According to the Federal Reserve's quarterly Senior Loan Officer Survey, it's getting easier to get approved for a home loan. Between July - September 2012, fewer than 6%of banks tightened mortgage guidelines -- the fourth straight quarter that's happened-- and roughly 10% of banks actually loosened them. For today's buyers and refinancing homeowners in Parkland or Coral Springs , softening guidelines hint at a quicker, simpler mortgage approval process; one which gives more U.S. homeowners better access to today's ultra-low mortgage rates. However, although banks are easing guidelines, it doesn't mean that e have returned to the days of no-verification home loans. Today's mortgage applicants should still expect to provide lenders with documentation to support a proper loan approval. So... 11/14/2012

To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a refinance to be sensible. Compare your closing costs to your monthly savings, and determine whether the math makes sense for your situation. Shorten Your Loan Term Refinancing your 30-year fixed rate mortgage to a 20-year fixed rate or a 15-year fixed rate is a sensible way to reduce your long-term mortgage c... 11/13/2012

The calendar has turned to November; the month during which we transition from fall into winter (not so much in Florida). With less sunlight, colder temperatures, and shorter days ahead for Parkland , it's an opportune time to cross those last-minute maintenance items off your homeowner to-do list. Practicing preventive care -- both inside and outside your home -- can save thousands of dollars in repairs come later this winter. What follows is a brief checklist to get you started. For outside the home : Inspect exterior lights and outlets. Be sure that none of the outlets are cracked or broken, or have exposed wires. Clean gutters and clear all blockages. If leaves are falling, redo after leaves are off all trees. Inspect and test outdoor railings and stairs. Have problem trees trimmed,... 11/08/2012

Nationwide, mortgage rates are low in Florida and home prices remain relatively low, too. This combination, plus rising rents, is pushing renters in some cities -- including Parkland & Coral Springs -- toward first-time homeownership. Buying your first home can be exciting, but you should also do your research to make sure that you ask the proper questions of the process, and make the best choices for yourself and your household. For example, recommended questions for first-time buyers to ask home sellers include : What major repairs have been made to your home? Although standard disclosure forms are supposed to provide information regarding past damage and renovation to the property, there are occasionally repairs that are omitted or otherwise forgotten. Be proactive and ask pointed qu... 11/08/2012

The U.S. economy continues to improve. The National Association of Homebuilders released its Improving Markets IndexTuesday. The report attempts to identify U.S. metropolitan areas in which the economy is improving, demonstrating "measurable and sustained growth". 125 U.S. markets are qualified as "improving" this month, a 22-market jump from the month prior and and all-time high for the index which launched late last year. Compared to November 2011, this month's IMI has climbed more than four-fold, rising from last year's reading of 30. This jump suggests that housing recovery is firmly taking root, helping to generate needed jobs and economic growth across much of the country. So what qualifies a market as "improving"? The NAHB uses strict criteria. First, the group gathers data from ... 11/07/2012

Another month, another good showing for the U.S. economy. Mortgage rates are performing surprisingly well after Friday's release of the October 2012 Non-Farm Payrolls report. The Bureau of Labor Statistics' monthly report beat Wall Street expectations, while also showing a giant revision to the previously-released job tallies of August and September. 171,000 net new jobs were created last month against calls for 125,000 and revisions for the two months prior totalled 84,000. October also marked the 25th consecutive month of U.S. job growth -- a period during which 3.8 million jobs have been reclaimed. This sum represents more than half of the 7.3 million jobs lost between 2008-2009. Nationally, the Unemployment Rate rose by one-tenth of one percent last month to 7.9%. It may seem count... 11/05/2012

Parkland Closed Sales These prices in Parkland amaze me. Parkland Closed Sales are interesting to review for many reasons. Many buyers still believe it is too hard to get in, maybe it's out of their reach. But here are the very recent sales and at very good deals. The home on Spyglass went extremely fast. It was a bank owned property and the buyer got a beautiful home for only $440,000. in the Parkland Golf and Country Club. A community that is luxurious and surrounded by a Greg Norman Golf Course. And the one in Heron Bay that sold for $380,000.! This home has 5 bedrooms and 3 baths! It sits on one of the beautiful lakes in the community with the master bedroom and bathroom built downstairs, the kitchen has all the upgrades including wood cabinetry and granite counter tops with the ref... 11/05/2012

