Archive for the 'New Homes' Category
More borrowers turn to credit unions for mortgages
NEW YORK – Dec. 17, 2012 – Borrowers seeking a mortgage or looking to refinance increasingly turn to credit unions. These financial institutions are expected to surpass a record-breaking $100 billion in mortgage loan originations this year.
The growth has mostly been attributed to a surge of refinancers and a growth from consumers’ “disillusionment with big banks,” The New York Times reports.
“We’d be remiss if we didn’t give a shout-out to the major banks for being annoying to consumers and forcing people to seek out other alternatives,” says Bob Dorsa, the president of the American Credit Union Mortgage Association in Las Vegas.
Credit unions are aggressively going after business, says Ed Kovalefsky, the CUC Mortgage Corp. chief operating officer. “They try to be as competitive as possible with regard to rates,” he says.
Credit unions may offer slightly lower closing costs than banks too. Another potential advantage, housing experts note, is that credit unions mostly keep their servicing on all their mortgage loans in-house – an incentive for them to be more responsive to their customers.
However, credit unions’ bigger bite out of the mortgage market may be short-lived.
“Historically, when rates go up and refi goes down, our share and origination volume drops,” Dorsa says. “We’ve made a concerted effort this time to get out in front of Realtors®, so we hope we won’t take as much of a hit production-wise as we have in the past.”
Source: “The Credit Union Alternative,” The New York Times (Dec. 13, 2012)
Real Estate App Posts Listings from iPhones
The app takes advantage of the iPhone’s built-in camera and ability to take high-resolution photos that help flesh out a home listing’s details. After entering standard info such as address and price, agents can immediately share the listing on Facebook, send it out as a pre-formatted HTML e-mail, and even post it to Craigslist.
Open Home Pro founder Andrew Machado says the plan is to eventually work with third parties such as Zillow and/or Trulia to immediately post listings directly to other services. Before then, Machado says the new iPhone app is the quickest way to post listings and their accompanying photos on the Internet.
“It’s just that (Realtors) can’t upload them to their local MLSs (multiple listing services) because that technology was built 15 years ago,” says Machado.
Source: TechCrunch (12/06/12) Perez, Sarah
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Applications for purchase loans roughly flat despite cheap loans
By Inman News
As interest rates on fixed-rate mortgage loans continue to slide into uncharted territory, demand for refinancing has picked up but applications for purchase loans are still at about the same level as a year ago.
Rates on 30-year fixed-rate mortgage loans averaged 4.01 percent with an average 0.7 point for the week ending Sept. 29, a new low in records dating to 1971, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.
Rates on 15-year fixed-rate mortgages averaged 3.28 percent this week with an average 0.7 point, down from 3.29 percent last week and 3.75 percent a year ago, Freddie Mac said. That’s also a new low in records dating to 1991.
Last year at this time, rates on 30-year fixed-rate mortgages averaged 4.32 percent, before rising to a 2011 high of 5.05 percent in February when expectations for an economic recovery were running high.
Those expectations have been reined in by the European debt crisis, which has investors seeking safety in Treasury bonds and government-backed mortgage-backed securities (MBS) that fund most home loans.
Last week the Federal Reserve said it would move $400 billion currently invested in short-term government bonds into Treasurys with remaining maturities of six years to 30 years.
The plan, quickly dubbed “Operation Twist,” also involves reinvesting principal payments on the $1 trillion the Fed holds in Fannie Mae and Freddie Mac debt back into agency-backed MBS as those investments mature.
Both moves may make bonds backed by mortgages more scarce, pushing down borrowing rates for homeowners.
The Fed’s move to sell short-term Treasurys may have had the opposite effect on adjustable-rate mortgage (ARM) loans. Bond prices and yields move in opposite directions, and Freddie Mac chief economist Frank Nothaft noted that short-term Treasurys serve as benchmarks for many ARMs.
Rates on five-year Treasury-indexed hybrid ARM loans averaged 3.02 percent with an average 0.6 point, unchanged from last week but down from 3.52 percent a year ago. The five-year ARM recorded an all-time low in records dating to 2005 during the weeks ending Sept. 1 and Sept. 8, when it averaged 2.96 percent.
