I have said before that I believe the transition in mortgage finance will include short-term pain, mid-term adjustments, and a new era in lending. Now that the Great Recession is behind us and recovery is underway, it is time to recognize and support a very important constituency that has been left out of our economic recovery – self-employed and retired (SE&R) consumers. RPM is leading the way to a new era with our recent release of the Tailored Line of borrowing solutions. The program offers common sense loans for qualified buyers in more segments of the community. It is my sincere belief that within the next few years many other lenders will agree with RPM’s stance that SE&R communities are alive and vibrant. Serving them, as well as other uniquely qualified buyers, with secure loans, is vital to the strength of our economy and our country.
One of the reasons the mortgage business is a rewarding career, is the direct connection to the American dream.
When purchasing a home, a question or concern that comes up either occasionally (or frequently, as the real estate market might dictate) is, “What happens if my appraisal comes in low?” So let’s take a look at the relationship between purchase price and appraised value while also providing some insight into your mortgage options should this dilemma befall your home financing experience.
We all know that in the long run, owning a home is typically a sound investment. But, with home prices rising does it make sense to buy now? I started contemplating this question after a recent conversation with a friend. She and her husband purchased their three bedroom, two bathroom home in 2005, then sold it by short sale in 2010. They moved into a more spacious four bedroom, three bathroom rental in a nearby town. It had everything they wanted; lots of living space, a great school district, fantastic neighborhood, and an awesome location close to the city’s downtown. Read More “Is it Really Cheaper to Rent than Buy?”
Social Business = The Borrower’s Opportunity to Review Resumes
It’s impossible to ignore the impact that social business has on consumer habits, namely the rankings for services, sellers, and products. The concept of online ratings has quickly spread throughout various industries in our digitally driven society. But, what about real estate and loan services? As a consumer, where do you turn to evaluate a team of professionals to assist in what is likely the biggest financial decision of your life? How will you find someone you trust, with the knowledge required?
Here’s something we hear frequently from our prospective jumbo mortgage clients: “I have an 800 FICO so I know I’ll qualify.”
Spring and summer are typically busy buying and selling seasons for the real estate market. Recent reports from industry experts indicate that the housing market continues to recover at a slow but fairly steady rate. According to Lawrence Yun, chief economist for the National Association of Realtors, the economy should be rising about 4% – 5% percent to make up for the downfall after a recession. Instead Yun calculates that the economy has been growing closer to 2% a year. As market conditions change, RPM Mortgage is keeping pace and is poised to serve the varying needs of community members. With an effective lending structure and a team of experts already in place, RPM is strengthening its presence in existing service areas and expanding into new communities.
Can we afford this home? It’s a question that many buyers ask themselves when walking through a home. If you are like me, you go to open houses “just to look.” You may get design ideas, imagine yourself and your family enjoying the yard, cooking in a completely remodeled kitchen, or sitting around the fireplace on a cold evening. Although I am a practical person who is financially conservative, I LOVE looking at homes, even the ones I am not sure I can afford.
Last week, at a fundraising event to benefit the Contra Costa Association of REALTORS’® Helping Hands organization, four members of the RPM team gathered to cook, judge and chow down at a Charity Chili Cook-ON. The fundraising event was the very first of its kind for CCAR and featured chili recipes prepared by members of the community who competed to win in categories for Best REALTOR® Chili Team, Best Chili Affiliate Team and the People’s Choice Award. A panel of five judges, including RPM’s own George Moody, blind-sampled nearly 30 entries based on taste, texture, appearance and aroma.