Wednesday, June 9, 2010
6/09/2010 10:46:00 AM | Posted by
Arbor Mortgage
If you don’t know anyone in the real estate business, how do you choose a real estate agent? It doesn’t have to be a drawn out process. Try these easy steps:
- Start by asking friends or family for a personal referral. If you know someone has had a good experience with a person, chances are good you will, too. If you can’t find a personal referral, speak to your loan officer about a referral. Arbor Mortgage has a list of Preferred Real Estate Agents all over the state of Michigan. Try to interview a couple of agents to find a good fit.
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Tuesday, June 1, 2010
The most stressful step for a first time home buyer is often the first one. Where do you start the home buying process? It’s not as daunting as it seems. Let’s walk through the home buying process step by step.
Step 1 – Become Pre-Approved for Financing
Many new home buyers make the mistake of looking at homes first, before becoming pre-approved for financing. They could spend countless hours finding just the right home, only to find out they don’t qualify for a home loan. For this reason, many real estate agents won’t even start working with a client until they know that they can be approved for a mortgage.
Your first phone call should always be to a trusted financing source. Many people ask, “How do I pick a lender?” Start by asking your friends and family for a referral to someone they have worked with successfully. Try getting at least 3 options, and then research those companies. Be sure to call them all on the same day for quotes when you’re ready to be pre-approved. Calling them the same day solves two problems; it ensures that you are getting “apples to apples” pricing from each (since pricing changes every day) and it ensures that your credit pulls will all be grouped together and only count as 1 mortgage pull. If you don’t have any friends or family that can refer you to someone, you can still check online or your phone book; just be sure to research the company with places like the Better Business Bureau.
Step 2 – Choose a Buyer’s Agent
Friday, May 28, 2010
Breaking News! (again)
The USDA is back to issuing conditional commitments on loans. The Emergency Supplemental Appropriations bill passed on 5/27, giving up to $2.5 billion in funds to the program. However, the bill referring to the program itself has not yet been addressed in the Senate, so we aren't sure what the actual Guarantee Fee will be. The majority assumption for the time being, seems to be 3.5%.
Stay tuned....
Wednesday, May 12, 2010
UPDATE: 5/25 - Senate convenes today at 10:00 am for consideration of HR 4899, Emergency Supplemental Appropriations
UPDATE: 5/14 - Funds are now officially exhausted for this program and there is STILL no further guidance.
UPDATE: 5/12 - USDA recalled their announcement to continue issuing conditional commitments in the wake of fund exhaustion. Their bulletin states that new guidance will be issued within 24-48 hours of that date. Back to the waiting game!
Funds for the USDA RD Guarantee program are likely exhausted today (or will be shortly). No word on the bill in the Senate to increase funding to the program. The good news is that on May 11, 2010, the USDA National Office released a statement authorizing the issuance of Conditional Commitments for the Single Family Guaranteed Loan Program. The Commitments will be issued "subject to the availability of funds and Congressional Authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans".
UPDATE: 5/14 - Funds are now officially exhausted for this program and there is STILL no further guidance.
UPDATE: 5/12 - USDA recalled their announcement to continue issuing conditional commitments in the wake of fund exhaustion. Their bulletin states that new guidance will be issued within 24-48 hours of that date. Back to the waiting game!
Funds for the USDA RD Guarantee program are likely exhausted today (or will be shortly). No word on the bill in the Senate to increase funding to the program. The good news is that on May 11, 2010, the USDA National Office released a statement authorizing the issuance of Conditional Commitments for the Single Family Guaranteed Loan Program. The Commitments will be issued "subject to the availability of funds and Congressional Authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans".
What this means is that the Rural Development offices will continue to accept applications and issue commitments. Lenders can continue to close and fund these loans with those commitments. RD will "obligate" funds for those loans when they become available, as long as Congress authorizes the increase in funds and fees.
The big change here, of course, is the increase in Guarantee Fee to 3.5%. This was certainly expected based on the bill currently in the Senate, but now we're seeing it right from the horse's mouth - RD. Anyone who hasn't closed their RD loan yet, will be paying more for the program. It still is a small price to pay for a 0 down payment loan program with no mortgage insurance.
For more information on the USDA Rural Development loan program, Contact Us.
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- Arbor Mortgage
- Arbor Mortgage is a Michigan based mortgage lender that has been providing mortgage solutions for more than a decade. Since 1998, Arbor Mortgage has helped more than 20,000 people purchase or refinance their homes. Arbor offers a variety of mortgage programs including FHA, USDA Rural Development, VA, Conventional and Alternative loans.
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