Scottsdale AZ Mortgage

White House Lowers FHA Streamlined Refinancing Fees

jmchood — Wed, 07 Mar 2012 00:01:09 +0000

White House Lowers FHA Streamlined Refinancing Fees is a post from: Scottsdale AZ Mortgage

As many as three million borrowers with government-insured mortgages may be eligible for lower borrowing costs when they participate in streamlined Federal Housing Administration (FHA) refinancing, according to the White House Administration on Tuesday, March 6.

The fresh round of changes from the administration affects loans the Federal Housing Administration insures and would reduce fees on those mortgages for borrowers previously unable to borrow at lower rates.

Those using the so-called “streamline” refinance program allows FHA borrowers to win new FHA-backed loans without going through some of the more stringent guidelines that make locking into new loan terms more challenging.

The Obama administration said it will lower the costs on up-front mortgage insurance premiums to 0.01 percent for streamlined refinancings of FHA loans. The White House also said it will cut the annual fee for these refinancings in half to 0.55 percent.

Eligible borrowers for the streamline refinance program must have taken out those FHA loans before June 1, 2009.

The changes to the government’s streamlined refinancing program could help the typical FHA borrower find “significant monthly savings,” according to the administration.

Since mortgage rates are at historic lows and hover around 4 percent, the administration estimates a typical FHA borrower with $175,000 outstanding on their loan could reduce monthly payments to $915 a month and save $100 a month more than the borrower would have under current FHA fees.

Use These Tips To Help You Buy Your Next Home

Scottsdale AZ Mortgage Expert — Mon, 17 Oct 2011 16:17:56 +0000

Use These Tips To Help You Buy Your Next Home is a post from: Scottsdale AZ Mortgage

When looking for a house you might ask yourself if you should buy an older home or a newer one. With an older home you might have more of that classic style you have been looking for but you also might have more problems with it. With a newer home you will have less issues but may miss that charm an older home can provide.

Before starting to search for vacation home real estate, pre-qualify for a bank loan. This will assist in the ease of your search for a great vacation home or investment property. Pre-qualify for a loan prior to hiring a realtor. When you have all of your financial statements in order you will be able to find a place to suit your needs with less difficulties and wasted time.

Check the neighborhood for sex offenders online at the National Sex Offender Public Registry. Knowing if one of these predators lives in the neighborhood that you may move to is important to the safety of you and your family. Check for registered and formerly registered offenders. Taking a minute to look may save your family heartache.

When looking at a home that has a basement, go down into the basement even if it is not finished. The reason for this is that the basement can tell you a lot about the house. Are there cracks in the foundation? Does it smell musty? Do you see water lines on the walls? All of these are warning signs.

Having a pool can be a nice bonus point on the real estate market. On the other side when looking for a home, you may want to go out of your way to find one that already comes with a pool, for the convenience and also, to save you from having to get one yourself.

When you are looking to make a great investment on your real estate, you should consider doing some repair and remodel work. You will have the benefit of having an immediate return on your investment as your property value will go up. Sometimes your value will go up more than what you invested.

The forgiving real estate market that made house-flipping an attractive, easy business is long gone. Today every buyer who purchases a house should be prepared to hang on to it for the long term. A good rule of thumb is for buyers not to consider any property they would not want to own ten years down the road.

Before going to a realtor to start house hunting, the best thing to do is figure out exactly what you are looking for. You will then get right to looking instead of wasting your time and the realtors by have your wish list already mapped out. Think about how many bedrooms, bathroom, and what square feet you are looking for.

Think about your needs and your own style when looking for a home. Some older homes have not been taken care of and some have. Even a home just five years old could give you a lot of trouble if it has not been taken care of correctly. Go with your gut and have fun looking for a home.

Academy Mortgage Opens Scottsdale AZ Office

Scottsdale AZ Mortgage Expert — Mon, 23 May 2011 17:08:08 +0000

Academy Mortgage Opens Scottsdale AZ Office is a post from: Scottsdale AZ Mortgage

Academy mortgage has opened another office in the Arizona market that is designed to increase the number of homeowners throughout Arizona.

Academy Mortgage Opens Scottsdale, Arizona Office

The Scottsdale, Arizona Academy Mortgage office is now open and is helping borrowers all over Arizona regardless of their mortgage loan needs.

The Scottsdale office of Academy Mortgage helps people with their mortgage needs both in Scottsdale as well as all over Phoenix and the rest of Arizona. Whether you live in Mesa, Tempe, Scottsdale or anywhere else in Arizona, when you work with the loan officers at Academy, you can be assured that you are working with the best in the business.