For one-year Treasury-indexed ARMs, rates averaged 2.83 percent with an average 0.6 point, up from 2.82 percent last week but down from 3.48 percent a year ago. The one-year ARM hit a low in records dating back to 1984 of 2.81 percent during the week ending Sept. 15.
Looking back a week, a separate survey by the Mortgage Bankers Association showed requests for refinancings was up 11.2 percent from the week before during the week ending Sept. 23.
The MBA’s Weekly Mortgage Applications Survey showed demand for purchase loans was up a seasonally adjusted 2.6 percent from the week before, to about the same level as the same time a year ago.
Applications for purchase loans were up 4.9 percent, the MBA said, while requests for Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. Department of Agriculture loans fell by 0.6 percent, likely due to the pending decline in FHA loan limits on Oct. 1 that lenders have already implemented.
Requests to refinance accounted for 79.7 percent of all mortgage applications, and just 6.1 percent of borrowers were applying for ARM loans, down from 6.7 percent the previous week.
Commentary: It’s time to debunk ‘Global Depression’
By Lou Barnes
Take a deep breath. Two. Unclench your hands. Let loose your shoulders. Look out at a brilliant fall sky. Leaves. Breathe again, but for scent.
Put this global/financial/political whatever-it-is … put it down. Back away from it, and look at it from a long ways off.
Domestic U.S. growth is marginal, but not recession. New weekly unemployment claims are steady near 400,000, with no new wave of layoffs. Purchase mortgage applications are too low to work off excess inventory, but they are stable.
The Chicago Federal Reserve Bank’s national index is at -43, which is below the long-term trend line at zero in its index but far above the -70 that would mark recession. Orders for durable goods were flat in August, but held the huge July gain.
It’s flat and soggy, but hardly over the cliff that you’d think from listening to many media reports — and especially to the talk from people in financial markets.
These financial folks are normally the Pollyannas of the airwaves. Upon any devastating flood, nuclear accident or outbreak of war, they’ve got a loopy grin and a new investment for you to buy. Note how strange it is that finance types sound so panicky these days.
People in markets rarely get hysterical at the same time. Yet the brightest — Nouriel Roubini, Robert J. Shiller, Martin Wolf, Goldman Sachs itself, George Soros — are engaged in “Depression leapfrog,” every day finding some new reason that the world will be unable to save itself. Risk-averse markets become a self-fulfilling prophecy, imploding.
The most immediate threat is Europe. In 1999, Europe embarked on a common currency to remove the trade-inhibiting risk of volatile rates of currency exchange. That minor problem, easily hedged, has created an entirely new and gigantic one: The euro nations must synchronize not just their borrowing and trade, but their entire economic cultures.
I don’t think it will happen, but it may; in any event, this talk of a “Global Depression” as the inevitable result of breakup and/or austerity is nuts.
Italy knows how to run Italy, odd as it is, and France can run France, and so on for each of them. Germany does not know how to run Spain, nor Ireland how to run Germany. If the union blows, back these nations will go to dealing with their own affairs. Separation would be a relief.
Financial types howl, “It’s all so interconnected that taking it apart will be the end of life on earth!” Translation: We don’t know how to trade it, and we can’t figure out who is exposed and how much.
The European Commission in Brussels — the nascent pan-European government that ain’t gonna happen — says every day that the euro must survive and of course it will because nothing is wrong. (The talk of freeloaders trying to keep their paychecks running?)
Poor Angela Merkel, a scientist trained in Soviet East Germany, is hopelessly unprepared — she apparently neither wants change nor can grasp its elements, instead clutching at status quo.
Europe has no voice. Change is going to come, and it will be briefly chaotic but will rationalize a hopelessly irrational situation. The euro is only 12 years old, and the status quo ante is hardly a mystery lost in ancient times. The lurch will be quite something, but the locals know what they are doing.
The economic situation here is different, but the problem is the same. No voice. No voice at all. No one to explain, to trust.
The most powerful forces in Great Depression recovery were Franklin Delano Roosevelt’s grasp of the essential — nothing mattered but the economy — and his voice. My Okie parents and grandparents spoke for the rest of their lives about gathering in front of the RCA when FDR would speak: “Nothing to fear but fear itself!”
