Q: Get Pre-Qualified or Pre-Approved?

A: Before you waste any of your time, or the seller’s time, make sure you can afford the property you are inquiring about. Be sure to contact a Mortgage Professional so you know exactly how much you can afford. And, if you’d like to know whether or not you can actually buy a home, request a Pre-Approval letter…most sellers won’t accept an offer without one, and it shows everyone that you’re serious about buying, as well as proving that a qualified professional has reviewed your income, assets, and credit profile, and made a determination that you represent an acceptable risk.

Jobs Report and Mortgage Rates, June 2014

The June jobs report beat expectations this morning, and mortgage rates are rising. June’s non farm payroll report showed the economy adding 288k jobs, compared to the consensus expectation of 211k. The prior two months were revised upward by a total of 29k jobs, and unemployment fell from 6.3% to 6.1%. Wages rose in line with expectations, by 0.2% month-over-month, and 2.0% year-over-year.

If you’re thinking of buying soon, my advice is to select a lender right and lock your rate now, rather than later…

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Existing Home Sales Rise Strongly in May

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WASHINGTON—Sales of previously-owned homes rose strongly in May but remain shy of last year’s pace, a sign the housing market has tentatively regained its footing this spring. Sales of existing homes increased 4.9% the past month to a seasonally adjusted annual rate of 4.89 million homes, the National Association of Realtors said Monday. The pace [...]

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New FHA Guidelines

Today marks an historic event for us here in Mississippi, as the FHA lending guideline on middle FICO scores has been reduced to 600, from 640. This improved guideline, requiring a middle score a full FORTY points less than was required just yesterday, will create opportunities for many more families here to realize the dream [...]

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Mississippi: Consumers harmed by credit reporting giant

By Jeff Horwitz Associated Press WASHINGTON – Mississippi has sued credit reporting giant Experian, alleging sweeping errors in the company’s data and routine violations of consumer protection laws. Mississippi’s action – and a previously unreported multi-state investigation of credit bureaus led by Ohio – represent a significant new legal challenge to the industry. Mississippi Attorney [...]

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Step 10 – Close the Deal

Buyer’s Guide, a Ten-Step Process Your real estate attorney will handle most of the details at closing and, depending on your state and local area, will advise you on any special paperwork that needs to be completed between you and the seller. Your attorney and your mortgage lender will also assist you with coordinating the [...]

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ARM or FRM…

With all the bad news surrounding interest rate increases lately (which is not exactly true, by the way), it’s no wonder buyers are sitting on the fences again. But what’s really going on?  And more importantly, what should buyers who want (or need) to buy now, do? First, let’s discuss what’s really going on: Two [...]

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An Autumn Fall?

Although there is still nearly a month of Summer left in 2013, this Autumn may see mortgage rates fall, again.  For now, rates remain favorable, as they dropped last week and appear poised to go even lower this week.  However, volatility prevails as mortgage rates are changing at their most rapid rate in more than a [...]

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Making Progress

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Last Week in Review Last week, research firm CoreLogic reported that home prices across the U.S. rose by nearly 12 percent from June 2012 to June 2013. By comparison, home prices only rose 3.76 percent from June 2011 to June 2012. In addition, research and analytics firm Clear Capital said that prices rose 9.3 percent [...]

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Looking for a Sign

The markets were certainly looking for a sign from the Fed meeting minutes that were released last week, regarding when the Fed may begin tapering its Bond purchase program known as Quantitative Easing. Read on to learn what the Fed revealed, and other key news from last week. The minutes from the Fed’s June meeting [...]

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