In Lake Orion, Mortgage Applications Rose 2.3%

The Buyers Are Coming … Mortgage rates may have inched up slightly but that didn’t seem to deter home buyers from shopping for a loan last week.

Mortgage application volume rose 2.3 percent week-over-week on a seasonally adjusted basis, driven by an uptick in home purchase applications, the Mortgage Bankers Association reports. Mortgage applications are nearly 24 percent higher than they were a year ago.

lake orion mortgages After a short dip, mortgage applications for home purchases reversed course last week and rose 5 percent. Purchase applications are 17 percent higher than a year ago.

Purchase applications got back on track last week, resuming the level of activity observed throughout most of April and May,” says Lynn Fisher, MBA vice president of research and economics. MBA also reported that the average loan size for purchase applications rose to a survey high last week, reaching $307,700.

Meanwhile, applications for refinancings mostly held flat last week, budging just 0.4 percent during the week. MBA reports the average on a 30-year fixed-rate mortgage rose to 3.85 percent last week, up from 3.82 percent the prior week.
References: RealtorMag, CNBC

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Oxford Office   248-969-8065
Lapeer Office   810-338-0628
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Surprising Ways To Save For A Down Payment

5 Surprising Ways To Save For A Down Payment

Saving for a down payment does not have to be an impossible feat for your would-be buyers. HouseLogic recently featured several resourceful ideas to help them save up for a down payment on a home.

Crowdsource

blogMaybe instead of a traditional wedding registry, your buyers use a site geared to saving up for their future home. Sites like Feather the Nest and Hatch My House can be sites used to raise funds for a down payment. Hatch My House says it’s helped raise more than $2 million in down payments on home purchases.

Ask for the sellers help.

The home seller may be willing to help buyers with the closing costs, via seller concessions. However, realize that lenders do limit concessions, depending on the mortgage type. For example, the FHA’s mortgages have a cap of 6 percent the sales price; Fannie Mae-backed loans have caps between 3 percent and 9 percent.

Explore government options.

Some home buyers may find down payment help from state, local, or even national programs. For example, the U.S. Department of Housing and Urban Development offers several programs, such as assistance with down payment and closing costs. Most HUD programs are geared to individuals who meet certain income or location requirements. Check out links by state. HUD also offers assistance through its Good Neighbor Next Door Sales Program for law enforcement officers, firefighters, teachers, or EMTs. For veterans, the VA offers loans that often require zero down payment or private mortgage insurance.

See if your employer will help.

Employer Assisted Housing (EAH) programs can assist low- to moderate-income employees with a down payment through their employer. Ask the human resources or benefits personnel at your employer if your company participates in an EAH program.

Look into special lender programs.

Some lenders offer specialized programs to help too. With FHA mortgages, borrowers may need just 3.5 percent for a down payment (but make sure they take into account mortgage insurance, which could add another $300 to a monthly mortgage payment). Some lenders, such as TD Bank, offer a 3 percent down payment with no mortgage insurance program. Check with your regional bank for possible down payment assistance or first-time buyer programs.
References: HouseLogic, RealtorMag, Daily Real Estate News

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Many Renters Can Afford To Buy A Home, They Just Don’t Realize It Yet …

Many Renters Can Afford To Buy A Home, They Just Don’t Realize It Yet …

Do I need a lot of cash to buy a home?  No, there are low cash required options available.

Won’t my monthly payment be more than I can afford?  There are loan choices that offer lower payments and qualifying for a mortgage is easier than ever.

Isn’t today’s housing market the wrong time to buy?  No, today’s housing market has made available many opportunities for first time buyers and interest rates are still low giving you more buying power.

What’s Your Average Rent?

Did you know that if you spend $825.00 a month in rent, after 3 years you have spent $29,700.00 in someone else’s property? After 10 years you have spent $99,000.00 paying off someone else’s mortgage!

Stop making your landlord rich, learn how easy it is to become a homeowner. Let us help you locate the financing, obtain the down payment and find you a new place to call home!

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
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15 Second Home Valuation

Credit Score Misconceptions

If you are trying to raise your credit score to get a good rate for a loan or refinance, you might be surprised by what affects – or doesn’t affect – your score.

1. More money improves your credit score = FALSE

2. Ownership of several credit cards can hurt your credit score = MOSTLY FALSE

3. Opening and closing credit lines can hurt your credit score = TRUE

4. Consolidating credit lines will help your credit score = MOSTLY FALSE

5. Changing jobs can hurt your credit score = PARTLY TRUE

6. Co-signing for others can hurt your credit score = PARTLY TRUE

7. Judgments and liens aren’t considered in your credit score = FALSE

Additional details on how to manage your FICO score are available on the FICO site.
references: houselogic, gwen moran, don horne