Here, as in Europe, the locals know what they’re doing. Every state and town is doing what it must to get its budget under control, to raise revenue as it can, and to look after its citizens.
From a safe distance, staring at this predicament, please do not mistake the temporary incapacity of the largest governments for an inability to manage our affairs. We go on. We adapt. Collective arrangements come and go.
In this economic atmosphere, the prospects of getting a good deal may lure buyers toward buying a San Diego short sale or REO. But while up-front costs may seem lower on an REO or San Diego short sale listings, buyers often end up paying in other ways. Here are five advantages of buying a new San Diego home to think about:
1. NO REPAIRS. With a San Diego short sale or REO, the previous owner may have stopped maintaining their property. That means buyers could end up with expensive repair bills. But new San Diego homes for sale often include builder warranties for workmanship, materials, and structural problems to help protect against large out-of-pocket repair expenses.
2. NO SURPRISES. With new San Diego homes, what you see is what you get. With an REO or San Diego short sale listings, what you might not see is what you get. New San Diego homes often come with many disclosures from the seller, though in reality, very little may actually need to be disclosed. For San Diego REO listings, not only is the bank exempt from some of the disclosure requirements for sellers under California law, but the previous homeowner may be long gone.
3. GUARANTEED QUALITY. New san Diego homes are usually built with modern conveniences and energy-efficient technology. They may also come with warranties for craftsmanship, appliances and more, to give buyers peace of mind. Short sale and San Diego REO listings may not come with warranties or upgrades and may not be available for inspection prior to purchase, so buyers could be in for some expensive surprises after purchase.
4. FRIENDLIER FINANCING San Diego new Homebuilders often have relationships with lenders that help buyers obtain financing for new San Diego homes with relative ease. For San Diego short sales and REOs, the property may have a lower price tag, but some buyers may run into difficulty getting financing.
5. SHORTER PURCHASE PROCESS. San Diego new Homebuilders usually have homes available for immediate occupancy or on a move-in schedule that’s convenient for buyers needed move-in dates. Negotiating a San Diego short sale can take several months — and there’s no guarantee the offer will be approved.
Download a Free Homebuyer’s Kit from Lennar Homes!
Information provided by Lennar Homes through C.A.R.
The Fun Never Stops at Shea Homes Active Lifestyle & Trilogy Communities! Your Passport to Summer Fun gives you free admission to any event at any Shea Homes Active Lifestyle and Trilogy community all summer long.
Every time you attend an event you’ll enjoy:
- Fun events and new experiences
- Free gifts for the first 50 guests
- Food and delicious drinks
- Great music for good times
- Another chance to experience The Good Life that our Members live every day
Rack Up the Savings: For every event you attend, you’ll get a $1,000 Passport to Savings Coupon good towards the purchase of a new home, up to $6,000!
Dads & Granddads Man the Grill – June 18th
This Passport to Summer Fun gives you free admission to our event Saturday, June 18th where you’ll enjoy:
- Free drink cozies for the first 50 guests
- Grilled favorites & cold drinks
- Great music for good times
- Homeowner competition for Best BBQ Sauce
Information provided by Shea Homes and Trilogy Communities
As tax season comes to an end, many San Diego first time homebuyers will start the home buying process using their tax refund as their down payment. Most tax refunds will not cover the entire amount of the minimum 3.5% down payment required by FHA financing that most first time buyers use, so San Diego first time home buyers need to pull the rest from savings or borrow for friends or family. What most people don’t know is that there are many first time home buyer programs in San Diego that can help with down payment assistance.
San Diego first time homebuyers that earn 100 percent or less of the San Diego Area Median Income (AMI) can apply for a Down payment/closing cost assistance grant equal to 4% of the purchase price (not to exceed $7,500), to be used toward the down payment and closing costs. This San diego first time homebuyer grant is recoverable if the homebuyer sells or rents the home within six years. (San Diego Housing Commission)
First time home buyers looking to purchase houses or condominiums within San Diego city limits, can apply for the Mortgage Credit Certificate (MCC) program. The San Diego first time buyer can receive a tax credit equal to either 15 or 20 percent of the mortgage interest they pay each year on their federal income taxes.
