The Mortgage Brothers Show

Hope you survived this past crazy Hot weekend. Time to keep cool and take a quick look at what’s going on in the market.

In May, Phoenix Valley’s real estate market continued to be challenging for buyers. Since April, active listings fell from 27,227 to 25,802, while sales increased from 8,196 to 9,143. This put the squeeze on already tight inventory, moving absorption 2.9: a strong seller’s market.

A Rapid Rescore is one of the simplest methods to improve your credit score in less time by submitting proof of positive credit behaviors to the three major credit bureaus. This is extremely beneficial and can help you in improving your credit score by 100 points and more within a day as soon as the erroneous or negative records are erased from your credit profile.

The housing and mortgage market has been in a slow dog-fight since the Global Recession in 2008. With the crash, came a mass exodus of homeowners from home ownership due to foreclosures. It has now been almost eight years since the bottom of the collapse and it has been a long and very slow climb. 2016 is poised to become a breakout year for new homeowners, increasing sales over the last two brisk years. Part of this is being driven by a rush to the market as the Feds have started raising rates again. Here is a more specific breakdown of what to expect in 2016.

If you are still paying Mortgage Insurance Premiums (MIP) on a Federal Housing Administration (FHA) backed loan you may be paying more than you need to. Canceling this type of mortgage insurance can also be easier than many homeowners believe. Many homeowners were forced into a FHA backed mortgage and its resulting MIP when the housing market dipped. Yet now with house values on the rise, you may be in a position to get rid of this unnecessary insurance payment. Find out how below.

It Depends on whether you trying to get a Conventional, FHA, or VA home loan

Finally some good news. As of June 30th 2015, loan guidelines are finally loosening on allowing borrower to payoff mortgage balances to qualify for a mortgage.

Securing a home loan has become somewhat challenging in recent years, and most experts don’t expect major changes any time soon. Lending requirements are expected to remain relatively tight over the next year; however, this doesn’t preclude you from snaring a mortgage with an attractive rate. Smart borrowers prepare well in advance before they apply for a loan. To improve your chances at gaining approval, consider the following:

For those looking to buy a home in the sunshine state or refinance an existing loan will need to secure a home loan with a quality lending institution. To help the process along, listed below is a list of top five questions to ask your mortgage broker when looking for a home loan in today’s market.

Lenders have seen a dramatic surge in home refinancing applications, as existing homeowners look to take advantage of historically low mortgage rates. An Arizona mortgage refinance loan is the ideal solution for many homeowners; however, it may not be for everyone. To determine if you should apply for this type of loan, consider the following:

Here is Borrower’s question about connecting a detached guest house to his main house

“Looks like we will be staying here a bit longer and are thinking of doing some more things to make it nicer. We were thinking of adding a structure that connects the house to the outside casita. It will have a connecting door making it part of the square footage of the house contrary to before when it was not counted as such.

The question of the day from a customer who is looking to purchase a home and wants to know if a Conventional loan is better for them than a FHA loan. Here is the question:

“Our purchase price would be $240,000. We would like to get the mortgage payment down as low as possible. Doesn’t it make the most sense for us to do Conventional financing vs FHA? Would we not have to pay PMI for the life of the loan we did a Conventional loan? Another question we have is, what would we have to put down in order to get the mortgage payment close to $1,200? Thanks so much!”

Are you a buyer getting FHA financing? Make sure to check whether the home you are interested in has been owned by the seller for less than 90 days. Why? Because starting on January 1st 2015, those properties will not be eligible for FHA financing.