Buy Home After Short Sale -- Mortgage Experts

We are proud to announce that all of our past, present, and future clients will receive courteous attention for all of their mortgage needs with our partner Arizona mortgage company, Summit Mortgage Group.

Summit Mortgage Group, located in Scottsdale, specializes in helping clients who have short sales on their record.  Did you know that you may be able to buy a home just 1 day after a short sale?

Yes, you read that right...Summit Mortgage Group has lenders who will look at home purchases for clients 1 day out of a short sale!  And the longer the time between your short sale and your new purchase, the better the interest rate!

Most lenders have to wait 2 years after a short sale to get you a new home but the mortgage experts at Summit Mortgage Group have multiple options available!  Call them today at 602-507-9603!

Appraisal Rules for Higher-Price Mortgages Released by Regulators

Hot news from AZ Home Help:

Posted To: MND NewsWire

Eighteen months after the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed, the rules shaping its implementation have begun to rain down from the designated regulators. For the third time this a week a new rule affecting the mortgage industry has been released, this time one promulgated by six federal agencies to govern certain appraisals. The new rule applies only to appraisals for "higher-priced mortgage loans." Under the Dodd-Frank Act a higher-priced loan is one secured by an owner-occupied residence and with an interest rate above the following thresholds: "If the APR exceeds the APOR by 1.5 percent for first-lien conventional or conforming loans, 2.5 percent for first-lien jumbo loans, and 3.5 percent for subordinate-lien loans." There are several additional exceptions...(read more)

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Source: http://www.mortgagenewsdaily.com/01182013_appraisal_reform.asp

- For more real estate news visit our website at http://www.AzHomeHelp.com

Short Sales in 2013

Short Sales in 2013

Short sales in Arizona have been the main listing focus for the last 3-4 years.  2006 saw the market peak, 2007 left everyone wondering what was going to happen, 2008 started the short sale trend, and now here we are in the beginning of 2013 and what seems to be a stable Arizona real estate market turnaround.  So will short sales still be around in 2013?

The answer is a resounding YES!  Although the market in Phoenix is in a definite state of recovery there are unfortunately many people who purchased homes during 2004-2006 and also those that refinanced in an attempt to cash out on the equity of their home for whatever reason.  Most of these individuals will still find themselves upside in 2013 and probably through a lot of 2014 and possibly beyond as well.

It's a matter of numbers -- if you bought a house in 2005 for $300,000 and it dropped 50% in value (which many did, some areas of Phoenix saw declines of over 80%!) it dropped at one point to $150,000.  Even if the market recovers at an insanely high 10% a year (national average is usually about 6%) that's only about 15k-20k per year so you'd have to wait it out another 5-7 years for the value to come back.

Now, not everyone is upside down, highly leveraged, or refinanced to the hilt, nor does everyone need to sell.  As I tell a lot of my potential clients, you aren't ever really upside-down in value until you actually sell the house.  If you don't need to sell then it isn't so big of an issue.

However with most people moving within 5-7 years for job reasons, family changes, relocation choices, downsizing/upsizing, etc. you may not have a choice but to sell and if that's the case then if you don't have that equity a short sale can be the best option to help you move on with your life.

For more information on short sales in Arizona please visit our Az Short sale site at www.AzHomeHelp.com  or call us today at 480-241-4406.

Mortgage Rates Sharply Higher, Erasing Most Of The Recent Recovery

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates shot higher on Thursday matching the quickest pace of the past several months seen at the beginning of January. Although rates didn't make it quite as high in absolute terms, much of the recent recovery was erased. In other words, we're now closer to early January's levels than we are to yesterday's levels. The move was more than sufficient to bump Best-Execution for Conventional 30yr Fixed Loans up to 3.5% from the previous 3.375%. Some borrowers may still have the same rate today vs yesterday, but in those cases, borrowing costs would be significantly higher, in some cases over one half of one percent of the loan balance. ( Read More:What is A Best-Execution Mortgage Rate? ) That's a substantial move for a 24 hour period and it caught markets somewhat off-guard. Even though...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/291958.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

MBS MID-DAY: Weakness Persists After Morning Sell-Off

Hot news from AZ Home Help:

Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary While bond markets haven't fallen back to this morning's lows, neither MBS or Treasuries have been able to make it back across technical resistance levels. The "story" of today's weakness is well-documented in the recap of updates and alerts below. To summarize, the problems began in the Asian hours with comments from Japan's Economy Minister that suggested the Yen could safely go higher (in light of comments on Tuesday about needing to bring the Yen lower), so that's what it did! A higher Yen historically coincides with higher core rates in Europe and the US. It prompted some negative bond market momentum in Europe which was forcefully continued by rumors of ECB borrowing requirement changes. Treasuries were hit softer than German Bunds overnight, but...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/291868.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

Short Sell Your Property-You Pay Us Nothing!

Although there are over 70,000 real estate agents in the local Phoenix/Scottsdale market less than 1% can be considered Arizona Short Sale Experts. We are the top part of the 1% as our Az short sale agents specialize in helping homeowners avoid foreclosure by doing a short sale. www.azhomehelp.com

Reaching 70% Purchase Volume in 2013 - A Lofty Goal?; Investor and M&A Updates; Mortgage Jobs

Hot news from AZ Home Help:

Posted To: Pipeline Press

" Total debt service payments as percentage of disposable income have fallen from a peak of 14.1% in 7/07 to just 10.6% today, a level last seen in 10/93; a decline of 25%. This is due to a combination of low interest rates , rising disposable income, and lots of mortgage defaults, which have reduced household debt from 100% of GDP in 4/09 to just 86% now." So writes economist Elliot F. Eisenberg, Ph.D. Maybe we'll arrive at the point where no one with good credit needs credit, or has debt payments?! Lenders are continuing to expand, and due to growth, CUSO TruHome Solutions, LLC is currently hiring for a VP of Servicing to join their Executive Leadership team as part of its long-range plan to bolster its burgeoning business. This addition comes just after TruHome, one of the fastest growing...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/01162013-bexil-mortgage-jobs-debt.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com