Qualified San Diego first time homebuyers earning 80 percent or less of the AMI, as adjusted for family size, can apply for the Calhome first time homebuyer mortgage assistance program to purchase homes in the City of San Diego with the help of a deferred second trust deed loan of $19,350.
Home buyers looking for downtown San Diego homes for sale are elligable for the Downtown First-Time Homebuyer Program. This San Diego first time buyer program assists buyers earning 120 percent or less of the AMI to purchase a home in downtown San Diego. This program provides financing, in the form of a second trust deed loan, not to exceed $75,000. The first time home buyer loan is for 30 years at zero percent interest and has no monthly payments for the first five years.
First time homebuyers in San Diego earning 80 percent or less of AMI can apply for the Shared Equity Program to purchase homes in the City of San Diego with the help of a “silent second” trust deed loan for 25 percent of the purchase price or $70,187, whichever is less. No monthly payments of principal or interest are required. Maximum purchase price or appraised value is $280,749.
For first time homebuyers in San Diego looking to purchase in the southeastern areas of the county, the First-Time Homebuyer Shared Equity Program in southeastern San Diego is a great option. First time homebuyers in southeastern San Diego can apply for a shared equity loan. Applicants cannot earn more than 120 percent of the San Diego AMI (for example, $76,080 for a family of four). Interest-free loans are available up to $40,000.
Another good option for San diego first time buyers looking to purchase in the southeastern area of San Diego county is the Down Payment Grant Program. This San Diego down payment assistance program helps with partial down payment costs up to $5,000 which is provided in the form of a cash grant to eligible San Diego first time homebuyers who are in the process of purchasing newly-constructed homes in targeted areas within southeastern San Diego. The first time homebuyer grant is available to homebuyers with household incomes up to 120 percent of the San Diego area median income.
Homebuyers looking for homes for sale in City Heights and would like to make a purchase there, the Home in The Heights program is perfect. The City will fund silent second mortgages for San Diego first time homebCity Heights Redevelopment Project Areauyers of up to $15,000 per property within the to qualified borrowers displaced by school projects. The Home in the Heights loan can be combined with San Diego Housing Commission funds provided by the U.S. Housing and Urban Development Department that can provide an additional $40,000 or with Price Charities funds that can provide an additional $25,000.
If you purchase a homes for sale in City Heights or a current owner in the City Heights area, the City Heights Redevelopment Housing Rehabilitation Loan Program can help with home repair costs. This home rehabilitation loan program is for very-low and low-income homeowners within the City Heights Redevelopment Project Area. The San Diego home repair program includes Home Repair Loans of up to $10,000 and Exterior Enhancement Loans of up to $5,000, or a combination of the two, for owner-occupants of one- and two-unit properties.
For more information about buying San Diego real estate or if your looking for San Diego Realtors who work with first time homebuyers in San Diego, visit http://sdhomesource.com
Grand Opening of Westcott at La Costa Oaks in on Saturday, April 16 2011 from 11am to 2pm. This weekend will be the first opportunity to tour the Westcott La Costa home models. Attendees will enjoy refreshments, music, face painting and activities at the Splash.
La Costa Oaks is a master-planned village with-in La Costa Carlsbad. The La Costa community is renowned for its rich architectural detail, traditional craftsmanship and an inspired use of authentic materials. Residents of Westcott at La Costa Oaks enjoy a premier location within this sought after neighborhood, a quick drive to Carlsbad beaches and a close proximity to Encinitas Ranch Town Center and The Forum Carlsbad shopping center. La Costa Oaks residents also enjoy inclusion in the acclaimed Encinitas School District and San Dieguito Union High School District as well as the close proximity to dedicated open space including the La Costa Preserve which offers more than 1000 acres of wildlife preserve and hiking trails.
These La Costa homes for sale are built by Standard Pacific Homes. Westcott at La Costa Oaks Carlsbad features three versatile floor plans ranging in size from 2983-3316sf. 4-5 bedrooms plus bonus room or loft are available per plan, as well as 2.5-4.5 baths. Each of the homes for sale in Westcott in La Costa Oaks can be personalized with optional bedrooms, hobby room or office.