Some of the mortgage programs that Academy Mortgage offers here in Arizona include:

Want to learn more?

Contact Academy Mortgage and find out the best loan program to finance your home regardless of where you live in Arizona.

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Contact The Scottsdale Academy Mortgage Office

Main Number: (480) 767-7886
Loan Officer Hotline: (480) 580-1400
15333 N Pima RD, Suite 205
Scottsdale, AZ 85260

Academy Mortgage Scottsdale Arizona Location

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Scottsdale and Tempe agents can help you find a foreclosed house

Scottsdale AZ Mortgage Expert — Mon, 25 Apr 2011 18:33:14 +0000

Scottsdale and Tempe agents can help you find a foreclosed house is a post from: Scottsdale AZ Mortgage

With 30 year fixed mortgages still below 5% and a flux of foreclosed homes on the market, now might be the perfect time to let Scottsdale or Tempe real estate professionals help you investigate Scottsdale or Tempe homes for sale.

Total home sales have increased 0.4% since the beginning of the year and foreclosed homes cost an average about 39% less than comparable homes on the market. The average foreclosed home is saving the buyer $90,000 over an equivalent home available for sale.

Currently, foreclosures account for 1 out of 119 homes for sale. By the end of 2011, market analysts predict the downward trend will largely be over and foreclosures will not be as prevalent as they are today.

Since financing seems to be the biggest hurdle to overcome and takes the most time, now might be the right time to search for your new home among the foreclosures available. With all the complications you need a Tempe real estate professional to help you wade through the quagmire of the existing market. Going the foreclosure path is not for the faint of heart, however.

Currently, investors purchase one third of the foreclosed homes for sale. One big reason is that the bank gets to decide who to accept as a purchaser and the criteria is tough. You need to have the best bid and your financing ready with down payment and closing costs available and be willing to wait during the sometimes extended process.

Still, for those willing to go through the rough route and who have the time to do the waiting, the rewards are exciting. Potentially, you have the opportunity to own a better house than you would have been able to afford buying a comparable un-foreclosed home.

Curt Baumgarth: Scottsdale AZ Real Estate Expert

Scottsdale AZ Mortgage Expert — Tue, 08 Feb 2011 23:10:18 +0000

Curt Baumgarth: Scottsdale AZ Real Estate Expert is a post from: Scottsdale AZ Mortgage

When it comes to buying or selling a home here in Scottsdale, one thing that is important when it comes to choosing a real estate agent to work with is that you find someone who has both local knowledge and transaction experience.

Curt Baumgarth from Century 21 has both.

Curt works as a local Scottsdale real estate expert and can often be found going the extra mile for his clients. Whether you are buying a home here in Scottsdale (or anywhere in the East Valley for that matter) or you are considering a short sale, Curt has the experience and know-how to get you the best possible deal in your situation.

Curt Baumgarth: Scottsdale Home Buyers Agent

Working with people who are buying a home is one of Curt’s favorite types of clients. Curt enjoys working with each person to assess their individual needs and wants within their budget and then use his knowledge and expertise to find the right properties that meet the critieria set forth. Once you have narrowed down your search, Curt also enjoys touring each home with you and pointing out things that only an experienced real estate expert can notice when touring a home.

If you are buying a home, Curt is one of the best real estate experts you can pick in the Scottsdale area who can help you get the best possible home at the best possible price.

Curt Baumgarth: Scottsdale Short Sale Expert

Many people bought their home only a few years ago in Scottsdale now find that they owe a significant amount of money on their home more than it is worth if they sold it. For people who find themselves in this situation, often one of the best possible remedies is to short sell the house — or to sell the home and get the lender to agree to allow it to happen.

When short selling a home in Scottsdale (or anywhere else) it is important that you work with a Realtor who knows short sales and how the process works because it is not exactly like a “regular” sale. Curt Baumgarth has short sale experience and can help you short sale your home.

Contact Curt Baumgarth

Looking for contact information for Curt Baumgarth?