Homeowners associations (HOA) are legal corporations formed by a real estate developer to market, to manage, and to sell homes and lots in a residential subdivision. They're most commonly formed for condominiums and planned urban developments (PUDs), a category which includes suburban communities including most Parkland communities. HOA Articles of Incorporation typically grant developers privileged voting rights in governing the association during its infancy, while providing the means for the developer to exit financial and legal responsibility for the organization, transferring ownership to the homeowners of the association. This transfer typically occurs after a predetermined number of units have been sold -- often two-thirds of the available lots and/or units. Each homeowners assoc... 11/04/2012

Have you ever walked into your kitchen and instantly felt hungry? Rarely do people think about the colors that they choose to paint their kitchens. They are often too busy worrying about whether the kitchen will match the rest of the home, or whether the colors will be satisfactory to the rest of the household. However, when painting and decorating your kitchen, you may want to think about the process in a way many people do not -- how the colors you choose will affect the way in which you eat. As behavioral psychologists have documented, the presence of specific colors in your kitchen can change your eating habits and your cravings for food. Here are some examples : The color red increases your appetite. This is why so many restaurants paint their walls red. Although associated with ro... 11/01/2012

Friday morning, the government's Bureau of Labor Statistics will release its Non-Farm Payrolls report, more commonly called the "jobs report". Depending on how the jobs data reads, FHA and conforming mortgage rates may rise, or fall. This is because today’s mortgage market is closely tied to the U.S. economy, and the U.S. economy is closely tied to job growth. Economists expect that employers have added 125,000 net new jobs to their payrolls in October 2012, up from September's tally of 114,000 net new jobs. Jobs have been added to the economy over 24 consecutive months leading into Friday's release, and approximately 4.7 million jobs have been created in the private sector since early-2010. So, what does this mean for home buyers and refinancing households throughout Parkland ? It mean... 11/01/2012

Home values rose to close out the summer, according to the S&P/Case-Shiller Index, a national home-valuation tracker. Nationwide, values rose 0.9% between July and August 2012 with 19 of 20 tracked markets showing improvement. Only one tracked city -- Seattle, Washington -- showed a decrease, falling just 0.1 percent. On an annual basis, 17 of the 20 Case-Shiller Index markets improved, led by Phoenix. Home values in the Arizona city are up 18.8 percentfrom August 2011. The next closest city in terms of home price gains is Detroit, Michigan at 7.6 percent We should temper our excitement for the August Case-Shiller Index, however. Although it suggests an ongoing U.S. housing recovery, the methodology of the Case-Shiller Index is far-from-perfect. In fact, one could argue that the index ... 10/31/2012

Home resales are expected to finish the year with strength. Last month, for the fifth straight month, the Pending Home Sales Index hovered near its benchmark value of 100, registering 99.5 in September. The Pending Home Sales Index tracks homes under contract to sell, but not yet sold, and is published by the National Association of REALTORS®. The index is a relative one. It compares today's housing market activity to the housing market activity of 2001 -- the index's first year of existence. The Pending Home Sales Index has averaged 99.1 this year. Among housing market indicators, the Pending Home Sales Index is unique. It doesn't report on prior market activity as the Existing Home Sales and New Home Sales reports do. By contrast, the Pending Home Sales Index is a forward-looking indi... 10/30/2012

Mortgage markets ended the week slightly better last week. Wall Street took its cues from U.S. economic data, from developments in Europe, and from the Federal Reserve, moving mortgage rates lower in Florida and nationwide. Pricing for both conforming and FHA mortgage rates improved between Monday and Friday, with the majority of gains occurring late in the week. The timing of the gains explains why Freddie Mac's weekly mortgage rate report showed the average 30-year fixed rate mortgage rate rising this week when, in fact, it did not. Because Freddie Mac conducts its mortgage rate survey at the start of the week, its survey respondents had no time to acknowledge late-week improvements. Freddie Mac said the 30-year fixed rate mortgage rate rose to 3.41% for home buyers and refinancing ho... 10/29/2012