Prices for Westcott in La Costa Oaks homes start in the 600′s. Contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com for information about buying or selling Carlsbad real estate or if you’re looking for Carlsbad Realtors.
7 homes left for sale in Crescent Del Sol Estates Carlsbad. Perched on a hilltop site Crescent Del Sol Estates are located west of the 5 freeway in the sought after 92008 zipcode on Date st. These Carlsbad luxury homes blend mediteranean detailing with a SoCal beach style architecture creating the ultimate in luxury coastal living. Homes in Crescent Del Sol Estates boast panoramic whitewater ocean views from the main living areas as well as 360 degree views from each rooftop deck!
Built in 2010, these luxury Carlsbad homes range in size from 3250-4308sf. Floorplans include homes with 3 or 4 bedrooms all with 5 bathrooms. Crescent Del Sol Estates in Carlsbad features 4 detached models ranging in size from 3250-4308sf and 4 twinhome style (2 buildings) models ranging in size from 3360-4008sf. Each of the eight Villas in Crescent Del Sol Estates Carlsbad have been customized with imported tile and stone, wrought iron hand railings and light fixtures and grand second floor terraces. The grand terrace is accessed by a La Cantina bi-fold door system, that allows the great room of these luxury Carlsbad homes to be part of the grand terrace. Each of these custom homes in Carlsbad CA also features amenities such as magnificent spacious master suites with spas, dramatic gourmet kitchens,10 to 12 ft ceilings, and all the finest finishes.
Residents of Crescent Del Sol Estates in Carlsbad enjoy more than 2400sf of entertainment space in the central court which includes and elegant outdoor fireplace, waterscaping, and meandering walkway through the surrounding landscaping. Each of these luxury homes in Carlsbad features 3 or 4 car private garages with-in the private underground parking garage. Crescent Del Sol Estates also features an additional storage room plus a large entry vestibule with closed circuit TV and private elevator up to residence.
Crescent Del Sol Estates HOA fees run about $486 per month and include common area maintenance, exterior building maintenance, exterior landscaping maintenance, limited insurance, and roof maintenance. There are no mello roos fees for these Carlsbad luxury homes. Prices for homes in Crescent Del Sol Estates Carlsbad start at $1,850,000.
Contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com for information on buying or selling Carlsbad real estate.
New Homes for sale in Carlsbad ready for a quick closing! Located in West Carlsbad in the popular 92010 zip code The Foothills Carlsbad features three neighborhoods accompanied by a recreation center with resort-style swim club, barbeque facilities, paddle-tennis courts, and walking trails. Offering brand new homes for sale in Carlsbad CA priced from the $400′s, The Foothills is an affordable North County San Diego homes community with lot’s to offer it’s residents. These new homes for sale in Carlsbad also boast a low 1.21% new homes tax rate!
Blossom Grove in Carlsbad CA currently has one quick move in home for sale at a over a $20,000 discount! This 5 Br, 3Ba Foothills Carlsbad homes for sale boasts 2800+sf of living space, a great room, dining room, and a 2 Car Garage with dedicated Bonus Storage Area. Kitchen Features granite counters with coordinated tile back splash, stainless steel appliances, brown sugar beech cabinets, and a gourmet island. The master bedroom in this new homes for sale in Carlsbad features travertine slab countertops, his & her vanities, soaking tub & dual walk-in closets. This Foothills Carlsbad home for sale also features a full size rear yard and a fully landscaped front yard. Priced in the mid $500′s, this new homes for sale in Carlsbad is priced to sell fast and is below what resale homes are selling for in the area.
Rockrose in Carlsbad CA currently has 3 quick move in homes available for sale. These eco friendly homes in Carlsbad are built by Brookfield Homes and are located with-in the Foothills Masterplan in Carlsbad. Two of the 3036sf 2-story models are available as well as one of the 2116sf single story models. These new homes for sale in Carlsbad features granite kitchen countertops, stainless steel appliances and sink, laundry sink, a security system, and a tankless water heater with recirculating hot water pump. Prices for these 3 Foothills Carlsbad home models start at $594,900.
Contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com for Carlsbad real estate information and home sales.