Century 21 All Star Realtors
Real Estate Agent
430 W Warner Rd #122
Tempe, AZ 85284

Curt Baumgarth ‘s profile on Zillow
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Critical Questions To Ask When Applying For A Home Loan

Scottsdale AZ Mortgage Expert — Fri, 03 Dec 2010 07:23:33 +0000

Critical Questions To Ask When Applying For A Home Loan is a post from: Scottsdale AZ Mortgage

You may not know this, but applying for a home loan and qualifying for a home loan – even specialty loans like VA loans or FHA loans – are two different processes or steps in actually getting a mortgage. You may also not know that qualifying for a mortgage is much more difficult than it used to be. What is critical up front when you start looking for a mortgage is who you are going to get your mortgage from. Your loan officer and lender can make a world of difference in getting you the right mortgage at the right price and a smooth process to boot.

Question 1 – What is your rate lock policy? A good loan officer should not lock your loan until your mortgage has been approved or at least pre-approved and when you have a sales contract approved. If you lock your loan too early you may not get the rate you want or you may have to pay a fee to extend your lock to get the rate you want. There are other factors about locking – but most lock periods are 30-60 days.

Question 2 – What down payment assistance programs do you have? Your loan officer should be able to point you in the right direction in terms of state or local down payment programs in your area. If not, do a Google search for your local area or city down payment assistance programs and you should be able to find something. Most, if not all areas have some type of program.

Question 3 – Do you charge any upfront fees? Lenders sometimes charge upfront fees for starting the loan application process. You want to make sure as to what that fee covers and if any of it is refundable. Application fees are common, but not required. If you don’t want to pay it, shop around there are people who don’t charge upfront to get you started into a mortgage.

Question 4 – What are your lender fees and closing costs? You should expect to pay 3-5% of the sales price of your home in closing costs and lender fees depending on the loan program you choose. Also, you should be prepared to pay real estate taxes as well as deed transfer fees. These will vary depending on the state, city and even local municipality where you are buying a home.

Question 5 – What mortgage programs do you have that apply to me? Your loan officer should tell you if they are qualifying you for an adjustable rate, or be able to present several programs that may work with you. They won’t really be able to tell you too much about all of the programs available to you until they get your credit report. Many mortgage programs require a minimum credit score to qualify. Other factors that can play a role is your debt to income ratio as well as how you make your money – are you self employed or not.

These aren’t all of the questions you should ask while you are shopping for a mortgage – but they are important to ask. Trust your gut when you hear the loan officer answer you. If you don’t think they are being truthful with you, chances are – they aren’t and it may be time to quickly move on to the next lender.

Should I do a short sale or wait for foreclosure?

Scottsdale AZ Mortgage Expert — Thu, 02 Dec 2010 18:00:44 +0000

Should I do a short sale or wait for foreclosure? is a post from: Scottsdale AZ Mortgage

East Valley Team member Dean Ouellette sits down with Kevin Hardin of Thomson Law to discuss how a short salemay be better for most sellers compared to a foreclosure.

Many people wonder if there is really a difference between short selling their home or waiting for a foreclosure. Many believe the difference is small – that it will simply delay how long you have to wait before buying your next home. There are however some major differences.

Kevin Hardin points out to us particularly what some of the variations are, and you may be astonished. A short saleis almost always superior for the home owner than a foreclosure and you can control your outcome if you are the one in the driver’s seat.

If you are considering ashort saleand want to examine your options be sure to watch this video because many of the questions you have will probably be addressed. Just because the bank may not have the right to pursue you in a lawsuit does not mean they will not attempt to. And if they do try, you may win, but it is not going to be cheap. With a short saleyou get to have a say in the ground rules and only have to give consent to it if you get acceptable language negotiated with the bank.

As always make sure you talk to an attorneyattorneyr CPA about your situation as your situation may vary from other cases.

AZ FHA Streamline

Scottsdale AZ Mortgage Expert — Mon, 20 Sep 2010 18:20:25 +0000

AZ FHA Streamline is a post from: Scottsdale AZ Mortgage

Are you looking for lower interest rates and to reduce your monthly mortgage payments? This may be possible even if you are upside down on your current FHA loan. There is now a FHA Rate Reduction Streamline Refinance available for people with existing FHA loans. This was designed to permanently lower your monthly payments and keep you in the FHA program and to streamline the whole process. The process requires much less documents, processing and costs than your original FHA loan.

There is no appraisal done which is important in AZ because you won’t run into value problems. Therefore you will be able to take advantage of the program even if you owe more than the property is worth. Plus you won’t have to pay for the appraisal which is usually between $400 and $600.

There is also no income qualifying. You just need to verify that you have an income source, but how much you make and how much you owe is not part of the qualifying process. HUD may change this at any time however. Even if you are collecting unemployment you don’t have to worry about re-qualifying, though you will need to provide proof of pay.

