, were rewarded with an average interest rate of just 3.11% this week, down from last week's 3.21% and more than one percentage point lower than a year earlier, according to Freddie Mac (FMCC, Fortune 500)'s weekly mortgage rate survey.
The rate on 30-year fixed mortgage also fell, to 3.88% from 3.98% the week before, just short of its own record low of 3.87%, set back in February.
The declines were a reversal from a few weeks ago when it appeared as if interest rates would start to creep up. Frank Nothaft, Freddie's chief economist, attributed the drop to concerns over the economy brought on by a weak jobs report for the month of March that was released last week." [Read more]
Borrowers seeking 15-year mortgages, a popular choice for those looking to refinance, were rewarded with an average interest rate of just 3.11% this week, down from last week's 3.21% and more than one percentage point lower than a year earlier, according to Freddie Mac (FMCC, Fortune 500)'s weekly mortgage rate survey.
The rate on 30-year fixed mortgage also fell, to 3.88% from 3.98% the week before, just short of its own record low of 3.87%, set back in February.
The declines were a reversal from a few weeks ago when it appeared as if interest rates would start to creep up. Frank Nothaft, Freddie's chief economist, attributed the drop to concerns over the economy brought on by a weak jobs report for the month of March that was released last week." [Read more]
Monday, April 9, 2012
Banks Upbeat About Mortgage Performance, Looser Credit Looms
"Mortgage lenders aren't rolling out the red carpet on home loans just yet, but with fewer delinquencies and defaults, there's optimism looser credit for home loans has become a topic of board room chatter.
FICO's first quarter survey of bank risk professionals found sentiments about loan repayment and credit availability more upbeat than in the last quarter.
The survey, conducted for FICO by the Professional Risk Managers' International Association (PRMIA), found fewer lenders expecting a rise in delinquencies on home loans, as well as car loans and small business loans, than at any time since FICO launched its survey in early 2010. The survey also examined sentiments on student loans and credit cards.
"As unemployment falls, even modestly, and four years of de-leveraging begin to pay dividends, bankers are allowing themselves to feel some optimism," said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. FICO is a leader in credit scoring systems.
The survey found the number of respondents expecting mortgage delinquencies to rise during the next six months was 12 percentage points lower than last quarter – dropping from 47 to 35 percent. Similarly, only 33.1 percent expect increases in home equity line delinquencies, compared to 44.3 percent last quarter. The overall trend in both categories has been trending more optimistic for the past eight quarters, FICO reported. Viewed another way, the number of respondents who believe mortgage and home equity line delinquencies will decrease hit an all time high, 26 percent and 23.1 percent respectively." [Read more]
FICO's first quarter survey of bank risk professionals found sentiments about loan repayment and credit availability more upbeat than in the last quarter.
The survey, conducted for FICO by the Professional Risk Managers' International Association (PRMIA), found fewer lenders expecting a rise in delinquencies on home loans, as well as car loans and small business loans, than at any time since FICO launched its survey in early 2010. The survey also examined sentiments on student loans and credit cards.
"As unemployment falls, even modestly, and four years of de-leveraging begin to pay dividends, bankers are allowing themselves to feel some optimism," said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. FICO is a leader in credit scoring systems.
The survey found the number of respondents expecting mortgage delinquencies to rise during the next six months was 12 percentage points lower than last quarter – dropping from 47 to 35 percent. Similarly, only 33.1 percent expect increases in home equity line delinquencies, compared to 44.3 percent last quarter. The overall trend in both categories has been trending more optimistic for the past eight quarters, FICO reported. Viewed another way, the number of respondents who believe mortgage and home equity line delinquencies will decrease hit an all time high, 26 percent and 23.1 percent respectively." [Read more]
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