South Lake Tahoe Buyers Beware: What you need to know about loan quotes…

There are so many changes in rules and regulations these days to try and stop predatory lending habits.   One of the revised changes was to make the good faith estimate provided to potential purchasers, easier to comprehend.

Click here to read a great article written by LA Times that helps you to understand how some lenders are still skating around the regulation and what you should expect from a GOOD lender.

As always, we are happy to provide references to a list of great lenders and mortgage brokers if you would like a referral to someone who is trustworthy, diligent and ethical.   Every lender on our list, we have worked with and been very happy with.

Happy Shopping!

FHA guidelines to change–what you need to know:

Have you been considering purchasing a home on an FHA loan?

Well you might want to talk to your lender again to make sure you still qualify and that you are still happy with what you will be getting.

The credit score minimum is going up and the insurance premiums are raising.  Click here to check out an article that was on realtytrac.com that breaks down  how this might affect you.

Loan update: Important Things to Know About the Number 620.

Have you been not worrying much about your credit score because you knew you could get a loan with what you have?  You  might want to take another look as the guidelines are changing quickly!

Please read the attached article to get more information on how the credit score minimums are raising…and great suggestions on how to shape up your credit .

http://www.chicagotribune.com/business/yourmoney/chi-tc-biz-ym-spending-1011oct11,0,4102570.story

South Lake Tahoe Market–Where is the bottom?

The question I hear over and over and over again:  “Where do you think we are in terms of the bottom?”

While no one knows the answer to that question there are a lot of indicating factors to watch closely over the next 3-6 months…..nationwide trends are indicating the “potential” for a leveling off of the rapid market depreciation that we’ve seen.

But on the flip side, I haven’t seen a single one of those articles weigh on the fact that there was a 3 months moratorium on foreclosures from a lot of the big giants–Fannie Mae, Freddie Mac and JPMorganChase/Washington Mutual.  If we recall, what caused the market decline in the first place is increasing foreclosures on the market driving the prices down in neighborhoods.  Well here we are about to have a flood of foreclosures hit the market again.

So the big question in my eyes is:   Has the government done enough to free up money for purchasers & consumer confidence risen enough so they continue buying (as the trend is increasing that pending sales went up in March) and will it be enough to balance the onslaught of new foreclosure listings about to hit the market in the coming months?

Stay tuned to find out but read these articles below…they both offer some great insight into the market trends and what to watch carefully for.

http://money.cnn.com/2009/05/04/real_estate/March_pending_home_sales/?postversion=2009050411

http://www.reuters.com/article/newsOne/idUSTRE53S3NK20090504

http://www.realtytrac.com/ContentManagement/RealtyTracLibrary.aspx?a=b&ItemID=6195&accnt=64953

Mortgage rates at all time low!

This is a great holiday gift for anyone that is searching for a home but has not yet locked in an interest rate.  Check out the letter I received from Marjorie Harris at Countrywide yesterday. With rates like this, it is looking good going into the New Year for buyers!
Have you heard the news?…
Mortgage rates are at an all time low!  Today, our 30 year fixed rate loan is priced at 4.75% with 1 point.  We are also priced at historic lows for our non-conforming Jumbo loans as well. 

With this amazing opportunity at hand, now is a great time to refinance your current home or purchase a new one. 
Please call me with any of your questions or needs.  Happy Holidays!  I am excited with the way the year is ending and for 2009.
Marjorie Harris
Home Loan Consultant with Countrywide Home Loans
530-318-3282
MarjorieJHarris@sbcglobal.net

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