There is also much less processing. Since you have already qualified for the FHA loan once so as long as you have maintained a decent credit profile that original qualifying carries over into your new streamline. No more waiting and wondering if you qualify.

There are also much lower closing costs. We are able to get discounts on the closing costs because these loans are a whole lot less work. Larger loan sizes may be able to have the bank pay for all closing costs.

Finally you might get to skip a payment! Lets you go the first month without making a mortgage payment. Your first payment will be due 30 days after your closing.

When you close on your FHA streamline do it at the end of the month. When you pay off the old loan you have to pay for a full month’s interest regardless of when it closes. By closing at the end of the month your new FHA loan will only have a couple of days of interest to pay and depending on the size of your loan, this strategy alone could save you hundreds of dollars.

If you have an FHA loan right now, have made at least 6 payments, have a middle credit score of at least 640, have been on time with your payments for the last 12 months and if your loan is in AZ then contact us today to see about lowering your monthly payments and reducing your interest rate.

Moving Mortgage Rates

Scottsdale AZ Mortgage Expert — Tue, 07 Sep 2010 21:07:53 +0000

Moving Mortgage Rates is a post from: Scottsdale AZ Mortgage

Looking to purchase or refinance a home? Its important to know what moves mortgage rates. There are normally three major things that impact the direction:

Economic News. Such as reports on the existing home supply, announcements by Federal Chairman Ben Bernanke. Existing-home sales in July plunged to the lowest level in 15 years, creating more concern that the housing market’s tenuous recovery is threatened by buyers’ shaky confidence in the economy.
International News. (major events, pending legislation, war related news, etc). Volume often starts to pick back up after Labor Day when traders return from summer vacations. But Brian Peardon, a wealth adviser at Harrison Financial Group, said many investors might continue to stay out of the market even when they get back because of uncertainty about the global economy.
Stock Market. (Money flows from equities (stocks) to bonds when it seeks shelter). The combination of the jobs report not posting as poorly as predicted, and light trading volume because of Labor Day, pushed rates higher by as much as a quarter-percent in some markets.

Mortgage rates are only based on one thing, Mortgage Backed Securities. Theonly way you have access to these is through live bond quotes. The stunning drop-off when mortgage rates are at historic lows indicates many potential buyers have lost confidence. Markets are in the midst of a 19-week rally and rates cant fall ceaselessly . Mortgage bonds are likely overbought so when the selling begins, pricing should deteriorate quickly. This will cause mortgage rates to spike – quickly.

If youve been shopping for a mortgage or are just wondering if the time is right to refinance, call us and we will work the numbers together. Refinancing wont make sense for everyone, but it may make sense for you. If youre looking for specifically what mortgage rates are doing, contact us today at Academy Mortgage. There are so many factors involved in determining mortgages we’d be happy to help.

Important Changes to FHA’s Insurance Premiums

Scottsdale AZ Mortgage Expert — Tue, 17 Aug 2010 04:05:26 +0000

Important Changes to FHA’s Insurance Premiums is a post from: Scottsdale AZ Mortgage

Starting October 4th, HUD recently announced, FHA is reducing the amount to be collected for their Up Front Mortgage Insurance Premium (UFMIP). FHA will, however, also increase how much they collect on their Annual Mortgage Insurance Premium (MIP which is collected monthly).

FHA’s insurance is designed to protect the lender from loss. FHA collects some up front (UFMIP) and some on a monthly basis (MIP). FHA mortgage insurance is not to be confused with fire/hazard type homeowners’ insurance.

What does this mean to you? FHA/HUD is reducing buying power and making home ownership more expensive. The buying power drops because the monthly payments increase and raises the buyers DTI (debt-to-income) ratio, therefore reducing how large of a loan they can qualify for. Therefore you will need to make more money to qualify for the same home loan after October 4th,2010.

Odds are interest rates are going to increase over time. If you want to know the actual numbers of how much that can change a payment if the interest rate goes up as little as 1% then don’t hesitate to call. Waiting until 2011 to purchase a home with the rates going up just 1% could lead to paying anywhere from $170 more per month for the exact same loan after October 4th or up to $279 more when HUD/FHA eventually increases the MIP to 1.5%. Add this to the multiple reasons why it is better to buy a home now rather than later.

Want to find out exact numbers or see how this could potentially effect your home loan? f you would like to find out how qualify for a home loan, learn what your other loan and down payment options are, or just want to find out what you need to do to prepare to purchase a home please don’t hesitate to contact Academy Mortgage.