Mortgage Guidelines Category
Finding Your Knoxville Real Estate Deal..Part 1
November 6th, 2011 categories: Buyers, Existing Home Sales, Knoxville Short Sales, Market Trends, Mortgage Guidelines, Mortgage Rates
The other day I wrote a post called “Knoxville Real Estate Deals What Yours?” It had to do that most buyers today are looking for a “deal,” but that means different things to different people as I point out in the post.
Today, I’m doing the first of 3 posts on how to help you determine, find and close your “deal.”
Determining your “Knoxville Real Estate Deal” …I think if you spend sometime determining what is important to you it will make your search simple and much more enjoyable. All you need is a pad of paper and I will share with you the questions I use to help my buyers determine what is important to them in finding their “deal.” Remember this is personal decision it is a big financial decision and monetary commitment on your part so take sometime in doing some pre-planning and you will have a successful out come.
| Discussion: 2 Comments »
West Knoxville Homeowner Trying To Decide To Sell Or Refinance?
September 9th, 2011 categories: Buyers, Market Trends, Mortgage Guidelines, Mortgage Rates, Sellers
West Knoxville Homeowner should they sell or Refinance..?? Ask yourself these 3 questions..
I was recently on an appointment at a past clients home in West Knoxville. They had bought a home from me in 
Farragut a few years ago and were considering either moving or refinancing their current home. They didn’t know what they wanted to do move or refinance they just wanted to take advantage of the low rates either way.
We looked at some homes in the West Knoxville neighborhoods they were interested in moving to if they decided to sell their home. They were comfortable if they decided to sell they could find another home that would fit their needs.
Now they had to address the question of refinancing and staying in their current home. I told them them there are 3 questions they need to ask and explore to see if that was the best option for them.
Here are 3 questions to consider when you are thinking about refinancing:
| Discussion: No Comments »
Part Three: Renting Vs. Buying in Knoxville
September 2nd, 2011 categories: Buyers, Mortgage Guidelines, Mortgage Rates, Sellers
In Part I of the blog post series, “Renting Vs. Buying in Knoxville,” we compared the price of buying a home in Knoxville versus that of renting an apartment. And, in Part II, we looked at the benefits of renting. In this blog post, we will look at the many great benefits of buying a home.
Here is a list of reasons why buying a home might be the right choice for you.
- When you buy a home, you building equity over time. When you rent an apartment, the money you pay for rent you will never see again. With the median rent in Knoxville being $637, that is $7,444 each year, $38,220 every five years that you will never see again. Money put into your home is an investment for the future.
- There are many tax benefits to buying a home in Knoxville. Homeowners can deduct the following from their gross income: mortgage interest payment [for mortgages below $1 million or $500,000 if married and filing separately], property taxes, loan origination fees, and loan prepayment penalties. Also, profits from selling your house can be excluded from your taxes up to $250,000 if filing as single and up to $500,000 if filing as married.
Read the rest of this entry »
| Discussion: No Comments »
The Right Way To Take A Cash Gift For Downpayment
November 30th, 2010 categories: Buyers, Mortgage Guidelines
As lenders tighten mortgage guidelines for Farragut home buyers, minimum down payment requirements are increasing. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 10 percent.
Anecdotally, guideline changes have led to an increase in the number of home buyers accepting cash gifts from family.
Gifts are allowed in most cases but the problem is, if you don’t accept the gift in a “lender-friendly” way, the mortgage underwriter could reject it, and negate it.
| Discussion: No Comments »
Will The Interest Rates Fall In Knoxville??
November 5th, 2010 categories: Buyers, Market Trends, Mortgage Guidelines, Mortgage Rates
Will Rates Go Lower?
What More Quantitative Easing Could Mean
Historic, low home loan rates have been about the only thing stable in the economy these days. This low level mark breeds complacency, especially with the buzz in the air that rates may go even lower. But
the question hangs in the air like humidity on a southern summer day – will rates go lower? And if there is a chance, should you wait and see or move forward now?
More Quantitative Easing
The buzz that began earlier this fall stemmed from talk coming out of the Federal Reserve that they were considering another round of Quantitative Easing in an effort to stimulate the sluggish economy.
| Discussion: No Comments »
Avoiding Common Mortgage Scams
October 17th, 2010 categories: Buyers, General, Mortgage Guidelines
Despite tougher mortgage guidelines and better loan disclosures for consumers, mortgage fraud is on the rise, according to the FBI.
Fraud has many varieties and it’s estimated cost to the nation is between $4-6 billion annually. Today, common mortgage fraud scams target homeowners behind in their mortgage payments and/or facing foreclosure. And, despite the hordes of legitimate organizations that dedicate themselves to helping consumers, mortgage fraudsters proliferate.
| Discussion: No Comments »
Fed Minutes Edge Mortgage Rates Higher
October 14th, 2010 categories: Buyers, FOMC Minutes, General, Market Trends, Mortgage Guidelines, Mortgage Rates, Sellers
The Federal Reserve released its September 21, 2010 meeting minutes Tuesday afternoon. Mortgage rates in Tennessee are slightly higher today.
It’s unwelcome news for this season’s home buyers, and existing homeowners with plans to grab lower rates. Mortgage rates made new lows last week and may have reached a turn-around point.
The “Fed Minutes” is published 8 times annually, and is the official meeting recap for the Federal Open Market Committee. Similar to the meeting minutes released after a corporate conference or condo association gathering, the Fed Minutes details the conversation and debate between meeting attendees.
Minutes are the lengthy companion to the Fed’s brief, post-meeting press release.
| Discussion: No Comments »
The Right Way To Take A Cash Gift For Downpayment
October 10th, 2010 categories: Mortgage Guidelines
As lenders tighten mortgage guidelines for Maryville home buyers, minimum downpayment requirements are increasing. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 10 percent.
Anecdotally, guideline changes have led to an increase in the number of home buyers accepting cash gifts from family.
Gifts are allowed in most cases but the problem is, if you don’t accept the gift in a “lender-friendly” way, the mortgage underwriter could reject it, and negate it.
| Discussion: No Comments »
Fannie Mae Rolls Out New Lending Rules December 13, 2010
October 9th, 2010 categories: Buyers, FHA Mortgages, General, Market Trends, Mortgage Guidelines, Mortgage Rates
Starting Monday, December 13, 2010, Fannie Mae is changing its mortgage lending guidelines.
For some mortgage applicants in Knoxville , the loan approval process will simplify. For others, it will toughen. How you’ll be affected personally will depend on your credit profile and your loan characteristics.
Among the biggest changes from Fannie Mae is a new set of guidelines for gift funds. When the new rules roll out, accepting cash gifts for down payment will be easier.
| Discussion: No Comments »
Conforming Loan Rates For 2011…No Changes from 2010
October 9th, 2010 categories: Buyers, FHA Mortgages, Market Trends, Mortgage Guidelines, Mortgage Rates, Sellers
Each year Fannie Mae comes out with limits on the size of loans that they are willing to buy. With real estate prices being down in most areas around the country including the Knoxville Area. Nothing has changed this year in the loan limits they have remained constant for the last 6 years.
Conforming mortgages is so named because, literally, they conform to the mortgage guidelines set forth by Fannie Mae and Freddie Mac.
Of the many traits of a conforming mortgage, one is “loan size” and loan sizes have limits. Mortgages exceeding this loan size limit cannot be securitized as a conforming mortgage and, therefore, are ineligible for conforming mortgage rates.
| Discussion: No Comments »
