Being in the title insurance business, closing both residential and commercial purchases and refinances gives me a chance to pretty much know the pulse of what's closing in the market so I thought I would share what we are currently seeing. Residential rates are unbelievably low. I'm talking 3.5% for 30 years! If you are financially sound and have equity in your property then you should jump on this opportunity. Also if you need a lender let me know. I only work mortgage guys that I trust to refer to my family. Life is to short to work with people that you don't have a mutual trust and relationship with.
Appraisals continue to be tough so if you are selling your home make sure your Realtor is doing their job in meeting with the appraiser for the buyers and giving them the story and specifics on how you came up with your price. The simple fact of the matter is that if you can't back up your price be ready to be at the whim of a 3rd party who is charged with protecting the lender in case of default. Some homework and confidence building on behalf of your agent should go a long way. Keep in mind they want deals to close and the housing market to pick up as much ans anyone but not at their expense. As for refinances it's anyone's guess. A lot of lenders are using appraisers from outside the area and we have heard horror stories about the comps being used. The good thing is that if you are working with a seasoned mortgage professional they should be able to set the expectation to a reasonable degree whether or not you will be able to refi prior to the appraisal being ordered.
As for sales well it's the end of August and in all but the best of times things are typically slow. Check back in a few months when the nation will most likely be gripped in pre-election jitters for an update.
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