The U.S. housing market appears headed for a strong close to 2012. According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 units in September 2012 on a seasonally-adjusted, annualized basis. Not since the expiration of the $8,000 federal home buyer tax credit in April 2010 have new homes sold at such volumes. September's tally marks a 5.7 percent increase from the month prior, and a 27 percent increase from September 2011. There are now just 145,000 new homes for sale nationwide and, according to the National Association of Homebuilders, buyer demand continues to grow. At today's pace of home sales, the entire U.S. inventory of new homes for sale would sell out in 4.5 months. By way of comparison, in January 2009, new home supply was 12.1 months. When home su... 10/25/2012

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday. For the ninth consecutive meeting, the vote was nearly unanimous. And, also for the ninth consecutive meeting, Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. In its press release, the Federal Reserve noted that, since its last meeting six weeks ago, the U.S. economy has been expanding "at a moderate pace", led by growth in household spending. However, "strains in global financial markets" continue to remain a threat to U.S. economic growth, a comment which references the Eurozone and its economy. The Fed's statement also included the fol... 10/24/2012

As the third quarter closed, home resales showed considerable momentum nationwide. The National Association of REALTORS® reports Existing Home Sales at 4.75 million units in September 2012 on a seasonally-adjusted, annualized basis, an 11 percent increase from one year ago. An "existing home" is a home that's been previously occupied; a resale. The reading marks the second-highest tally of the year -- second only to August 2012 when 4.83 million homes were sold on a seasonally-adjusted, annualized basis. The real estate trade association reports that there are now just 2.32 million previously-occupied homes for sale nationwide. It's the thinnest national home supply since March 2005 and, at today's sales pace, all 2.32 million homes would sell in 5.9 months. A 6.0-month home supply is ... 10/24/2012

Since late-2011, home values have climbed in many U.S. markets. The government's Home Price index puts the increase at +3.7% an annual basis and the National Association of REALTORS® shows home sale prices up 11% since last year. The price at which a home sells is determined by the economic force of supply-and-demand but location and amenities matter, too; establishing a baseline from which supply-and-demand can work. Using data compiled by real estate market data firm Altos Research, Forbes Magazine recently presented America's 10 most expensive ZIP codes for 2012. California and the New York Metro area dominate the list. New York, NY (10065) : $6,534,430 Alpine, NJ (07620) : $5,745,038 Atherton, CA (94027) : $4,897,864 Sagaponack, NY (11962) : $4,180,385 Hillsborough, CA (94010) : $4,... 10/22/2012

  Mortgage markets worsened last week as hope for a European economic rebound and stronger-than-expected U.S. economic data moved investors out of mortgage-backed bonds. Mortgage rates of all types -- conventional, FHA and VA -- lost ground last week, harming home affordability in Parkland and Coral Springs, and reducing purchasing power nationwide. Rising rates also thwarted would-be refinancing households hoping to time a market bottom. The increase runs counter to Freddie Mac's weekly Primary Mortgage Market Survey which showed the average 30-year fixed rate mortgage rate dropping 2 basis points to 3.37% nationwide. This contradiction occurred because Freddie Mac's weekly mortgage rate survey is conducted Monday through Wednesday, and because the majority of the surveyed banks reply ... 10/22/2012

The U.S. housing market recovery is underway. New home sales are at a multi-year high, housing starts are at pre-recession levels, and home builders plan for a strong 2013. Since late-2011, falling mortgage rates have boosted buyer purchasing power. Now, today, in many U.S. markets, the number of active home buyers outnumbers the number of active home sellers. It's among the reasons why home supplies remain scarce and why home prices are rising. Roughly 20 percent of today's home buyers purchase homes with cash. For everyone else, the ability to gain mortgage approval depends on income, assets, and, most importantly, credit scores. Your credit score is a predictor of your future payment performance and lenders pay close attention. If you plan to buy a home in Parkland or anywhere else ... 10/19/2012

The housing market continues to improve. According to the U.S. Census Bureau, on a seasonally-adjusted, annualized basis, Single-Family Housing Starts rose to 603,000 last month, an 11 percent increase from the month prior and the highest reading in more than 4 years. A "housing start" is a home on which construction has started and home builders are breaking ground at rates not seen even during the 2010 federal home buyer tax credit period. It's a signal to home buyers throughout FL that the U.S. housing market may be permanently off its bottom. At least, the nation's home builders seem to think so. Earlier this week, the National Association of Homebuilders reported home builder confidence at a 5-year highand nearly triple the levels of last September. Buoyed by rising sales volume an... 10/18/2012